US car giant General Motors has revealed it lost more than $30bn (£20bn)during 2008, the company's second largest annual loss in its hundred year history.

The Detroit-based firm lost $9.6bn in the fourth quarter alone, during which time it went through $6.2bn in cash in an attempt to keep the company afloat.

GM is worried it may become a "going concern" for the company's auditors, amid concerns it may not be able to survice the worst US auto sales conditions since 1982.

America's largest car manufacturer has also warned of a pension deficit of £12.4bn for hourly and salaries workers as of the end of 2008.

The company was kept afloat by a guarantee of $13.4bn in emergency loans from the Bush administration and received the first instalment of $4bn at the end of December 2008.

GM ended December with $14bn in cash and liquidity, which included the first instalment of the government loan.

The company's financial officer, Ray Young, said the massive losses sustained in the fourth quarter reflect the global crisis in the car industry.

The results were released on the day General Motors chief executive Rick Wagoner met with US Treasury secretary Timothy Geithner and White House economic adviser Larry Summers.

GM is still hoping for guarantees of up to $30bn in aid from the US government to survive the current economic downturn.