General Motors Corp. will make deeper cuts...

General Motors Corp. will make deeper cuts in its cost structure in an “action plan” to pare $12.5 billion to $13 billion from expenses by 1990, the auto giant said. Meeting with analysts to explain financial results released a day earlier, the company said it has boosted the cost-cutting target from the previous goal of $10 billion. GM said “over the next few years, we will progressively realign our production capacity,” pointing to further reductions in manpower. In the past year, GM has reduced worldwide employment to 621,000 from 707,000. It said it accomplished $1.3 billion in savings in the first quarter of its $10-billion, four-year cost reduction program.