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General Motors Corp.'s auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations, and the company said it may have to seek bankruptcy protection if it can't execute a huge restructuring plan.

The president's chief of staff criticized U.S. car companies Sunday for relying too long and gas guzzlers and not investing enough in alternative energy vehicles.

General Motors Corp. posted a $9.6 billion fourth-quarter loss Thursday and said it burned through $6.2 billion of cash in the last three months of 2008.

DETROIT (Reuters) - Ford Motor Co has reached a tentative deal with the United Auto Workers union on changes to retiree health care, becoming the first Detroit automaker to secure union concessions on the key issue.

General Motors shares on Friday tumbled to their lowest level in more than 70 years, pulled down by a drop in the broader markets and continued speculation about the future of the struggling automaker. One analyst even cut his price target to $0 from $1. Ouch!

Automakers tell the Obama administration that they need at least an additional $14 billion in loans in order to survive economic downturn.

More on Auto Bailout DETROIT — General Motors Corp. and the United Auto Workers were getting close to an agreement on concessions, a person briefed on the negotiations said Tuesday, just hours before GM and Chrysler LLC must submit a restructuring plan to the Treasury Department to justify its federal loans.

Details of the deal were not available. Negotiations went all night Monday and into Tuesday, said the person, who spoke on condition of anonymity because the plan has yet to be submitted.

Talks between the United Auto Workers and General Motors Corp central to a turnaround plan for the struggling automaker have broken down over the issue of retiree healthcare costs, a person briefed on the talks said on Saturday.

GM's viability plan will offer the U.S. a choice to commit billions more in bailout money or provide financial backing as part of a bankruptcy filing.

General Motors announced Tuesday it is cutting 10,000 workers, or 14% of its salaried jobs worldwide.