GM Posts $15.5 Billion 2nd-quarter Loss

BusinessGM Posts $15.5 Billion 2nd-quarter LossGM Posts $15.5 Billion 2nd-quarter LossThe Associated PressGeneral Motors said its losses widened to $15.5 billion in the second quarter as North American sales plummeted and the company faced expenses due to labor unrest and its massive restructuring plan. (Aug. 1)General Motors' losses widened to $15.5 billion in the second quarter. The loss of $27.33 per share is the third-worst quarterly loss in the automaker's history. Sales of GM vehicles in North American have plummeted with revenue down $8.5 billion from a year earlier. The company said its loss included $9.1 billion in one-time charges, including buyouts of 19,000 hourly workers, liabilities related to its former parts division and write-offs in the value of GMAC Financial Services. GM said the company burned through $3.6 billion in cash during the quarter, largely to reduce its inventory to below 800,000 vehicles. Despite the heavy losses GM says it has ample liquidity with $21 billion in cash on hand and an additional $5 billion available through credit lines. ___ ___, The Associated Press.(****END****)

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[aaronjam99]

holy shit. that comment was from 9 months ago. dickweed.

[Dustin91]

Those are older trucks jackass, GM is doing fine now!!!!!!!!

[aaronjam99]

SUCK IT, GM