Ford Cuts Down

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Ford Cuts Down

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Story Created: Oct 10, 2008 at 5:54 PM CST

Story Updated: Oct 10, 2008 at 6:46 PM CST

There's word General Motors could announce more production cuts and plant closings as early as next week.

A person with knowledge of the company's plans say the cuts are likely to hit engine, transmission, and stamping operations, but GM says it has no plans to file for bankruptcy.

Meanwhile, Ford is trying to squash concerns. The CEO says his company is not worried about going bankrupt or being taken over. The car maker is focused on managing its cash and putting restructuring plans in place.

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