GM Loses $6 Billion in First Quarter
By Michelle Krebs
DETROIT -- With a June 1 deadline for a finalized restructuring plan or bankruptcy filing looming, General Motors posted a $6-billion loss in the first quarter of 2009, about double what it lost in the same quarter a year ago but smaller than what analysts had forecasted.
Revenues this year were about half of last year's, reflecting the global economic downturn. GM spent $10.2 billion more than it earned.
"Our first-quarter results underscore the importance of executing GM's revised viability plan, which goes further and faster to lower our breakeven point," GM CEO and President Fritz Henderson said in the company's press statement issued Thursday morning.