General Motors chief executive is dismissing speculation that the largest U.S. automaker might soon seek bankruptcy protection.

Rick Wagoner said comments in the past week about a potential bankruptcy are not constructive or accurate.

"Times are challenging in the auto business right now, and so we're taking the tough but necessary actions to keep GM competitive for a long, long time to come," Wagoner said. "To respond to the rapid change in auto industry sales mix, we've announced that 18 of the next 19 new GM products for the U.S. will be cars or crossovers.

"And we see our competitors making similar moves to adjust to the rapidly changing circumstances," he said.

Wagoner told Dallas business leaders Thursday that GM has $24 billion in cash and $7 billion in unused credit facilities.

A Merrill Lynch analyst had cut his rating last week on GM stock and said "bankruptcy is not impossible" if the auto market continues to weaken.

GM shares continued their slide Thursday, falling 64 cents, or 6.2 percent, to $9.69.

Last week, GM stock closed under $10 for the first time since 1954.

Wagoner said GM has increased production at several car plants and ceasing truck production at four plants.