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GM Cuts Most Prices


The world's largest car company says it will cut prices on 80 percent of its offerings this year.

U.S.-based General Motors lost $4.8 billion in its North American operations last year and is trying to boost sales.

The program cuts prices by an average of $1,300 and goes into effect Wednesday.

The price cuts affect all Buick, Chevrolet and GMC vehicles and most Pontiac models.

The action comes after GM and other U.S. car companies lost market share to Asian rivals, including Japan's Toyota.

GM's market share fell to only 26 percent of the U.S. market while Asian companies rose to a record 36.5 percent share last year.

Some information for this report provided by AP and Reuters.