The question is, how many jobs do you have to cut before you can turn a profit?

General Motors Corp. will cut more jobs in 2007 as it closes plants and tries to wrench concessions from its major union in a crucial round of contract negotiations, Chief Executive Rick Wagoner said.

Wagoner, speaking to a group of reporters on Thursday, also said GM would not concede its ranking as the world’s No. 1 automaker to Toyota Motor Corp. (7203.T) this year without a “fight for every sale.”

GM, which lost $10.6 billion in 2005, cut more than 34,000 jobs last year and unveiled plans to close 12 plants and reduce recurring costs by $9 billion. Wagoner said more limited job cuts were possible in 2007.

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GM’s stock rose more than 50 percent in 2006, but some analysts have said further gains hinge on the company’s ability to sustain profitability against increasingly successful competitors in a weak U.S. auto market.

Although GM still sells twice as many cars in the U.S. market as Toyota, it will likely be overtaken by the Japanese automaker for the global top spot in terms of production in 2007, according to analysts.

It’s sad when companies hav to cut jobs to save money. Far be it from fellow autoworkers to take a pay cut to ensure everyone keeps their job. That’s just a stupid idea, isn’t it?

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