DETROIT: General Motors Corp. posted its largest annual loss in more than a decade, laying bare the problems the automaker is facing: rising labor costs, fierce competition from Asia and falling sales at home.
It was another blow for the U.S. auto industry, already reeling from massive job cuts announced this week by Ford Motor Co.GM, which could lose its position as the world's largest automaker this year to Toyota Motor Corp., said Thursday it lost $4.8 billion (euro3.92 billion) in the fourth quarter and $8.6 billion (euro7.02 billion) for all of 2005.
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