Thursday, May 7, 2009

General Motors posts quarterly loss of $6 bn

Threatened US carmaker General Motors posted a quarterly net loss of $6 billion Thursday, its eighth quarterly loss in a row.

GM's loss figure for the same period in 2008 was $3.3 billion. Analysts had feared even worse quarterly news this year.

Revenue dropped by 47 percent, to $22.4 billion. GM, the mother company of similarly struggling European manufacturer Opel, is operating under a US federal bail-out plan.

The largest US carmaker is threatened with bankruptcy, as has already happened to competitor Chrysler. US President Barack Obama has given GM an ultimatum of the end of May for a new restructuring plan to be implemented.

No comments:

Post a Comment

Related Posts with Thumbnails