Loading…
Tuesday, September 16, 2014
Current Weather
Loading Current Weather....
Published: Wednesday, 4/30/2008

GM reports 1st-quarter loss of $3.3 billion

ASSOCIATED PRESS

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.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.