Besides trying to sell the Hummer line, GM announced the closing of plants in the US, Canada and Mexico that build light trucks and SUVs. Ford made some similar moves last week.

The US auto companies were caught with their pants down in the 1970s oil crisis. Toyota sold more cars than GM for the first time last quarter, and this is scaring the crap out of them.

On a more positive note, GM also announced that they're rushing production of the gas assisted electric car, the Volt. I believe they're planning to introduce in in the 2010 model year, which is really only a little more than a year from now.