Government Motors Loses $1.15 Billion

Way to go, “President Badwrench …”

Two weeks after Ford Motor Company posted a billion dollar profit and forecast sustained profitability in the years to come … “Government Motors” posted a $1.15 billion loss and reduced its sales projections for 2010.

GM is spinning this is as good news, of course, considering how the “company” lost $2.5 billion (and burned through $6.9 billion in cash) during last year’s third quarter.

“We have significantly more work to do, but today’s results provide evidence of the solid foundation we are building for the new GM,” said CEO Fritz Henderson, who took over GM when the US government essentially fired his predecessor, Rick Wagoner, in March of this year.

GM also says it will pay back $1.2 billion in government aid, although the money being used to pay back that amount comes from unused government loans, not vehicle sales.

Meanwhile Ford – which refused taxpayer-funded bailout money – has beaten expectations in back-to-back quarters, benefiting from a leaner workforce and consumer goodwill.

GM and Chrysler have received an estimated $65 billion in bailout money over the past year – and that’s not including the $3 billion “Cash for Clunkers” bailout.

In related news, can we just say how much we are amused by GM’s “May the Best Car Win” ad campaign.

Morons.

The best cars already won.

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