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GM cuts white-collar salaries; Ford defers execs' pay, wants to restart some plants
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GM cuts white-collar salaries; Ford defers execs' pay, wants to restart some plants
The two largest U.S. automakers on Thursday announced measures to shore up their finances as the coronavirus pandemic takes a deep economic bite, with Ford aiming to resume production next month of its most profitable vehicles while cutting costs further. General Motors, the No. 1 U.S. automaker, said it planned to keep its plants closed indefinitely and was reducing the pay of salaried employees and executives and suspending some future product programs to conserve cash. GM's chief executive and chief financial officer issued a stark warning to company employees in an internal video, saying that 'significant austerity measures' were needed to preserve the company's long-term viability.
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