In the bad old days, "cost cutting" at General Motors (NYSE:GM) meant cheap-feeling cars that GM had to sell at cheap prices -- with little profit. We know where that led: bankruptcy court.

Now, GM is once again embarking on a global cost-cutting campaign. Is it really different this time? Fool contributor John Rosevear recently got the inside scoop. In this video, he explains what GM is actually doing -- and why it might mean big things for GM's profits.

Fool contributor John Rosevear owns shares of Ford and General Motors. Follow him on Twitter at @jrosevear. The Motley Fool recommends General Motors. It recommends and owns shares of Ford. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.