World's largest carmaker GM reports $4.2b loss

Detroit: Top US automaker General Motors Corp (GM) on Friday reported a net loss of $4.2 billion and warned it is running out of money.

GM also said it has suspended talks to acquire Chrysler and said its cash burn for the quarter accelerated to $6.9 billion due to a severe US auto sales slump.

GM said it would cut white-collar jobs and cut $2.5 billion in capital spending next year as part of a revised restructuring plan.