GM Posts Massive $9.6B Q4 Loss As it prepares to ask for More US Aid. Nissan to Cut 1,400 Barcelona Jobs

GM has just posted a massive $9.6 billion Q4 loss right as GM CEO Rick Wagoner prepares to meet with Obama’s economic team this Thursday to seek more help. Q4 sales were down to $30.8 billion, down 52% YoY. For all of 2008, GM posted a $30.9 billion loss. GM also posted a massive $38.7 billion loss in 2007. Reports indicate Wagoner may ask the Obama camp for an additional $2 billion for March just to continue operating. GM may need up to $17 billion by the end of 2009 to stay alive. The question remains with gloomy sales figures if GM can change, or if the bailouts will continue to mount for the taxpayer without any improvement.

In related news, Japanese carmaker Nissan reached a deal with its union to cut 1,400 jobs in Barcelona as part of a cost cutting restructuring plan outlined in October 2008. Nissan now forecasts a net loss of $2.8 billion by the end of March 2009.