GM and Chrysler hasten restructuring

View an online version of this email here.  All times are London time: Monday Feb 16 2009 Breaking news GM and Chrysler hasten restructuring General Motors will on Tuesday unveil aggressive new restructuring targets as it seeks to convince US politicians and taxpayers it can survive the global car industry's deepening downturn. In revamped viability plans taking into account tougher-than-expected business conditions, GM and its smaller Detroit rival Chrysler will also make it clear that they need more government support than the $17.4 bn approved in December. GM will say that it plans over the next 18 months to speed up plant closures, reduce dealers and sell or restructure some of its eight brands, notably Hummer, Saab and Saturn. Chrysler's latest plan will outline $3.8 bn in fixed cost cuts, higher than December's estimate of $3.1 bn. It now estimates that it will cut 1.3m units of annual capacity, up from 1.2m in the original plan. Read more » ABOUT THIS EMAIL You have received this email because you have signed up for this briefing on FT.com Manage subscriptions | Unsubscribe | Change your email address Change whether you receive this email as HTML or plain text | Forward this email to a friend Privacy policy | Advertise | Contact © Copyright The Financial Times Ltd 2009. "FT" and "Financial Times" are trademarks of the Financial Times. The Financial Times Limited, registered in England and Wales number 227590. Registered office: Number One Southwark Bridge, London SE1 9HL. VAT number GB 278 5371 21.