Friday, Oct 21, 2016
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GM reports 1st-quarter loss of $3.3 billion

DETROIT General Motors Corp. says it lost $3.3 billion in the first quarter as strong overseas growth was dragged down by a strike at supplier American Axle and Manufacturing Holdings Inc. and weak U.S. sales.

The loss reported Wednesday for the January-March period also reflected one-time charges. It was much larger than its loss of $42 million, or 7 cents per share, in the same quarter a year ago.

GM says the two-month strike at American Axle has cost it $800 million and 100,000 vehicles. The strike has affected 30 GM plants.

GM s loss included a $1.45 billion charge to reflect a change in the value of GM s interest in GMAC Financial Services and $731 million to increase GM s liability in Delphi Corp. s ongoing bankruptcy.

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