GM burns through $10.2B US in 1st quarter

General Motors went through $10.2 billion US more cash than it took in during the first quarter as the money-troubled automaker lost $6 billion.

The company lost $9.78 per share during the quarter. During the same quarter of last year, GM lost $3.3 billion, or $5.80 a share.

Revenue at the firm tumbled to $22.4 billion from $42.4 billion.

GM is trying to get a restructuring plan ready by a June 1 deadline to qualify for more financial assistance from the U.S. and Canadian governments or it could follow Chrysler into creditor protection.

"Our first-quarter results underscore the importance of executing GM's revised viability plan, which goes further and faster to lower our break-even point," said Fritz Henderson, the firm's president and chief executive officer.

GM chief financial officer Ray Young said that almost $3 billion US in cost cuts was not enough to offset falling sales.

"We cannot cut costs fast enough to offset that revenue loss," he said. "People are concerned about bankruptcy, and that's the reason why we want to avoid it if at all possible."

GM's North American operations alone had an operating loss of $3.2 billion.