DETROIT -- General Motors reported a $6.0 billion net loss and burned through $10.2 billion in cash in the first quarter as it relied on a federal bailout to ride out a worldwide sales plunge.
GM had $11.6 billion in cash reserves on March 31, down from $14.2 billion at the end of the fourth quarter. GM's loss, plus special charges and accounting changes, offset $13.4 billion of government loans in the quarter.
The company's seventh-straight quarterly loss compared with a $3.3 billion net loss a year earlier. Global revenue declined 47.2 percent to $22.4 billion as GM cut production by about 900,000 vehicles and worked to trim inventories in the United States and Europe.
"Results were awful, as expected," said Kip Penniman of KDP Investment Advisors in a note to clients. "GM's cash burn was even worse than we were expecting."
GM CFO Ray Young said GM will need an additional $2.6 billion in federal loans in May. For the rest of the year, GM likely would need $9 billion more, he added.
The first-quarter operating loss was $5.9 billion compared with an operating loss of $381 million in the first quarter last year.
GM has received an additional $2 billion in U.S. loans since the end of the first quarter. The company said it would explain its cash position in more detail in coming days when it files its 10-Q report to the Securities and Exchange Commission.
GM reported a net loss of $3.2 billion in North America. Revenue fell 50 percent to $12.3 billion after GM cut North American production 58 percent to reduce inventories.
Jamie LaReau and Reuters contributed to this report