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GM Reports 1st-Quarter Loss Of $3.3 Billion Save Email Print
Posted: 11:48 AM Apr 30, 2008
Last Updated: 11:48 AM Apr 30, 2008

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DETROIT (AP) -- General Motors says it lost 3.3 billion dollars in the first quarter, as strong overseas growth was dragged down by a strike at supplier American Axle and Manufacturing Holdings Inc. and weak U.S. sales.

The loss reported for the January-to-March period also reflected one-time charges. It was much larger than its loss of 42 million dollars, or 7 cents per share, in the same quarter a year ago.

GM says the two-month strike at American Axle has cost it 800 million dollars and 100,000 vehicles. The strike has affected 30 GM plants.

GM's loss included a 1.45 billion dollar charge to reflect a change in the value of GM's interest in GMAC Financial Services and 731 million dollars to increase GM's liability in Delphi Corporation's ongoing bankruptcy.

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