GM to cut 10,00 salaried jobs

General Motors says it's cutting 10,000 salaried jobs, blaming the need to restructure the company amid the continued drop in new vehicle sales.

The Detroit-based automaker says it will reduce its total number of salaried workers to 63,000 from 73,000 this year. About 3,400 of GM's 29,500 salaried US jobs are expected to be eliminated.

The job cuts are part of the restructuring plan GM submitted to Congress late last year. Most of the cuts are expected to take place by May 1.

GM says the cuts will vary by global regions depending on staffing levels and market conditions.

GM also is cutting the pay of most of its salaried U.S. workers beginning May 1 and continuing at least through the end of the year.

Agencies

Has China overtakes US as largest auto market?

China overtook the United States as the largest auto market in the world in January, according to data published by Chinese state media on Tuesday.

A total of 735,000 automobiles were sold in China last month, state television said, citing Dong Yang, deputy director of the China Association of Automobile Manufacturers.

By contrast, 656,976 vehicles were sold last month in the United States, according to preliminary estimates issued last week by market research firm Autodata.

Agencies