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 biggest hit [1]:

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.