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DETROIT General Motors said today that it would reduce and consolidate its marketing and sales budget, including motorsports activity that would likely involve its sponsorship of Nascar.
The automaker’s marketing focus going forward will be “protecting launch products and brand advertising,” GM chairman Rick Wagoner said in a statement.
The automaker, whose stock dropped Monday to $9.38 — its lowest in 50 years — is seeking to boost liquidity by $15 billion through 2009 via cutbacks and job layoffs.
Some of GM’s eight brands have increased ad spending, even as sales have faltered, but not all of them.
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