MONEYTALK: GM $15.5bn loss
The credit crises, the petrol $4/Gln GM Sales down on record high. Pick-up trucks almost not to sell. New fuel efficient cars, german daughter Opel still doing well.
New Hybrid, electric, Hydrogen cars under high pressure development. For sure the
Cashback sales $2000 per car start to backfire on the results too.
DETROIT -- General Motors Corp. recorded a stunning $15.5 billion second-quarter net loss, slammed by sinking auto sales, money lost on bad lease deals and costs tied to its North American restructuring.
The auto maker's revenue sank $8.5 billion from a year ago to $38.2 billion, as GM's sales slide in the U.S. continued and growth slowed in other regions around the globe.