General Motors Corporation (GM) and the Chrysler division of DaimlerChrysler (DCX) both reported third-quarter losses in the millions today. GM, the world's largest automaker, reported $115 million with Chrysler reporting $1.48 billion.
GM's loss is an improvement on the losses from the same quarter last year, which were $1.7 billion. None of these losses compare with Ford Motor Co. 's (F) staggering $5.8 billion reported in the same quarter.
Review teams are headed to Detroit to go over Chrysler's operations to see where improvements and cuts can be made. Chrysler is the No. 3 automaker behind GM and Ford and has undergone a major corporate overhaul earlier this decade and could be looking forward to "structural changes" including plant closures and employee cuts.
Both GM and Ford have announced factory closures and employee layoffs in the tens of thousands.
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