GM Posts $15.5 Billion Loss
August 1st, 2008Will this pig ever die? Maybe the Volt albatross will finally pull them under.
As Nissan, Subaru, Mitsubishi, BMW, Mercedes and about a dozen smaller firms ready their electric vehicles for release by 2010, GM is going to try to sell the piece of crap Volt with a 40 mile electric range—about half the range that the EV1 had in the mid 1990s—and a backup generator that runs on gasoline.
Oh thank you, Master.
Via: Reuters:
General Motors Corp posted a $15.5 billion quarterly loss on Friday, as North American sales dropped by 20 percent and plunging prices for SUVs prompted deep charges for its auto finance business.
GM shares tumbled 6 percent in reaction to the automaker’s announcement of the deeper-than-expected loss, the third-largest quarterly loss in its history.
The No. 1 U.S. automaker also burned through $3.6 billion in cash in the quarter as it ran down inventory of slower-selling vehicles in its slumping home market.
