GM Reports 1st-Quarter Loss Of $3.3 Billion

By: Associated Press Email
By: Associated Press Email

Detroit (AP) General Motors says it lost 3.3 billion dollars in the first quarter, as strong overseas growth was dragged down by A supplier strike 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 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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