General Motors reported its first quarter earnings today, and the beleaguered U.S. automaker posted a $6 billion net loss compared to a net loss of $3.3 billion one year ago. At the same time, GM burned through $10.2 billion in cash during Q1, though still has $11.6 billion in cash reserves on hand thanks in large part to the $13.4 billion in loans that it's accepted from the U.S. government so far. Revenue was down in each of GM's regional operations, including North America, Europe, China and
General Motors announced today that it recorded a net loss of $3.25 billion during the first quarter of 2008, but it looks worse than it is thanks to a $1.45 billion hit from its 49% stake in floundering GMAC. The two-month long American Axle strike also cost GM about $800 million, while further support of bankrupt supplier Delphi's restructuring took $731 million from the corporate coffers. These "headline numbers" don't look good, but GM's performance in the area of actually selling cars wasn'