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08-01-2008, 06:14 AM
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#1 (permalink) |
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3.8 Liter Supercharged V6
Join Date: Sep 2005
Location: Toronto, ON
Drives: Buick Allure CX 2005
Posts: 511
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GM posts $15.5 billion 2nd-quarter loss
By TOM KRISHER and DEE-ANN DURBIN, AP Auto Writers
DETROIT - General Motors Corp. says its losses widened to $15.5 billion in the second quarter as North American sales plummeted and the company faced expenses due to labor unrest and its massive restructuring plan. It's the third-largest quarterly loss in company history. The company says the loss includes $9.1 billion in one-time charges, including $3.3 billion for the buyouts of 19,000 U.S. hourly workers. The second-quarter loss was $27.33 per share, compared with net profit of $891 million, or $1.56 per share for the same period a year ago. GM reported revenues of $38.2 billion, down $8.5 billion from a year ago. The loss also includes $1.3 billion worth of write-offs because of a decline in value of GMAC Financial Services' portfolio of trucks and sport utility vehicles. Those vehicles' sales have plummeted due to high gas prices. http://news.yahoo.com/s/ap/20080801/...bi_ge/earns_gm |
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08-01-2008, 06:44 AM
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#2 (permalink) |
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3.9 Liter V6
Join Date: Mar 2007
Location: Bridgeville, PA
Drives: 2004 CTS
1990 Firebird Formula
Posts: 921
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Re: GM posts $15.5 billion 2nd-quarter loss
holy cow
__________________
Current rides: '04 Cadillac CTS '90 Pontiac Firebird Formula (used) Past rides: '02 Chevrolet Monte Carlo SS '90 Buick Reatta (used) '98 Pontiac Trans Am convertible '97 Saturn SC1 '96 Dodge Avenger ES '95 Chevrolet Monte Carlo Z34 '90 Pontiac Firebird Formula '87 Chevrolet Cavalier RS '86 Chevrolet Cavalier RS |
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08-01-2008, 06:45 AM
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#3 (permalink) |
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6.0 Liter LS2 V8
Join Date: Jun 2003
Location: Atlanta
Drives: pickup truck
Posts: 4,911
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Re: GM posts $15.5 billion 2nd-quarter loss
Wow.
That's pathetic. Que the guy from Michigan with the "it's not as bad as it looks" post. The American car market is oversaturated, and GM must learn to compete or at least limit their loss of market share.
__________________
I want to own a Corvette before I die. 
Last edited by member12 : 08-01-2008 at 06:48 AM. |
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08-01-2008, 06:57 AM
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#4 (permalink) |
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3.9 Liter V6
Join Date: Oct 2006
Posts: 934
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Re: GM posts $15.5 billion 2nd-quarter loss
When will Rick & Co. realize their latest plan is not working? The stock price will go down again, and it wont surprise me if the large investors start the push to change the top management. No company can keep losing money like this and stay in business.
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08-01-2008, 07:01 AM
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#5 (permalink) |
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7.0 Liter LS7 V8
Join Date: Aug 2005
Location: NC
Drives: 2006 Chevy Silverado Crew Cab Z-71
Posts: 7,503
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Re: GM posts $15.5 billion 2nd-quarter loss
Ouch. I hate to say it, but today is going to be a great day to buy stock!
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"Moral courage is the most valuable and usually the most absent characteristic in men." -Patton |
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08-01-2008, 07:04 AM
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#6 (permalink) |
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3.9 Liter V6
Join Date: Mar 2007
Location: Bridgeville, PA
Drives: 2004 CTS
1990 Firebird Formula
Posts: 921
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Re: GM posts $15.5 billion 2nd-quarter loss
Hopefully this guy's optimism is well founded...
http://www.freep.com/apps/pbcs.dll/a...014/BUSINESS01 The fact is that these numbers weren't unexpected. With the way they book revenue when the vehicles are built, and they're cutting production and offering buyouts, it had to happen. In large part, this does repreresent the costs of the necessary steps to reshape GM for the future.
__________________
Current rides: '04 Cadillac CTS '90 Pontiac Firebird Formula (used) Past rides: '02 Chevrolet Monte Carlo SS '90 Buick Reatta (used) '98 Pontiac Trans Am convertible '97 Saturn SC1 '96 Dodge Avenger ES '95 Chevrolet Monte Carlo Z34 '90 Pontiac Firebird Formula '87 Chevrolet Cavalier RS '86 Chevrolet Cavalier RS |
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08-01-2008, 07:05 AM
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#7 (permalink) |
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6.0 Liter Vortec V8
Join Date: Oct 2006
Location: Montreal,PQ - 2006 Saturn Vue V6 !
Posts: 1,675
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Re: GM posts $15.5 billion 2nd-quarter loss
Painful, but not surprising.
...time for GM to start begging Washington for cash...
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'87 Merc Tracer '88 Toyota Tercel '89 VW Golf '94 Saturn SL '97 Pontiac Grand Am '00 Olds Silhouette '02 Dodge Intrepid '04 Chev Malibu '06 Saturn Vue |
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08-01-2008, 07:13 AM
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#8 (permalink) |
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3.6 Liter V6
Join Date: Jul 2005
Location: Grand Rapids, MI
Drives: '01 Grand Prix GT
'96 Roadmaster Wagon
Posts: 1,235
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Re: GM posts $15.5 billion 2nd-quarter loss
A huge supplier strike, employee buyouts, a down market overall and a huge shift from profit heavy trucks/suv's to cars that GM will continue to struggle to make money on until the UAW contract changes fully take affect are killing them. Add that to the fact that their fuel efficient car offerings can easily be described as weak it is no wonder they are hurting.
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 1996 Buick Roadmaster Wagon 2001 Pontiac Grand Prix |
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08-01-2008, 07:26 AM
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#9 (permalink) |
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3.8 Liter V6
Join Date: Jun 2006
Location: a little village in the heart of england
Drives: misubishi colt
Posts: 480
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Re: GM posts $15.5 billion 2nd-quarter loss
Holy moly!
are these real losses or "paper losses" TTAC is gonna be jumping up and down with excitement!
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Britain and America; brothers in arms! |
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08-01-2008, 07:30 AM
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#10 (permalink) | ||
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5.3 Liter Vortec V8
Join Date: Sep 2003
Posts: 1,362
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Re: GM posts $15.5 billion 2nd-quarter loss
Quote:
Quote:
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2007 Yukon XL Denali 2006 Chevrolet Corvette |
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08-01-2008, 07:47 AM
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#12 (permalink) |
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5.3 Liter Vortec V8
Join Date: Sep 2003
Posts: 1,362
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Re: GM posts $15.5 billion 2nd-quarter loss
I wonder why this hasn't hit the front page yet - this is probably the biggest news story of the day, LOL...
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2007 Yukon XL Denali 2006 Chevrolet Corvette |
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08-01-2008, 07:48 AM
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#13 (permalink) |
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3.6 Liter V6
Join Date: Jun 2005
Location: Lansing MI.
Drives: 1985 Eldo Barritz
05 venture
Posts: 1,194
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Another heavy hit for the General
Not sure if this was posted yet, sorry if it's a repost.
http://news.yahoo.com/s/ap/20080801/...bi_ge/earns_gm DETROIT - General Motors Corp. said Friday its losses widened to $15.5 billion in the second quarter as North American sales plummeted and the company faced expenses due to labor unrest and its massive restructuring plan.
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 www.prototype66design.com Get remembered! chuckp@budkoutschevy.com Lansings favorite Chevy dealer! www.budkoutschevy.com |
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08-01-2008, 07:53 AM
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#14 (permalink) |
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5.3 Liter Vortec V8
Join Date: May 2005
Location: Flint MI
Drives: 08 Enclave
Posts: 1,376
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Re: GM posts $15.5 billion 2nd-quarter loss
what's pathetic is how the shareholders and Board continue to support Red Ink Rick. better watch out if you live off of a GM pension.
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Buickman Founder www.GeneralWatch.com It's not sunk, but's its definitely sinking. We don't need a Volt, we need a Revolt! |
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08-01-2008, 07:57 AM
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#15 (permalink) |
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6.0 Liter LS2 V8
Join Date: Dec 2007
Location: West Chester, OH
Drives: Chevrolet Malibu LS, GMC Envoy SLE, GMC Sonoma SLS
Posts: 4,859
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Re: GM posts $15.5 billion 2nd-quarter loss
Can't wait to see what this'll do to GM's stock price in 33 minutes.
__________________
Proud to drive American. Proud to drive GM. Current Cars: 2007 Chevrolet Malibu LS: 2.2L ECOTEC I-4 2003 GMC Envoy SLE: 4.2L Vortec 4200 I-6 1998 GMC Sonoma SLS Ext. Cab: 4.3L Vortec 4300 V6 Former Cars: 1993 Saturn SW2 (1993-2006, 243,000 miles) 1989 GMC Safari SLT (1989-2003, 293,000 miles) Future Car: 2010 Chevrolet Camaro LT RS: 3.6L DI VVT V6 
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