Nov 8th, 2007 by RJ Menezes
Well it seems there is no shortness of bad news for the General Motors Co. They just announced a $39 billion (!) dollar loss for their most recent quarterly results. Abysmal numbers in the face of such troubles at General Motors, especially with such promising models on the horizon.
On top of all this GM’s arch nemmisses, Toyota has just released their quarterly earnings and posted a $4 billion profit. Fiscal second quarter profits went up 11 percent as a result of a record $57 billion in sales. More than bettering it’s American rival even with sales in Japan (their home market) being relatively dead flat.
GM’s third-quarter results were mostly influenced by a one-time $39 billion non-cash charge related to deferred tax credits, as well as a substantial loss at GMAC, the company’s finance subsidiary which is now 51 percent owned by Cerberus Capital Management. The same company that owns Chrysler.
Posting a net loss of $1.6 billion, most of the General’s losses came from their North American and European markets. Asia Pacific and Latin America markets actually posted a profit. Total revenue during the quarter fell to $43.8 billion from $48.9 billion a year earlier.
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