Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

Usual BS coming from GM-Cost Cutting Targets MISSED

GM's Wagoner: Rising raw material costs make it difficult to meet cost savings tgt

GM sees tough market amid rising commodity cost
Tuesday June 6, 9:31 am ET

WILMINGTON, Delaware (Reuters) - General Motors Corp. (NYSE:GM - News) faces a tough market, and rising commodity costs will make it "very difficult" for the world's largest car maker to meet a $1 billion cost savings target this year, GM Chairman and Chief Executive Rick Wagoner said on Tuesday.

"There will be some challenging months ahead on a total sales basis," Wagoner said as he updated investors on progress in GM's turnaround efforts at the start of the company's annual meeting.

Wagoner said a priority for GM management now was "maximizing" the success of buyout program on offer to its unionized work force and closing the sale of a majority stake in its finance arm, GMAC.