General Motors lost $8.6 billion last year

Jan. 26, 2006 at 12:16 PM
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DETROIT, Jan. 26 (UPI) -- General Motors Corp., the biggest and perhaps most financially troubled vehicle maker, revealed Thursday that it lost $8.6 billion last year.

"Including special items, GM reported a loss of $8.6 billion, or $15.13 per share for 2005, compared to net income of $2.8 billion, or $4.92 per share in the year-ago period," the company said in a statement.

Excluding special items, GM lost $3.4 billion, or $5.99 per share, compared with net income of $3.6 billion, or $6.37 per share, in 2004. Revenue was $192.6 billion in 2005, compared to $193.5 billion in 2004.

Last year "was one of the most difficult years in GM's history, driven by poor performance in North America," said GM's chief executive, Rick Wagoner.

"It was a year in which two significant fundamental weaknesses in our North American operations were fully exposed -- our huge legacy cost burden and our inability to adjust structural costs in line with falling revenue. Our results were also dramatically and adversely affected by charges for restructuring and matters associated with Delphi Corp.'s Chapter 11 filing."

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