GM Posts US$4.8 Billion Net Quarterly Loss

The world’s largest carmaker, General Motors, has posted a net loss of some US$4.8 billion for the fourth quarter, a result that is worse than economic analysts had expected. The company experienced soaring costs of layoffs and plant closures.

The result brings the company’s total loss for 2005 to a whopping US$8.5 billion, the first annual loss at GM in 14 years. The quarterly loss translated to almost US$9 per share, compared with a loss of 18 cents per share in 2004.