Chairman and CEO G. Richard Wagoner Jr. said GM will save or raise about $15 billion in cash with a slew of moves. GM plans to slash salaried worker costs by 20% by cutting jobs and retiree health-care benefits. The company’s U.S. salaried workforce is 32,000. GM also says it will cut marketing and advertising budgets and capital expenditures. Beyond that, GM also will sell more assets, perhaps even an equity stake in its profitable overseas operations. “We’re going to have to ride it out until market conditions settle down,” Wagoner told reporters.

Whether Wagoner’s latest moves will be enough is an open question. GM is assuming American consumers will buy 14 million cars a year, down from 16.1 million last year, and that its market share will be around 21%. Last month, industry sales slowed to a 14-million-vehicle annual selling rate and GM’s market share was 21%. GM will have to hold its market share to keep its turnaround plan from losing steam.

But as usual, their butt is worth more than the people that made them an Auto giant.