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GM posts $3.3 billion first quarter loss
Submitted by R. Neal on Wed, 2008/04/30 - 3:52pm.
Without one-time charges, GM's overall losses were $350 million for the quarter, with a loss of $812 million in North America. GM's North America market share also dropped from 22.5% to 21.7%.
The one-time items included a $1.45 billion charge to reflect a change in the value of GM's 49 percent share in GMAC Financial Services. Young said the company revalued its stake because of losses in GMAC's residential mortgage division.
Maybe GM should stick to their knitting. And start making cars people want.
The good news is that North American losses are attributed to "plummeting" truck and SUV sales as buyers move to lighter vehicles which are less profitable. The bad part of the good news is that GM will cut 3500 jobs as they scale back truck and SUV production.
Particularly interesting since Ford posted a surprise 1st quarter profit.
Btw, not this thread, but I think you sold the tahoe hybrid a little short. Yes, the highway mileage gain is insignificant (in part because the regular tahoes now have active fuel management, which shuts down some cylinders at highway speeds). But the city mileage jumps 33% from 14 to 21 mpg.
The most promising thing about GM's dual mode hybrid technology is that the hybrid components essentially replace the automatic transmission. The result, with only a little more refinement, is a powerplant that can be dropped into essentially any existing model.
Particularly interesting since Ford posted a surprise 1st quarter profit.
Btw, not this thread, but I think you sold the tahoe hybrid a little short. Yes, the highway mileage gain is insignificant (in part because the regular tahoes now have active fuel management, which shuts down some cylinders at highway speeds). But the city mileage jumps 33% from 14 to 21 mpg.
The most promising thing about GM's dual mode hybrid technology is that the hybrid components essentially replace the automatic transmission. The result, with only a little more refinement, is a powerplant that can be dropped into essentially any existing model.
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