GM reports $2.5B 3Q loss, says running out of cash
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AP
Published: November 7, 2008
General Motors says it suffered a third quarter loss of $2.5 billion. It warns that it could run out of cash in 2009, if the U.S. economic slump continues and it doesn’t get government aid.
GM also reveals that it has suspended talks to acquire Chrysler. While it didn’t specifically name the automaker, GM said it was setting aside considerations for a “strategic acquisition.“
The automaker said its cash burn for the quarter accelerated to $6.9 billion, adding that government aid will be “essential” because of the slow economy and credit crisis.
The move comes hours after Ford said it lost $129 million for its third quarter and will cut about 2,260 more white-collar workers in North America.
GM says government aid is “essential” to help the U.S. auto industry through the downturn.
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