The General Motors Corporation said this morning that losses in its North American automotive business topped $5 billion last year as sales of sport utility vehicles continued to fall and advertising and health expenses rose. The company, which is cutting 30,000 jobs and closing all or parts of 12 factories, reported a fourth-quarter loss of $4.8 billion and an annual shortfall for the entire company of $8.6 billion.
See "G.M. Reports Big Losses in Further Sign of Industry Woes", Vikas Bajaj and Micheline Maynard, The New York Times, January 25, 2006