DETROIT — General Motors Corp., anxiously conserving cash so it can keep operating into 2009, said Wednesday it would halt construction of a plant tied to one of its most important projects while the automaker awaits a Washington bailout.
GM said it is putting the brakes on the construction of a factory in Flint, Mich., set to make 1.4-liter engines for the Chevrolet Cruze and the Chevy Volt plug-in electric car.
It’s just one more effort by GM to hold on to every penny possible as it speeds closer to the day when the 100-year-old industrial giant won’t be able to pay its bills.
The company has been scaling back just about everywhere — shutting down vehicle production, ending sports sponsorships, turning off escalators and even cutting back on office supplies — to stay afloat.
GM is seeking up to $18 billion in government loans as it tries to survive the worst U.S. auto sales environment in 26 years. It says it needs $4 billion before this year runs out.