GM Open to Alternatives from Government: CFO
General Motors is open to an "alternative" viability plan, Chief Financial Officer Ray Young told CNBC ahead of meetings between company executives and President Barack Obama's auto task force on Thursday.
“If there’s an alternative plan that the government wants to provide to us, we’re going to have a dialogue with them,” he said. “Let’s understand what the standards are and we’ll be able to respond to that.”
In order for to make the company viable, all stakeholders must be willing to compromise, he said.
“We need everyone to be participating,” he said. “I’m confident that we will get everyone on the table to sacrifice in order to help this company recover from this very difficult economic situation.”
The company's first formal meeting with Washington on Thursday follows news of its $31 billion loss in the fourth quarter.
GM is also monitoring inventory carefully, he said.
“We shut down a lot of U.S. plants in the first month of January to adjust for inventory,” said Young.
So far, GM's first-quarter cash burn rate has been consistent with the company’s plans, he added.
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