G.M. Post 30 billion Dollar Loss

General Motors posted a $30.8 billion dollar loss for 2008, burning through over $6 billion in cash. The company will meet today with Obama Administration officials as it continues to struggle to restructure itself to try to return to profitability. G.M. lost this huge amount of money while selling 8.35 million vehicles last year, which was a decline of 11 percent. From the Washington Post:

“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,” Wagoner said. “We expect these challenging conditions will continue through 2009.”

Worldwide, GM sales totaled 8.35 million vehicles, down 11 percent from the year before. The carmaker said it used up $6.2 billion in cash in the fourth quarter, even as it sought government assistance to keep it financially afloat.

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