General Motors CEO Rick Wagoner has announced that the company will shut four plants that build gas guzzlers and shift production to more fuel efficient cars:Wagoner announced the moves in response to slumping sales of pickups and SUVs brought on by
high oil prices. He said a market shift to smaller vehicles is permanent.
GM
shares rose 43 cents, or 2.5 percent, to $17.87 in midday trading.
Imagine that: the US stock market actually rewards GM for being years late to realize the need for more fuel efficient cars! I realized it four years ago when we sold our big SUV and bought a fuel efficient, 4 cylinder, manual transmission Saturn. Actually, I realized 35 years ago during the first gas shortages and the first "energy crisis."
IT'S ABOUT TIME.
Jim
Photo: A detail of the really old stained glass at Leon.
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