General Motors Corp. said on Tuesday that it lost 1.1 billion dollars in the first quarter of this year, the steepest quarterly deficit in past 13 years.
The report said that revenue of GM, the largest automaker in the world, decline by 4.3 percent to 45.8 billion dollars in the first three months of this year from 47.8 billion dollars a year ago. The loss at its worldwide automotive operations more than doubled to 1.3 billion dollars, most of it in North America.
It was GM's steepest quarterly deficit since the first quarter of 1992, when it reported a loss of 21 billion dollars primarily because of changes in accounting procedures for retiree health care costs.
GM sales in the United States, its largest and most competitive market, sank by 4 percent for the first three months of 2005 comparing with the same period of last year. For the same period, its market share in the country decreased to 25.6 percent from roughly 27 percent.