OSHAWA -- General Motors has announced another round of job cuts aimed at cutting costs, plans to dump health care benefits for retired white collar workers in the U.S., and sales of assets aimed at bringing in cash as part of a plan that CEO Rick Wagoner says is a "plan to win" despite the major challenges the company faces.

The jobs are expected to be cut "through normal attrition, early retirements, mutual separation programs and other separation tools," according to a news release.

Head office employees in Oshawa arrived early at the Canadian headquarters to hear the news, however, it's expected to be hours before any specifics are available on the impact on Canadian workers, including Canadian head office staff.

"Our plan is not a plan to survive," Mr. Wagoner said.  "It's a plan to win."

The plan will improve its cash position by $15 billion as it tries to weather the storm through 2009.  

High gas prices and consumers turning their backs on trucks and SUVs have already taken a toll in Oshawa.

Rumours have swirled about the company possibly going bankrupt. Wall Street has taken notice with the stock price of General Motors tumbling from a high of over $42 per share to under $10 per share -- the lowest value since 1954 -- at close of trade Monday.

The company announced six weeks ago that the Oshawa truck plant will be among four in North America to close.

Mr. Wagoner says the company is considering "advancing the timing" of some of the previously announced cost-cutting moves.  However, it's not known if the truck plan closure could be moved ahead.

Right now, it's scheduled for the second half of 2009.

A news conference in Detroit was scheduled for 9 a.m. and another briefing is expected late this morning.