GM fears cash could run out by year's end

General Motors today said its cash reserves will approach its minimum amount needed to run its business by the end of the year even with new cost-cutting efforts.

The company said in its quarterly earnings report that in the first half of next year that its cash reserves will fall “significantly short” of what it needs unless industry conditions improve, it receives substantial proceeds from asset sales or secures private or government funding.

GM said it has identified $5 billion in new cost-cutting measures in addition to the $15 billion plan announced in July.