GM posts $15.5B second-quarter loss

[BeatleBoot]

Source: The Detroit Free Press

General Motors announced a staggering $15.5-billion second-quarter loss this morning, much of it from onetime, noncash costs from its sweeping plan to respond to high gas prices and the credit crunch that have produced the worst U.S. auto market in more than a decade.

Just a year ago, the automaker’s continuing operations produced a second-quarter net profit of $784 million.

GM’s third-worst quarterly loss in almost 100 years of business was riddled with onetime special charges and expenses.

Setting aside those charges, GM still lost $6.3 billion, or $11.21 per share, compared with a profit of $1.3 billion, or $2.29 per share, from continuing operations a year ago.



Read more: http://www.freep.com/apps/pbcs.dll/article?AID=/20080801/BUSINESS01/80801007

[bluerum]

1. They are going to take a ride on the taxpayer funded bailout express.

[BeatleBoot]

2. Republicans Love Welfare

Corporate Welfare.

[bemildred]

3. Auto sales plunge again

NEW YORK (CNNMoney.com) -- The nation's top automakers reported sharp drops in July sales that were much worse than expected, as high gas prices and a weak economy continue to bite the battered auto industry.

Overall, U.S. auto sales plunged 13% from year-ago levels, falling 4% from what had been a very weak June. That made July the worst month for the industry in 16 years, according to sales tracker Autodata.

The traditional Big Three Detroit automakers saw their share of sales in their home market plunge to a record low of 43%, well behind the 49% share of Asian brands. But even the Asian automakers had trouble providing U.S. consumers with the fuel efficient vehicles there were looking for, as most of those overseas brands also saw sales drop from year-earlier levels.

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General Motor's car and light truck sales plummeted 26% in July - more bad news for the troubled company. Earlier in the day, GM (GM, Fortune 500) reported a $15.5 billion loss in the second quarter.

http://money.cnn.com/2008/08/01/news/companies/auto_sales/?postversion=2008080118

[matt007]

4. Well at least Hummer is going

It will disappear completely. If they were smart they would do the same to GMC truck division.

On a side not I dont think Chrysler will be in buisness a year or two from now. Chrysler/Dodge extinct.....Jeep sold off to Chinese or Koreans or Indians.