GM reports $6 billion loss, burns through $10.2 billion

General Motors Corp on Thursday said it lost twice the amount of money in the first quarter as it did a year ago. The company posted a loss of $6 billion, amounting to $9.78 a share, as against a loss of $3.3 billion, or $5.80 a share, a year ago, when its stock hovered above the $20 level.

This is expected to put even more pressure on the carmaker to expedite the restructuring process as a deadline looms.

Shares of the Dow component are now trading at $1.60. The stock's value has fallen to half its value since the beginning of 2009.

Revenue fell to $22.4 billion from $42.4 billion, as global demand for cars and trucks remains depressed.

GM CFO Ray Young said concerns regarding the honouring of warranties in the event of a bankruptcy weighed high on the top line.

The loss is, however, less than what many analysts had expected, on average $11.39 a share with total sales of $20.7 billion.