General Motors Corp. posted a $9.6-billion US fourth-quarter loss and said it used $6.2 billion cash in the last three months of 2008 as it fought the worst U.S. auto sales climate since 1982.
The largest U.S. domestic automaker said Thursday it lost $30.9 billion US for the full year and expects to state in its upcoming annual report whether its auditors believe the company remains a “going concern.” GM and its auditors must determine whether there is substantial doubt about the automaker’s ability to continue it operations.
Chief financial officer Ray Young said the determination will depend a lot on whether GM gets further government loans.
The company has received $13.4 billion US in federal loans since Dec. 31 and says it needs up to $30 billion to stay out of Chapter 11 bankruptcy protection in the United States.
