Friday 7th November 2008

General Motors warned it could run out of cash in 2009 after reporting a loss of $2.5 billion in the third quarter of 2008. They also announced they had suspended talks to acquire Chrysler, and that its cash spend for the quarter had accelerated to $6.9 billion due to the severe US car sales slump. Meanwhile, the Ford Motor Company said it had lost $129 million in the third quarter and had gone through $7.7 billion in cash, and that it would, therefore, cut about 2,200 more jobs in North America.