General Motors, Auto Industry | featured news

The president's chief of staff criticized U.S. car companies Sunday for relying too long and gas guzzlers and not investing enough in alternative energy vehicles.

General Motors Corp. posted a $9.6 billion fourth-quarter loss Thursday and said it burned through $6.2 billion of cash in the last three months of 2008.

Automakers tell the Obama administration that they need at least an additional $14 billion in loans in order to survive economic downturn.

More on Auto Bailout DETROIT — General Motors Corp. and the United Auto Workers were getting close to an agreement on concessions, a person briefed on the negotiations said Tuesday, just hours before GM and Chrysler LLC must submit a restructuring plan to the Treasury Department to justify its federal loans.

Details of the deal were not available. Negotiations went all night Monday and into Tuesday, said the person, who spoke on condition of anonymity because the plan has yet to be submitted.

GM's viability plan will offer the U.S. a choice to commit billions more in bailout money or provide financial backing as part of a bankruptcy filing.

General Motors announced Tuesday it is cutting 10,000 workers, or 14% of its salaried jobs worldwide.

General Motors is no longer the world's top-selling carmaker after it saw 2008 sales fall below those of Japanese rival Toyota.