DETROIT - General Motors and Ford reported Friday that they hemorrhaged cash in the third quarter, offering more evidence that the nation’s automobile industry is on the brink of a meltdown.
GM said it lost $2.5 billion in the third quarter and warned that it could run out of cash in 2009. The nation’s biggest automaker also said it has suspended talks to acquire its smaller U.S. rival Chrysler.
Ford, meanwhile, said it lost $129 million in the third quarter and will eliminate another 2,260 white-collar jobs as it battles the economic downturn, credit crisis and weak environment for car sales. Ford burned through $7.7 billion in cash in the quarter.
http://www.msnbc.msn.com/id/27593678/
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