GM Sets Plant Closures, Job Cuts

General Motors Corp. plans to cut truck production, lay off salaried workers, suspend its dividend and borrow $2 billion to $3 billion as it struggles to stay afloat, the Associated Press reported Tuesday.

The automaker said the moves will raise $15 billion to help cover losses and turn around its North American operations, AP reported.

Its goal is to reduce its North American salary costs by 20%. GM has 40,000 salaried employees in the United States and Canada, AP said.

The company will speed up closures of its truck and sport utility vehicle factories in Janesville, Wis.; Oshawa, Ontario; Silao, Mexico; and Moraine, Ohio, and will make thousands of job cuts at other truck assembly and parts factories, AP reported.

GM plans to reduce its truck production capacity by 300,000 — 150,000 more than it announced at its annual meeting in June, AP said.