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Doubts rise over GM's future

  • 'Substantial doubt' over GM
  • GM Europe could run out of cash
  • Millions of jobs threatened
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Auditors for General Motors say there is 'substantial doubt' that the manufacturer can continue to trade as a going concern.

The European commission has reacted by offering to convene a crisis summit of at least six EU nations - including Britain, which is home to GM's Vauxhall brand at plants in Ellesmere Port and Luton.

The European arm of General Motors, which includes Vauxhall and Opel, warned on Tuesday that it could run out of money within a month, if it doesn't get billions more in bail-out loans from the US Government.

The fear is that if GM go bust, a wave of knock-on business failures could result in more than a million job losses throughout Europe.