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GM reports second largest annual loss in 2008
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08:01, February 27, 2009

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General Motors Corp. on Thursday reported an annual loss of 30.9 billion U.S. dollars in 2008, the second-largest in history only dwarfed by a hefty loss of 38.7 billion dollars in 2007.

The future of the biggest U.S. automaker depends on whether it can get more federal assistance. The company, which has obtained 13.4 billion dollars in bailout loans, requested as much as 16.6 billion dollars in additional funding on Feb. 17.

GM's total revenue in 2008 was 149 billion dollars, compared with 180 billion dollars in 2007. The company said in a statement that the revenue decline was predominantly due to the precipitous drop in sales amid record low consumer confidence in the United States, and sharply lower sales across all of GM's operating regions due to the economic turmoil in the global markets.

Global industry sales in 2008 were down 5 percent, or 3.6 million vehicles, versus 2007 levels, and U.S. industry sales fell by 18 percent, or nearly 3 million units.

However, GM has lost around 80 billion dollars since 2005 when the company started to downsize operations.

Source: Xinhua

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