After a long lull in sales, General Motors Co. announced that it will be spending a huge amount to remodel its full-size pickups. GM is in high hopes that consumers and businesses will resume buying trucks. GM product chief Tom Stephens said that Chairman and Chief Executive Edward E. Whitacre Jr. has agreed to fund the move.
A source said that this will cost the company nearly $1 billion. GM had put off redesigning the trucks because its financial struggles especially that it faced a government-backed bankruptcy reorganization last year. A major portion of GM’s revenue and operating profit come from full-size pickups such as the Chevrolet Silverado.
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