The light at the end of the tunnel seems to be getting dimmer and dimmer for General Motors as the company announced a $30.9 billion net loss for the 2008 calendar year, the second biggest in its 100-year old history. Furthermore, GM burnt $5.2 billion in cash during the fourth quarter of 2008, largely due to lower volume across the firm’s global operations and negative working capital. The automaker’s worldwide sales totaled 8.35 million vehicles in 2008, down 11 percent, or 1.01 million vehicles from 2007.
“2008 was an extremely difficult year for the U.S. and global auto markets, especially the second half, ” Chairman and CEO Rick Wagoner said.”We expect these challenging conditions will continue through 2009, and so we are accelerating our restructuring actions. At the same time, we are continuing our commitment to exciting, fuel-efficient cars and trucks, and the leadership in advanced propulsion technology .”