GM official says firm on track for turnaround-paper

Newswire

ZURICH, Aug 24 (Reuters) - General Motors Corp. is more than halfway through its turnaround plan, the carmaker's vice-chairman told a Swiss newspaper in an interview. "We have gone 60 percent of the way," Robert A. Lutz told Finanz und Wirtschaft, according to a preprint of the interview released on Friday, a day ahead of the paper's publication. "GM is on track to achieve cost savings of $9 billion annually and to cut fixed costs from over 30 percent to 25 percent of sales," Lutz said. ...

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