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FACTBOX: General Motors restructures operations

(Reuters) - General Motors Corp announced on Tuesday a series of steps it was taking to improve its financial position and respond to higher gasoline prices the automaker now sees as a permanent threat to its business.

Chief Executive Rick Wagoner, speaking after a revised restructuring plan was approved by the automaker’s board, said GM would take the following steps:

** To review Hummer brand for complete revamp of the product lineup or possible partial or complete sale.

** To reduce truck capacity by over 700,000 units. To reduce total North American capacity to 3.7 million units by 2010.

** To close four plants that build pickups, SUVs and

medium-duty trucks.

--Oshawa, Ontario truck assembly, which builds the Chevy Silverado and GMC Sierra, to close in 2009

-- Plant in Moraine, Ohio, which builds the Chevy TrailBlazer, GMC Envoy and Saab 9-7x, to close in 2010

--Janesville, Wisconsin to cease production of medium-duty trucks by the end of 2009 and of the Tahoe, Suburban and Yukon in 2010.

--Plant in Toluca, Mexico, which builds Chevrolet Kodiak medium-duty truck, to close by end of 2008.

** To consolidate related powertrain and stamping capacity.

** Expects the additional actions and other measures to result in another $1 billion cost savings on an annualized basis by 2010.

** To focus more on cars and crossover vehicles

** To launch new global compact car program for Chevrolet to replace the Cobalt car, a next generation Chevy Aveo to be available for sale in the U.S. market by second half of 2010.

** Funding approved for the production of Chevy Volt electric vehicle -- aims for launch by end of 2010. Tentatively plans to be built at GM’s Detroit-Hamtramck Assembly Center.

** Plans to add a third shift in September to the Orion Assembly Center in Michigan, which builds the Chevy Malibu and Pontiac G6.

** Also in September, GM plans to add a third shift at Lordstown Car Assembly in Ohio, which builds the Chevy Cobalt and Pontiac G5.

Reporting by Patrick Fitzgibbons and Poornima Gupta

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