General Motors (GM) has reported a $9.6 billion loss for the fourth
quarter of 2008, bringing the company's losses for the year to $30.9
billion. In a company statement, CEO Rick Wagoner said, "2008 was an
extremely difficult year for the U.S. and global auto markets,
especially the second half. 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. We
expect these challenging conditions will continue through 2009, and so
we are accelerating our restructuring actions." GM also says it burned
through $6.2 billion in cash during the fourth quarter. Last week, the
company asked the federal government for an additional $16.6 billion in
bailout funds on top of the $13.4 it had previously received.
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