DETROIT — General Motors Corp., presenting a dire outlook for the future, said Tuesday it may need $30 billion in total government financing to weather the economic downturn and would cut 47,000 jobs worldwide and shutter five more U.S. factories in a massive restructuring plan.
The job cuts, which would take place by the end of this year, include 10,000 salaried and 37,000 blue-collar positions, amounting to 19 percent of the company's current global work force.
GM is already surviving on $13.4 billion in federal loans and said in a 117-page plan submitted to the Treasury Department that it would seek an additional $16.6 billion if economic conditions worsen, but it could achieve profitability in two years and fully repay its loans by 2017.
The job cuts, which would take place by the end of this year, include 10,000 salaried and 37,000 blue-collar positions, amounting to 19 percent of the company's current global work force.
GM is already surviving on $13.4 billion in federal loans and said in a 117-page plan submitted to the Treasury Department that it would seek an additional $16.6 billion if economic conditions worsen, but it could achieve profitability in two years and fully repay its loans by 2017.
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