Page last updated at 15:46 GMT, Wednesday, 7 April 2010 16:46 UK

US car giant General Motors reports $4.3bn loss

GM production line
GM emerged from bankruptcy in July 2009

US car giant General Motors has reported a $4.3bn (£2.8bn) net loss for July to December of last year.

The six months cover the period after the Detroit-based carmaker's emergence from bankruptcy.

GM's chief financial officer Chris Liddell said: "I continue to believe that we have a chance of achieving profitability in 2010."

GM has undergone a major restructuring and the US government currently owns a 61% stake in the company.

GM recorded revenues of £57.5m for the July to December period.

It said its 2009 loss was calculated on the basis of "fresh start" accounting, which allows companies to revalue their assets after bankruptcy protection.

GM's results come on the same day that German carmaker Daimler announced it would give Renault and Nissan a 3.1% stake in its business as part of a global tie-up of the three brands.

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