I wonder if Quorom can help...their bottom line?
Last Updated: Thursday, 26 January 2006, 14:00 GMT
GM sees loss after difficult year
The American love affair with SUVs seems to be coming to an end
General Motors has posted a quarterly net loss in the face of high costs, reduced market share and flat sales of sport utility vehicles (SUVs).
GM, the largest carmaker in the world, said its fourth-quarter net loss was $4.8bn (£2.7bn), from $99m last year.
Revenue fell to $51.2bn, from $51.4bn during the same period in 2004.
"2005 was one of the most difficult years in GM's history, driven by poor performance in North America," GM chief executive Rick Wagoner said.
Stake builder
Rising materials and labour costs, as well as a loss of market share to Japanese rivals and a drop-off in demand for SUVs, all contributed to the malaise.
However, in a stroke of good news, billionaire investor Kirk Kerkorian has increased his stake in GM.
A regulatory filing showed that he spent $262.8m (£147m) via his firm Tracinda Corp, increasing his stake in the company to 9.9% from 7.8%.