General Motors Europe lost $2 billion (1.5 billion euros) in its first three months of 2009 after its revenues almost halved, the company said today.
GM Europes revenues fell to $5.3 billion from $9.9 billion as the companys unit sales dropped 29 percent to 405,133 vehicles.
Opel/Vauxhall, the companys biggest brands, saw sales fall 29 percent to 297,000. Chevrolet sales were down 26 percent to 97,300.
Saab sales were down 52 percent to 9,500 units.
As a result the company swung to a $2 billion loss in the first quarter of 2009 from a $100 million profit during the same period in 2008.
At an operating level, the company suffered a $1.2 billion loss compared with a $200 million profit in 2008.
These figures did not include one-time charges like the $734 million write off of GMs investment in Saab, which GM is trying to sell.
GM Europes market share also fell during the first three months of 2009, to 8.9 percent from 9.6 percent in the year before.
GM said sales were up in Germany because of the aggressive government stimulus for the automotive sector.
However, due to sales declines in other countries, GM Europe experienced a 46 percent decline in production volume versus the year-ago quarter, which largely impacted regional earnings, the company said in a statement.