Monday October 17, 2005

GM posts massive quarterly loss

news.yahoo.com, reuters.com :

General Motors Corp. posted a massive quarterly loss as high gasoline prices slammed sales of big sport utility vehicles and rising costs for everything from raw materials to health care eroded profits. The world's largest automaker posted a loss of $1.6 billion in the third quarter.

The pressure is mounting on GM, with its main auto parts supplier in bankruptcy, its share price at multiyear lows, and once-robust sales of gas-guzzling SUVs stalled. GM stock is down about 30 percent so far this year, compared with a 2 percent drop in the S&P 500 index.

See also :

1. Could GM go bankrupt?
2. Delphi Files for Bankruptcy
3. Ford, GM SUV sales nosedive
4. American automakers shift from bad to worse

(2005-10-17 23:39:44 SGT) [Biz] Permalink

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