GM Loss in Q1

News from GM says it burned through $10.2 billion in the first quarter. The net loss reached $6 billion. Revenue dropped by almost half to $22.4 billion as sales plunged in North America, Europe, Asia and Latin America. Excluding $73 million of one-time net charges, GM posted a loss of $9.66 per share. That was within the wide range of analysts' expectations.

The automaker said recently that it had not yet reached the deal it needs with the UAW. It also said the Treasury had not yet agreed to convert half of the loans it has extended to GM into stock in a restructured company.

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