GM posts $6B Q1 loss, burns $10.2B in cash
Consumer fears over a potential bankruptcy are keeping customers away from General Motors showrooms, the company said Thursday, pushing the ailing automaker closer to bankruptcy.
GM said it lost $6 billion in the first quarter, burning through $10.2 billion in cash. Revenue fell by 47 percent to $22.4 billion, and U.S. market share slid nearly 4 percentage points to 18.4 percent.
Global market share also fell, and fears over GM's health are spreading globally, said Chief Financial Officer Ray Young, who pointed out that even customers in Brazil are expressing concerns about buying GM cars, according to a May 8 USA Today article.