GM lost $30,900,000,000
 

GM Loses Almost $31 Billion In 2008, How Will It Ever Repay Federal Loans?
Agent009 submitted on 2/26/2009 Official AutoSpies Timestamp: 12:17:44 PM

General Motors Corp.

today reported a $30.9 billion loss last year, the troubled automaker's fourth straight annual loss, as deteriorating economic and market conditions and questions about the company's viability continued.

Its fourth-quarter net loss last year was $9.6 billion. For the quarter, GM said it lost $15.71 per share, compared to a net loss of $1.5 billion, or $2.70 a share for the same period a year earlier.

The results underscore GM's need for up to $16.6 billion in additional federal loans, a case chairman and CEO Rick Wagoner will make later today during a meeting with President Obama's autos team, which is overseeing the automaker's restructuring and federal loan repayment. GM already has received $13.4 billion, which helped the troubled automaker avoid running out of money in December and survive the weakest sales market since the early 1980s.

GM posts $9.6 billion fourth quarter loss, $30.9 billion loss for the year
Posted Today, 9:03 AM by Ralph Hanson

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General Motors today announced its fourth quarter and calendar year 2008 financial results, confirming what everyone already knew – that the ailing carmaker is haemorrhaging cash by the billions and is unlikely to turn a profit anytime soon. Citing a dramatic deterioration in global economy, declining consumer confidence, and record lows for vehicle sales both in the U.S. and aboard, GM posted a net loss of $9.6 billion for the fourth quarter of 2008.

This brings the combined loss for all of 2008 to a staggering $30.9 billion, however, this figure shrinks to $16.8 billion if you ignore one-off and special items. This is in stark contrast to the relatively small adjusted net loss of $1.9 billion realized in 2007.

Total revenue for 2008 was $149 billion, compared with $180 billion in 2007. This was on sales of 8.35 million vehicles, down 11%, or 1.01 million vehicles, and was driven by an industry-wide contraction in global vehicle sales. According to GM’s own figures, global vehicle sales for the entire auto industry in 2008 were down 5%, or 3.6 million vehicles, versus 2007 levels.

“2008 was an extremely difficult year for the U.S. and global auto markets, especially the second half, ” GM CEO Rick Wagoner said in a statement.“ These conditions created a very challenging environment for GM and other automakers, and led us to take further aggressive and difficult measures to restructure our business.

It will be interesting to see if these latest results will have an impact on the final decision expected from the Obama administration at the end of March regarding the payback of bailout funds by Detroit’s carmakers.

GM Losses Continue to Mount
Date posted: 02-26-2009

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DETROIT — General Motors has announced losses of $9.6 billion in the fourth quarter and $30.9 billion for the year as the ravaged automaker lurches ever closer to bankruptcy.

GM last week told the federal government that it may need up to $30 billion in government loans to survive and that a bankruptcy filing could cost taxpayers as much as $100 billion.

The automaker has racked up four straight years of losses, but 2008 was far and away the most dismal year yet.

GM saw worldwide revenues plummet 34 percent in the fourth quarter, to $30.8 billion from $46.8 billion a year earlier. Revenues for the full year tumbled 17 percent, to $149 billion from $180 billion in 2007.

The company said it continues to burn through cash at a furious pace — $6.2 billion in the fourth quarter, on top of $6.9 billion in the third quarter.

GM already has received $13.4 billion in government loans, but last week said it needs another $16.6 billion to survive. Unless it is able to significantly slow its cash-burn rate, however, the additional funds could be exhausted by the end of the year.

A GM bankruptcy ultimately may be the only way to salvage some remnants of the company. — Paul Lienert, Correspondent

oops, I thought 3 articles may not be necessary so I was trying to delete 2 of them but apparently I have no authority to do so...

When was the last time there's some good news from GM?? It's always loosing everything they have..

Meanwhile, I lost $20 at Starlight casino last weekend :(

I also won $40 at RiverRock :)

Shit you made more profit than GM :lol

lol, thats funny!

die dueck!!

30bilion is nothing...AIG is worse.

HAHAHAAH!!! this was actually funny.. :haha:

lost? lost where .. did somebody find it yet?

if they woke up to reality long time ago, this wouldn't have happened. I think long time ago -1 -2 years ago, in the news , i saw a docu. about how people prefer to buy japanese as oppose to american. I think that should have been wake up call.

poor management and poor product, thats how u lose money

You do know Toyota sold 1,843,669 cars in 08. Chevrolet sold 1,790,519 cars right? right?

It's not like no one buys their product, it's the union and overhead cost that is dragging them down, get your fact straight before you spilling out rumors like Timpo

UAW has been with the company for like 50 years or something now, so why is it GM really starting to show its competitive disadvantages in just the last 5 years? Is it really all union's fault or does it have something to do the of the management and their products? I think the latter is more like it.

Toyota sells their cars in almost every country on earth.
GM...only half.

Timpo is not 100% wrong this time...american like domestic cars, cause they
are designed according to their taste. You see NA has Toyota Tundra, and
not the rest of the world.

The results underscore the need to let go of a dying dog and plug the drain.

What a bloody disgrace. How much more tax payers money will Obama paddle to GM so he can protect his votes (the unions).

1 employee for every 3 pensioners

rumors. bad product . poor managment,, thats no rumor.. get ur head out of ur ass

btw, toyota sold close to 9 mil cars worldwide in 08,, get ur facts straight.. ;)

"In 2008, GM sold 8.35 million cars and trucks globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's largest national market is the U.S., followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on GM can be found at www.gm.com."

Fact remains, it is NOT that no one buys GM product, unless you call 8.35 million people = zero. That was my original argument point. Bad product? Very subjective, I wouldn't say the lastest Z06, ZR-1, Caddy's are all that bad. In fact the ZR-1 doing extremely good if not dominates pretty much every performance category out of any mass production car in the world, regardless of price. That sounds really bad doesn't it. Look at Timpo's beloved GTR, now that's a fucked up product right there

Another example: mighty toyota product

http://www.freep.com/uploads/images/...223_toyota.jpg
Oh noes? It is nothing we don't know about, but just wanting state, shit happens.
Futher more:
“The environment we’re in is extremely tough,” President Katsuaki Watanabe told reporters today in Nagoya. “We’re facing an unprecedented emergency situation. Unfortunately, we can’t see the bottom.”
“Toyota’s cost-cutting can’t match plummeting sales,” said Koichi Ogawa, chief portfolio manager at Tokyo-based Daiwa SB Investments Ltd., which manages $28 billion. “Everyone is getting hurt with this situation.”

Just because Timpo keeps bashing GM every single day with a new post, doesn't mean no one wants a GM product. Now he is bashing Hyundai everyday, doesn't mean Hyundai isn't glowing big

which part of my fact is not straight?

Back to reality, there is not much GM can do as long as the UAW keeps dragging them down to the grave, or perhaps net billions if not because of them. You think the management wouldn't want to get rid of those lazy fucktards and hire people that actually work? Thanx to the Union again. Stephen Harper foreseen the problem and tried to save the economy by shaving the power of our union, and see what happened. :( If only he had succeeded last year, our Ontario GM facility PROBABLY (probably!) wouldn't have to close and losing 60,000 job positions.

BTW, want me to give you a hand to pull your head out of Timpo's ass?

First of all, GM is not the largest maker of automotive anymore, that position was taken over by Toyota in December 2008. Secondly, you are giving the management way too much credit. Face it up man these guy blow it up. You can't say it's all Union's fault when you have two years loss totalling up to some $68 Billion. And Taken straight out your article of how many brands they have: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. They are like the Citigroup of Automotive Industry, way to much (inferior) products and business resources spread way too thin.

So is the union partly at fault? sure they got a little greedy. But you have to look at the whole picture, what is happening right now is the consequence of their bad-management and bad products over the decades. The economic crisis only quicken the process.

not sure if this help, but i would buy a zr-1 if i have the cash on me..

it's quite some power for it's price..

ha .so u are saying, take away the union and problem solved. get off it,
they have so many brands, but still cant compete with japanese automakers.

its all management. (wasn't it big when they showed up in Wash. in private jets)

and as far as brand integrity goes, how many people on this board would take a GM over equivalent japanaese/european brand.


lol, keep on dreamin guy.. its ur head in ur ass all the way. maybe a bit further in, try jiggling it a bit with lube, i might get loose

Now, part of that I can agree on, they should've close most of the low-volume brands long time ago, but then I guess they couldn't risk having rumors of shrinking of the entire business; stock starts to slide and shareholder start pointing fingers and more rumors coming out of tards like Timpo. I mean, we all know how easy it is to teach a CEO how to manage the 2nd biggest car company in the world thru RS with a keyboard right. Specially we are not the ones that get our both hands and legs tied up by the union crowd

"And make no mistake, GM is in a horrible bind. That $1.1 billion loss in the first quarter doesn't begin to tell the whole story. The carmaker is saddled with a $1,600-per-vehicle handicap in so-called legacy costs, mostly retiree health and pension benefits"
"The UAW could find any number of ways to strike key supply factories and gum up the company. Wagoner knows that firsthand. While president of GM North America in 1998, he played hardball with the UAW over a dispute involving two union locals in Flint, Mich. Those workers, who made parts needed by every GM assembly plant, struck for 54 days over what they said were local issues. That shut down the entire company, costing it $2 billion and nine percentage points of market share, though GM recovered all but a point of that by yearend."

So I would says yes, if they able to get rid of the union and pensioners, they would have had a very big chance to solve the problem if not making net profit

That's right, we all know the entire world circles around the RS board, and us, RSer represents the rest of the 6.7 billion population, I'm sure.

Also GM is going down solely because there was only 8 million+ ppl bought GM bad products last year world wide (while Toyota sold the same amount) which they don't represent any one because, again, they don't get on RS, so none of them counted, I should've known Better. :rolleyes:

BTW, you started with the ass comment but it doesn't help you in anyway, so please just quit it and admit you are no difference than Timpo

I make more moola then one of America's hugest corporations

that's going in my autobiography