GM has a $15.5 B loss |
News - Financial News | |||
Written by Hugh McManus | |||
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US auto giant General Motors [NYSE:GM] today announced a second quarter loss of $15.5 billion. This figure included $9.1 billion in various non-operational charges. The company is struggling with declining auto sales triggered by high gasoline prices and a slowing economy. In the past GM has profited from the sale of large, fuel inefficient vehicles; consumer demand for such vehicles has declined sharply in the past year, which has severely affected the profits for the company. The stock is currently trading at a 53-year low. GM has recently announced plans to close plants producing heavy trucks and SUVs and to place a greater emphasis on smaller, fuel-efficient vehicles.
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