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Wednesday, November 12, 2008

GM Skipping LA Auto Show due to Cash Concerns

DETROIT — Amid cascading bad news about General Motors' financial problems, the automaker has announced it will not hold scheduled events at the 2008 Los Angeles Auto Show this month. Vice Chairman Robert Lutz has canceled his press conference, which had been set for November 19, and will not be attending the event.

General Motors had intended to introduce the Cadillac CTS coupe and the Buick LaCrosse sedan in Los Angeles. The automaker will still put up displays but won't send executives or host any special events. GM spokesman Scott Fosgard, quoted by Bloomberg News today, said, "This does save us some money" and called the move an effort to "better capitalize in Detroit" by holding new-product introductions there. USA Today quoted Fosgard as saying the LaCrosse's debut in particular was moved to Detroit "to get more exposure to Chinese journalists" who are expected to be on hand there.

The Detroit Free Press reported that the Chevrolet Volt production model will still be on view in Los Angeles.

Inside Line says: Another ominous sign out of Detroit.