By Shawn Langlois

SAN FRANCISCO (Dow Jones) -- American Axle & Manufacturing Holdings shares shrugged off early declines to take part in Friday's broader market advance, bouncing back after bankruptcy fears were raised by the auto-parts maker's auditor.

American Axle (AXL) stock added 8% to 81 cents and has doubled so far this week, taking a cue from the rally in shares of its biggest customer, General Motors Corp. (GM).

GM's stock was up 23% to $2.68, nearly doubling since the beginning of the week as well.

The Dow component rallied 17% on Thursday after the automaker said it doesn't need the $2 billion of funding in March that it had originally requested from the U.S. government.

Axle shares came under pressure early after Deloitte & Touche, the same auditor that raised questions about GM last week, said in a filing that "significant unfavorable consequences" could arise from the collapse of GM and Chrysler LLC.

GM and Chrysler made up about 84% of American Axle's total net sales during 2008.

Production of full-size truck and SUV programs at both automakers dropped about 71% in the fourth quarter compared with a year earlier, and the outlook for 2009 remains grim.