GM cancels L.A. auto show debut
General Motors has made the L.A. Auto Show shine a little less brightly.
The cash-starved automaker said today that it would cancel its only news conference at the annual event, originally planned as the North American debut of the Saab 9-X Air BioHybrid Convertible. The executive who was to conduct the reveal of the concept car, Vice Chairman Bob Lutz, also will not be attending the show, which opens to the public Nov. 21.
The company described the cutback as a cost-saving measure. In the third quarter, GM burned through cash so quickly -- about $2.3 billion per month -- that executives predicted that, without outside help, it would run out of cash sometime in the first two quarters of next year.
Read the rest of this article at the Up to Speed blog.
-- Ken Bensinger
Photo: Saab 9-X Air BioHybrid Convertible. Credit: General Motors