The U.S.A’s biggest automaker posted $9.6 billion loss in the fourth quarter result. Given that the auto industry was one of the worst hit industry, the poor revenue results was only inevitable.

The automaker’s auditors will opine if General Motors will still be able to continue with its operations. Thousands of jobs have already been cut, and some manufacturing units shut down. The credit crunch has instilled fear among the consumers that has kept them from buying new vehicles.

The company has already received $13.4 billion loan from the federal government and needs an additional $30 billion more to keep itself away from the Chapter 11 bankruptcy protection. Meeting between the top management of General Motors and the Obama administration’s auto task force was held. General Motors needs the help of the government if it were to restructure. Chairman and CEO Rick Wagoner of GM agree that the second half of 2008 was extremely difficult year for the US and some of the global auto makers. Aggressive measures have been taken through cost cuts and job cuts.

General Motor’s adjusted fourth quarter loss was $ 5.9 billion or $9.65 per share. The loss was worse than what the Wall Street expected. Analysts had predicted a lower amount.