General Motors, citing dramatically reduced industry-wide sales, says its net loss was $6 billion for the first quarter of 2009. The Detroit-based automaker, which is expected by many analysts to be forced into bankruptcy in the coming months, lost $3.3 billion over the same period last year.
GM also lost nearly 4 percent of its market share during the first quarter of 2009. The automaker commanded just under 18 percent of the share for the first three months of 2009.
The automaker spent $10.2 billion more than it took in. The automaker has a reserve of $11.6 billion in cash and marketable securities.
Revenue was down to nearly half of what it was during the same quarter last year, reflecting the dramatic drop-off in new car sales. The automaker said its revenue was about $22.4 billion, down from the $42.4 billion during the same period last year.
“Our first quarter results underscore the importance of executing GM’s revised Viability Plan, which goes further and faster to lower our break-even point,†said Fritz Henderson, president and CEO, in a statement.
“ Our plan is designed to fix the fundamentals of our business by restructuring and deleveraging our balance sheet, enhancing our revenue capability and dramatically reducing costs. It’s focused on taking care of customers every single day, winning with four core brands, and investing in new products and technology, while at the same time accelerating actions to lower our cost structure to return GM to profitability quickly.â€
GM’s financing arm, GMAC, reported a net loss of $675 million during the first quarter.
The figures do not take into account the automaker’s relatively strong April, where Chevrolet topped arch rival Toyota in individual line sales, since the first quarter ended March 31.
