General Motors cut its dividend today for the first time in more than 13 years as it struggles to save more cash after a year of billions of dollars in losses.
GM's board of directors decided to cut its annual $1.1 billion dividend by 50 per cent to $1.00 a share.
The world's largest car maker lost $8.6 billion in 2005, as it struggled with high labour and raw material costs, loss of US market share to foreign rivals, and sluggish sales of sport utility vehicles - its biggest generator of profits.
