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Local GM Employees "On Pins, Needles" After Report

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Nov 7, 2008 5:58 pm US/Central

Local GM Employees "On Pins, Needles" After Report

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ARLINGTON (CBS 11 News/ AP) ― General Motors Corp. reported $2.5 billion losses in the third quarter, burning through $6.9 billion in cash. General Motors Corp. says it lost $2.5 billion in the third quarter and warned that it could run out of cash in 2009.

GM also said it has suspended talks to acquire Chrysler.

The automaker also said its cash burn for the quarter accelerated to $6.9 billion due to a severe U.S. auto sales slump.

The company on Friday reported a net loss of $4.45 per share during the quarter, compared with a record-setting loss of $42.5 billion, or $75.12 per share, a year ago.

Revenue fell to $37.9 billion from $43.7 billion.

"That's really not a good situation to be in, so we on pins and needles," said Phil Clark, an employee at GM's Arlington plant. "We kinda know what to expect a little bit, but you don't know if you're going to back tomorrow or not."

A 25-year veteran of the line, Clark says he's hopeful the company will pull out of reverse. He is worried forward motion may be slow coming despite the fact Arlington is the only plant to produce SUVs.

"That's not saying a whole hell of a lot either. I mean, there's still the economy there, and you still have to sell the vehicles to stay afloat. If we don't sell, it doesn't make a difference," he said.

Earlier this week, GM announced a steady stream of overtime work for the Arlington plant. For now, the plant is moving forward, going about business as usual. So far there's no word of cutbacks.

David Lang, Clark's fellow employee, is cautiously optimistic. He knows the company has treaded through tougher times.

"I mean they're still talking about O.T. going into the beginning of the year, so I think we're okay," he said.

Officials say cost-saving measures will come down next week, but they're unsure how it will affect the Arlington plant.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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