Top executives of the largest US auto companies left meetings with lawmakers without assurances of a bailout. Their collapse could exacerbate the unemployment crisis in the US.
Hard hit by the financial crisis, General Motors has reported that its October US sales plummeted 45 percent from a year ago, calling it "probably the worst industry sales month in the post-WWII era."
General Motors announced Tuesday it will shut down four plants and refocus its strategy on fuel-efficient vehicle production. Rising gas prices may even force the company to revamp its emblematic Hummer model.
