The Associated Press is reporting that the declining auto market in the United States will force General Motors to undertake more restructuring and to more rapidly accomplish the transition from trucks to an emphasis on fuel efficient vehicles.

The report, based on information gleaned from an anonymous source, says that the details of the restructuring are still being developed and will be developed at the annual corporate meeting in Wilmington, Delaware set for June 3.

After three years of job cuts accomplished with buyouts and retirement packages, new measures will undoubtedly seek to cut costs and bring down truck and SUV production in favor of cars and crossovers. Last week, Ford announced a similar program and GM has already cut shifts at two truck factories.

The Wall Street Journal quoted GM Director George Fisher who said, "Obviously these times dictate more actions and Rick [Waggoner, GM CEO] and the team are about doing that. Rick and the team are looking at what things can be done and will be done."

GM stocks traded at their lowest level in 26 years on Tuesday, May 27 at $16.87 and closed May 28 at $17.15. In recent weeks the company was hurt by parts shortages resulting from the three month UAW strike against American Axle and Manufacturing Holdings.