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GM to lay off 1,900 additional factory workers

(Agencies)
Updated: 2008-11-11 09:38

DETROIT -- General Motors Corp. says it plans to lay off another 1,900 factory workers at parts stamping, engine and transmission factories in North America as it cuts expenses to deal with a worsening cash crisis.

General Motors shares plunged more than 30 percent Monday after an analyst forecast their price would fall to zero, saying that even if there is a government bailout of the auto giant, shareholders would not benefit. [Agencies]

The largest US automaker said in a filing with the Securities and Exchange Commission on Monday that the layoffs are a result of declining sales.

Spokesman Tony Sapienza said the cuts are in addition to 3,600 factory layoffs announced by the company on Friday.

GM announced a $2.5 billion third-quarter loss on Friday and said it may run out of cash before the end of 2008.