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General Motors Corp (NYSE: GM) eliminated overtime at six of its North American SUV and pickup assembly plants for 2007, citing fuel prices and the competitive market. Spokesman Tom Wickham said the automaker cut production to manage its inventory levels, according to the Detroit Free Press.The move by General Motors hints that the auto industry is moving towards a "longer and more painful downturn in the U.S. than many had expected," according to the Wall Street Journal.
What's baffling is that GM, as well as the WSJ, didn't see this coming any earlier. SUV and truck sales for General Motors were down 9% over the first seven months of the year. Auto sales were surprisingly weak in June and even worse in July for the whole industry. Add the weak housing environment, the current credit market debacle, the ever rising price of oil and the global demand for hybrid technology to the mix and one has to question who didn't see this coming.
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