GM formally announced today the price cuts we reported on last week. In a flashy press conference at the Detroit Auto Show today, GM North America VP Vehicle Sales, Service and Marketing Mark LaNeve announced GM will cut sticker prices on every Chevrolet, Buick and GMC model, as well as most Pontiac cars and trucks.

The price cuts go into effect January 11. Highlighting the across the board nature of the pricing program, Chevy General Manager Ed Peper (pictured above) announced that the brand new Chevy Tahoe, which hits showrooms today, would be priced about $2,000 below its predecessor.

The intent of the program is to break the vicious circle of cash rebates, discounts and incentives that have warped customers' car buying expectations over the past few years.

All told, 80 percent of GM's vehicles will be affected by the price changes. Saab, Hummer and Saturn are not part of the program.

GM CEO Rick Wagoner indicated that the company wasn't going cold turkey - dealer incentives will still exist (although he declined to offer specifics).

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