In November 2008, automobile giants Ford and General Motors announced major losses and plans for job cuts.
GM Losses
On November 7, 2008, General Motors announced that it had lost $4.2 billion in the third quarter. GM also said it had used $6.9 billion in cash, adding that merger talks with Ford Losses
On November 7, 2008, hours before GM's announcement, Ford said it finished the third quarter with over a $2.9 billion loss. The automaker said it would cut up to 2,000 white collar jobs—roughly 10 percent of its workforce.cFord also reported that sales in October 2008 declined by 30 percent due to meager consumer confidence and the credit crisis.c
References
Fast Facts
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Fact:
Executives from Ford, GM and Chrysler met with lawmakers on Capitol Hill on November 6, 2008 -
Fact:
Discussions were held about an "emergency loan package"
