We become slightly oblivious when car makers announce billion dollar losses. It seems almost the norm.

But GM’s announcement of a close to $39 billion loss sent shockwaves throughout the industry.

To put things into perspective, the loss is one of the worst ever reported by a multinational corporation. Research by Standard & Poor’s shows GM’s loss is the second biggest deficit in US corporate history. It fell short of the all-time record set by Time Warner four years ago when it sank $98 billion into the red due to a collapse in the value of its AOL internet business.

It appears that after losing money for three years and with no immediate prospect of returning to the black, GM was forced to write off the value of billions of dollars worth of tax credits, which are worthless unless the company makes a taxable profit.

You know what’s really scary though. The loss by GM is roughly the equivalent to the gross domestic product of Bulgaria.

But American automakers do not have to worry about the Bulgarian automotive industry. Their version of the Mustang never made it to the production line.