General Motors Co. has freed up cash to fund a major update of its full-size pickups, a bet that consumers and businesses will resume buying trucks after a long lull in sales.
Chairman and Chief Executive Edward E. Whitacre Jr. has agreed to fund the move, said GM product chief Tom Stephens. The remodeling could cost the company close to $1 billion, a person familiar with the matter said.
GM, which had relied on full-size pickups such as the Chevrolet Silverado for a major portion of its U.S. revenue and operating profit, had put off redesigning the trucks as its finances collapsed and it underwent a government-backed bankruptcy reorganization last year.
Haven't we already been here? If I remember correctly, it didn't work too well.
I guess our (US Taxpayer) 60% stake in the company really doesn't get our hands dirty with GM's operation.
(Although I admit I have a truck and don't plan on giving it up anytime soon.)
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