GM Loses $6B in Q1, Burns $10.2B

The ailing automaker looks no closer to avoiding bankruptcy, CEO says
By Clay Dillow,  Newser Staff
Posted May 7, 2009 7:29 AM CDT
General Motors world headquarters is shown in Detroit, Tuesday, April 21, 2009.   (AP Photo/Paul Sancya)
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(Newser) – General Motors lost nearly $6 billion in the first quarter, hampered by bankruptcy fears and slumping global sales. The company spent $10.2 billion while revenue declined to $22.43 billion—47% down from the previous year. However, the loss of $5.98 billion, or $9.78 a share, was actually better than the  $11.05 analysts expected. The company is already on $15.4 billion of government life-support, and it's estimated that another $11.6 billion will be needed.