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General Motors posts $3.3 billion loss
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Did you know Trivia - DETROIT: General Motors said Wednesday that it lost $3.3 billion, or $5.74 a share, in the first quarter, as losses from vehicle sales in North America grew and the United States housing slump hurt its financing arm.
The loss included a $1.45 billion write-down in the value of GM's interest in the finance arm, General Motors Acceptance Corp.
The overall first-quarter loss compares with a loss of $42 million, or 7 cents a share, in the first quarter a year ago.
The results are likely to raise questions about the viability of GM's turnaround, particularly after its cross-town rival, Ford Motor, reported a profit last week. GM began its restructuring effort about a year ahead of Ford's.
Excluding special items like the charge related to GMAC and payments to help its former parts division, Delphi Corp., emerge from bankruptcy, GM said it lost $350 million, or 62 cents a share, down from $10 million, or 1 cent a share, in the period last year.
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Friday 2 May, 2008 04:32 AM
 
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"A good scientist is a person with original ideas. A good engineer is a person who makes a design that works with as few original ideas as possible" - Freeman Dyson