General Motors Corp. reported a first quarter net loss of US$6 billion on Thursday and said it spent $10.2 billion more cash than it took in.
Compared to the first quarter last year, revenue fell by $20 billion to $22.4 billion in 2009.
GM President Fritz Henderson said the results underscore the importance of executing GM's revised Viability Plan, which is an attempt to lower the company's break-even point.
"Our Plan is designed to fix the fundamentals of our business by restructuring and deleveraging our balance sheet, enhancing our revenue capability and dramatically reducing costs," Henderson said in a press release.
"It's focused on taking care of customers every single day, winning with four core brands, and investing in new products and technology, while at the same time accelerating actions to lower our cost structure to return GM to profitability quickly."
GM has already received $15.4 billion in federal loans. The U.S. government has given GM until June 1 to finish their restructuring plan or to go into bankruptcy protection.
"This is a defining moment in the history of General Motors, and we are committed to our Plan, which we believe will lead to a stable and sustainable operating structure with a strong balance sheet," Henderson said.
"Our goal is to fix this business once and for all to position ourselves to win in the long-term."
On Wednesday, GM announced it will temporarily close all or portions of 23 engine, transmission and parts factories in the United States for several weeks.
GM already announced that 13 vehicle-making facilities will close for up to 11 weeks.
With files from The Associated Press
