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.
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