Delphi Corp. reports massive losses of $828 million

Auto component market giants Delphi is struggling badly and has already filed for bankruptcy. However, their situation is not improving as the company has just reported an $828 million fourth-quarter net loss.

Delphi is suffering from charges and declining production in North America. The rising commodity costs are also not helping their cause. Their position is so bad that it is even affecting the automotive giants General Motors in the US market.

The company said in a statement that the revenues fell to around $6.8 billion in the most recent quarter. They had posted revenues of $7 billion last year during the same period. Lack of orders from GM is failing to overcome the gains made from other customers.

GM itself is in a bad shape as they are closing down loss making plants and cutting their workforce to get more competitive in the market now dominated by Japanese automakers like Toyota.

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