Feb 26th, 2009 by Liz Opsitnik
General Motors posted a $9.6 billion net loss in the fourth quarter of 2008, and burned through $6.2 billion in cash during the same period. GM ended the quarter with $14 billion in cash, reports CNN Money.
The automaker received part of a bailout loan from the government at the end of last year and has since received another $9.4 billion in federal aid. GM asked for an additional $16.6 billion in the viability plan it submitted to the Treasury Department last week. GM said this week it will need at least $9 billion of that money in 2009 to make it through the current economic crisis.
GM is expecting to burn through another $14 billion in cash this year, with most of it taking place in the first quarter as the company struggles to deal with weak demand and significant overhead costs.
If the federal government concludes GM is not viable, it would make the automaker repay the loan immediately.
Will GM be able to pull itself out of this mess and convince consumers to start buying cars again? Will lenders start giving out car loans to consumers so they can buy cars? Everyone who works in the automotive industry sure hopes so.
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