GM's Bleak Annual Report

I have a piece up over at the Guardian that takes a look at the significance of GM's bleak annual report:

General Motors could go bankrupt. But you knew that, didn't you?
GM's annual report filed with the US securities and exchange commission (SEC) included this chilling statement: "There is substantial doubt about our ability to continue as a going concern."

The phrase "going concern" is a term of art in financial reporting. If you want to know what it means, head over and read it for yourself.
The more serious question is whether auto sales will rebound enough to keep GM afloat, even with federal bailout money. The February auto sales report for the industry as a whole is not quite enough to meet GM's "downside" projection target of 9.5 million units sold in the U.S. this year.