Detroit — General Motors Co.'s reported a second-quarter income loss of about $800 million, a 132% year-over-year drop as a result of of the coronavirus pandemic, the automaker said Wednesday.
Revenue totaled $16.8 billion in the second quarter, down 53% from the second quarter of 2019. GM burned through $7.8 billion to make it through the quarter.
The pandemic forced GM and ts rivals to close plants for half of the second quarter, which runs April through June. Plants reopened in mid-May. With some dealers in desperate need of inventory, GM and other automakers have pushed to resume full production even as they battle high absenteeism amid the continuing pandemic.
"We have a track record of making swift and strategic decisions to ensure our long-term success for the benefit of all our stakeholders," CEO Mary Barra said in a statement. "We will continue to drive the necessary change throughout the company to enable growth as we prepare to deliver a world with zero crashes, zero emissions and zero congestion.”
With state economies shut down for much of the second quarter, GM's sales dipped 34% year over year, but demand for its profit-rich trucks remained "resilient," GM said. Chevrolet Silverado light-duty sales came in at 89,465, down 18.6% from last year. Silverado heavy-duty sales were off just 0.7% with 31,279 sales. GMC Sierra light-duty sales came in at 38,825, down 9.5% from last year. Sierra heavy-duty sales were up 7.6% with 14,999 sales.
GM is upping its production levels of the light-duty trucks at the Fort Wayne, Indiana plant starting in September, which will allow the automaker to push out an additional 1,000 units a month.
Meanwhile, GM is still struggling through absenteeism issues at plants. High levels of absent workers nearly pushed the automaker to suspend the third shift at the Wentzville, Missouri, truck plant. Instead the Detroit automaker came up with a plan to keep all three shifts operating that could include transferring workers from other plants like the Spring Hill, Tennessee, plant that just lost a shift because of lack of demand for its product.