As aides reveal that president-elect Barack Obama discussed aid for struggling automakers at the White House, congressional leaders reveal their own relief plans for Detroit.
General Motors Corp. says it is scaling back its presence at the Los Angeles Auto Show next week.
Bad news kept piling up for General Motors Corp. on Monday as its shares plunged to their lowest point in 60 years and the company said in a government filing that the mortgage unit of its finance arm may not survive.
In televised interviews, the man tapped to be Obama's chief of staff seemed to suggest that the president-elect would be open to using the rescue fund to help the struggling auto industry.
For mighty General Motors, the news could hardly be worse. It's not the end of the road, one analyst said, "but they can certainly see the end of the road from where they are right now."
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.
Ford Motor Co. said Friday it lost $129 million in the third quarter as the struggling automaker burned through $7.7 billion in cash.
The heads of Detroit’s automakers asked congressional leaders Thursday for “immediate and necessary funding” to help the troubled auto industry weather an economic crisis.
Nov. 5: President-elect Barack Obama is due to meet with auto industry CEO's in the coming weeks as 2.5 million auto related jobs could be lost in the event that one of the 'Big 3' were to fail. CNBC's Phil LeBeau reports. (CNBC)
For mighty General Motors, the news could hardly be worse. It's not the end of the road, one analyst said, "but they can certainly see the end of the road from where they are right now."
