GM to Cut 5 Mid-Size Models by 2006

General Motors Corp. is cutting five of its 15 mid-size car models in the U.S. by 2006 as the world’s largest auto maker tries to trim manufacturing and development costs.

The company said it intends to stay ahead of growing competition from overseas-based auto makers by offering fewer and more distinct models from Chevrolet, Pontiac, Buick and Saturn.

General Motors shares rose 34 cents to $44.20 on the New York Stock Exchange.