General Motors (GM) lost almost $10 billion (£6.9 billion) in last year’s final quarter and nearly $31 billion over the whole of 2008, the stricken car company reported yesterday as it awaited advice from its auditors on whether it remained a going concern.

Rick Wagoner, the chief executive of the American carmaker, met members of President Obama’s automotive task force yesterday to discuss how to save the company, which has said that it needs about $30 billion in government aid to survive.

GM said in a statement released after the meeting: “We found a genuine willingness among the task force to understand our business, industry challenges and GM’s restructuring plan.”

The vehicle manufacturer lost about $104 million a day in the final quarter of last year, equivalent to losing more than 1,830 of the company’s gas-guzzling Hummers every day, as job cuts and the lack of easy credit deterred car buyers.

GM barely avoided bankruptcy last year, when the Government bailed it out with $13.4 billion, and has asked for a further $16.4 billion to ride out the recession.

Members of the task force indicated earlier this week that they were trying to avoid allowing the carmaker to go under, the cost of which to the Government has been put at as much as $100 billion.

However, GM’s auditors will decide whether the company can still be certified to be a going concern, given the dire figures. GM said that it expected to receive certification, but again warned that it desperately needed government funding if it is to survive.

The company said: “GM requires this funding in 2009 to continue operations until global automotive sales recover and its restructuring actions generate benefits, resulting in the company being able to fund its own operating requirements.”

GM said that it had lost $9.6 billion in the fourth quarter of 2008 and $30.9 billion in the full year. The company used up $6.2 billion in cash, taking its liquidity to $14 billion, compared with $16.9 billion at the end of 2007. This pool of liquidity includes $4 billion of the $13.4 billion government loan.

The annual loss was the second worst in GM’s 100-year history, coming in behind 2007’s $38.7 billion plunge into the red. The carmaker has lost more than $70 billion since 2005, when Mr Wagoner desperately began overhauling the company.

Revenue was down by 39 per cent in the fourth quarter to $30.8 billion and was down by 17 per cent to $149 billion in the full year. The company’s pension scheme is underfunded by $12.4 billion, and it is currently negotiating with the trade unions to try to resolve this problem.

Bob Nardelli, chief executive of the rival Chrysler, met the government task force on Wednesday. The smaller car company has asked for $5 billion in aid, in addition to the $4 billion that it has already received.

Ford has not requested taxpayer assistance, but said that it may need a line of credit from the Government if the economic situation deteriorates.

The company, which has met the task force to discuss supplier issues, said this week that Alan Mulally, its chief executive, and Bill Ford Jr, the executive chairman, would take 30 per cent pay cuts this year and next to help the company to conserve cash.

One hundred years of General Motors

— Founded: 1908
— Headquarters: Detroit, US
— Manufacturing: 34 countries
— Sells and services vehicles: 140 countries
— Biggest market: US, followed by China, Brazil, UK, Canada, Russia and Germany
— Brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling
— Sold: 8.35 million cars and trucks in 2008
— Lost: $30.8bn in 2008
— Borrowed: $13.4bn from US Government
— Needs: a further $16.4bn
— Bankruptcy: could cost $100bn

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