GM Loses $15.5 Billion As Sales Plunge, Charges Mount

General Motors Corp. (GM) recorded a stunning $15.5 billion second-quarter net loss, slammed by sinking auto sales, money lost on bad lease deals and costs tied to its North American restructuring.

The auto maker's revenue sank $8.5 billion from a year ago to $38.2 billion, as GM's sales slide in the U.S. continued and growth slowed in other regions around the globe.

"The second quarter this year has been one of the fastest changing markets I have ever seen," GM Chief Financial Officer Ray Young told reporters. "We're going to get this quarter behind us and move ahead."

Read Full Article from CNNMoney.com

- Posted: 2008-08-01 09:21:40

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