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GM hits new low

In the red: General Motors chief Rick Wagoner.

General Motors announces a big $US4.8 billion loss for the fourth quarter of 2005

General Motors logo6 Feb 2006

GENERAL Motors has announced a mammoth $US4.8 billion loss for the fourth quarter of 2005.

Announced last Thursday, the Q4 loss was blamed on high costs, shrinking market share and sluggish sales of sport utility vehicles.

The world’s largest car-maker said the loss amounted to $8.45 a share, compared with a year earlier loss of $99 million, or 18 cents a share.

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