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GM loses $1.1bn

General Motors has today reported a worldwide $1.10bn (£0.57bn) loss in the first quarter, its worst results since the company came close to bankruptcy in 1992.

Slightly better news came for the manufacturing giant in the form of a reduced first quarterly loss in its European operations of $103m (£53.9m) compared to $116m (£60.7m) in the same period last year.

“Our European operations began to show signs of real progress during the quarter, with the region posting its highest quarterly market share in six years,” GM chairman and chief executive officer Rick Wagoner says.

“While there is still much work to be done to restore GME to profitability, we're pleased with our improving direction in Europe.”

GM's automotive operations lost $1.98bn (£1.03bn) in the quarter, due to a loss in North America of $1.56bn (£0.82bn).

  • In 1992 GM lost $21bn (£11bn) in the first quarter, when the changes in accounting procedures required companies to include health-care costs in earnings.
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