Car market feels the pinch November 8th, 2008
US car giant General Motors (GM) said it would run out of cash in the first half of 2009 if economic and market conditions did not improve. This follows the announcement that third quarter losses hit £2.66bn.
The only way through this difficult periodis to cut costs, which means to cut jobs. GM says about 3,600 workers will be laid off indefinitely early next year as production is slowed at 10 plants.
December 1st, 2008 at 6:51 am
I guess we will see waht happens in the next few days when the auto guys present to congress… personally I cannot see the government letting them go to the wall.
December 16th, 2008 at 7:53 am
I think we have seen that it is unlikely that GM can surviv until the end of the year. I am hopeful that the TARP will be used to at least provide a lifeline.
October 27th, 2009 at 4:52 am
Its a sad news for the workers who are in employed in that field.
November 3rd, 2009 at 6:08 am
I think the govt should respond to this & take quick action.