Detroit (WWJ)  -- General Motors could announce more production cuts and possible plant closures as early as next week.

The company has said previously it would make cuts in engine, transmission and metal stamping operations to correspond with four pickup truck and sport utility vehicle plant closures announced in June.  Those cutbacks have not been announced yet.  

Chairman and CEO Rick Wagoner said last month the company would have to make adjustments, particularly in stamping.

GM's shares have lost nearly half of their value this week, plunging to their lowest level in more than 58 years. The shares closed Thursday at $4.76 but rebounded a bit in Friday morning trading to $4.95.

General Motors has issued a statement following Thursday's market trading, in which shares of its stock sank 31 percent.  

"Clearly we face unprecedented challenges related to uncertainty in the financial markets globally and weakening economic fundamentals in many key markets. But bankruptcy protection is not an option GM is considering. Bankruptcy would not be in the interests of our employees, stockholders, suppliers or customers and we believe speculation about a possible filing is exaggerated and unconstructive."  The statement was reported in the Washington Post.

The sharp drop in GM's stock price prompted speculation that the cash-strapped auto giant might be edging toward bankruptcy.