General Motors reported its first quarter earnings today, and the beleaguered U.S. automaker posted a $6 billion net loss compared to a net loss of $3.3 billion one year ago. At the same time, GM burned through $10.2 billion in cash during Q1, though still has $11.6 billion in cash reserves on hand thanks in large part to the $13.4 billion in loans that it's accepted from the U.S. government so far. Revenue was down in each of GM's regional operations, including North America, Europe, China and Latin America. Partly to blame is the global recession, though the dark cloud hanging over GM is surely responsible for scaring away buyers around the globe who aren't sure if the automaker will be around much longer. Regardless, GM is still plugging away at its revised Viability Plan, which is due in the U.S. Auto Task Force's hands by June 1st. Part of that plan is reducing the General's portfolio to just four core brands – Chevy, Cadillac, Buick and GMC – and adding Pontiac to the long list of brands it will jettison as soon as possible.
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