General Motors Europe is planning to cut as many as 12,000 jobs in order to reduce annual costs and deal with sluggish demand. Germany will be hit hardest by the cutbacks, with projected job losses of 8,000. General Motors Europe Chairman Fritz Henderson said the steps needed to be taken due to the lack of industry growth, the pricing environment and the competitiveness of the market.
See "GM to Cut 12, 000 Jobs in Europe Revamp", The New York Times, October 13, 2004