GM Posts Record Loss In 3Q After Non-Cash Charge |
| CNNMoney.com - Nov 7, 2007 |
General Motors Corp. (GM) on Wednesday posted the largest quarterly net loss in its history due largely to a $38.6 billion non- cash charge related to tax asset valuation, but also was stung by a loss at financial arm GMAC and continued weakness in the North American market.
The results, which were short of Wall Street expectations even excluding charges, highlight the speed bumps GM continues to face as it works to turn around its North American operations in a market dealing with a housing slowdown and high fuel prices.
GM executives said the $38.6 billion charge, a write-down that involved tax credits, doesn't change the auto maker's improving prospects, though they acknowledged that conditions in the North American market remain challenging.
Read Full Article from CNNMoney.com
- Posted: 2007-11-07 10:33:51
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