Sat Nov 8, 2008
By David Bailey and Kevin Krolicki
DETROIT (Reuters) - General Motors Corp and Ford Motor Co reported far deeper-than-expected quarterly losses on Friday and said their rate of cash burn had accelerated, as an extended slump in car sales raised questions about the future of the U.S. auto industry.
Both companies said they would take aggressive steps to cut costs further. The two largest U.S. automakers reported third-quarter results after the world's No. 1 automaker, Toyota Motor Corp, slashed its profit forecast for the year. http://www.reuters.com/article/ousiv/idUSTRE4A52V020081108?sp=true