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GM reports second largest annual loss

(Xinhua)
Updated: 2009-02-27 10:55

CHICAGO -- General Motors Corp on Thursday reported an annual loss of $30.9 billion in 2008, the second-largest in history only dwarfed by a hefty loss of $38.7 billion in 2007.

Related readings:  GM plunges into the red  GM, Chrysler may need more govt loans  GM shares hit 74-year low  GM to axe 47,000, seeks $16.6b more

The future of the biggest US automaker depends on whether it can get more federal assistance. The company, which has obtained $13.4 billion in bailout loans, requested as much as $16.6 billion in additional funding on February 17.

GM's total revenue in 2008 was $149 billion, compared with $180 billion in 2007. The company said in a statement that the revenue decline was predominantly due to the precipitous drop in sales amid record low consumer confidence in the United States, and sharply lower sales across all of GM's operating regions due to the economic turmoil in the global markets.

Global industry sales in 2008 were down 5 percent, or 3.6 million vehicles, versus 2007 levels, and US industry sales fell by 18 percent, or nearly 3 million units.

However, GM has lost around $80 billion since 2005 when the company started to downsize operations.