News

General Motors report record losses

  • Company loses 6.9 in last quarter
  • Waiting to see if it's still a going concern
  • Emergency talks with US Government
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US car maker General Motors yesterday announced that it lost $31 billion (around 21 billion) in 2008.

GM also revealed it lost $10 billion (6.9 billion) in the last quarter of 2008 alone.

The incapacitated manufacturer was reported to be waiting for advice from its auditors as to whether it remained a going concern.

GM Chief executive Rick Wagoner met yesterday with members of President Obama's automotive task force to investigate ways to save the manufacturer.

The company has previously asked for $30 billion (about 21 billion) in state aid.

Officials from GM issued a statement after the meeting which read said: 'We found a genuine willingness among the task force to understand our business, industry challenges and GM's restructuring plan.'

The car maker lost about $104 million (73 million) a day in the final quarter of last year, with the total annual loss being the second-worst in GM's 100-year history.