GM plans to axe $1 billion out of mid-size car budget

General Motors says it will eliminate $1 billion from its spending on mid-size cars by sharing more parts, designs and factories to get 'er done. If this involves a little process called "badge engineering," we urge GM to beware of the inevitable onslaught of negative comments following this post.

Ahem. The platform used for the Chevrolet Malibu, for example, will be shared with Saab convertibles among the plants in North America, Europe and elsewhere. The idea is part of a larger plan to get the General, which lost buku bucks last year (try $10.6 billion), back to profitability as competitors such as Toyota Motor Company suck market share away from them. GM Chairman and CEO Rick Wagoner plans to reduce annualized spending by a total of $9 billion by the end of this year.

[Source: Bloomberg]