NewsMine — economy — united-states — 2008-jan-may — Viewing Item

GM largest loss ever for any auto company { January 2008 } Original Source Link: (May no longer be active)    http://abcnews.go.com/Business/Economy/wireStory?id=4276911 http://abcnews.go.com/Business/Economy/wireStory?id=4276911 GM Has Biggest-Ever Automotive Co. Loss General Motors Reports Largest Loss Ever for U.S. Automotive Company The Associated Press DETROIT DETROIT Feb 12, 2008 (AP) General Motors Corp. reported the largest annual loss for an automotive company Tuesday and said it is making a new round of buyback offers to U.S. hourly workers as it struggles to turn around its North American business amid a weak economy. GM said it lost $38.7 billion in 2007. The loss largely was due to a third-quarter charge related to unused tax credits. The Detroit-based automaker also on Tuesday said it was offering a new round of buyouts to all 74,000 of its U.S. hourly workers who are represented by the United Auto Workers. The 2007 loss topped GM's previous record in 1992, when the company lost $23.4 billion because of a change in health care accounting, according to Standard & Poor's Compustat. Excluding the tax charge and other special items, GM lost $23 million, or 4 cents per share, for the year, compared with a net income of $2.2 billion in 2006, beating Wall Street's expectations. Analysts polled by Thomson Financial expected GM to post a full-year loss of 95 cents per share. GM posted a loss of $722 million, or $1.28 per share, in the fourth quarter, compared with a net income of $950 million in the year-ago quarter. Fourth-quarter charges included $622 million to Delphi Corp., GM's former parts division, for its restructuring efforts. GM reported $181 billion in revenues for the year, down from $206 billion in 2006. Its automotive business saw record automotive revenues of $178 billion in 2007, up $7 billion from a year ago thanks to growth in emerging markets and favorable exchange rates. But GM's North American division continued to struggle, posting a $1.5 billion loss for the year. GM's results also were dragged down by its 49 percent stake in GMAC Financial Services, which lost $2.3 billion in 2007. GM reported a $1.1 billion loss attributed to GMAC. GM barely retained its title as the world's largest automaker in 2007, selling just 3,000 more vehicles than Toyota Motor Corp. GM sold a total of 9,369,524 vehicles worldwide, up 3 percent from the year before. Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Copyright © 2008 ABC News Internet Ventures

10 recession proof cities { May 9 2008 } 7000 stores could close this year { April 30 2008 } Americans increasing delinquent on credit cards { November 2007 } Americans sell posessions to makes ends meet { April 29 2008 } Bearsterns takeover causes economic tumble { March 17 2008 } Bernanke fedrate cut disappoints treasury bulls { December 2008 } Bernanke tells congress more rate cuts needed { February 14 2008 } Buffett says recession may be worse than feared { March 2008 } Consumer confidence falls to 26yr low { March 2008 } Consumer prices increase more than forecast { January 2008 } Dollar falls to record low against euro { March 2008 } Dollar rebounds after euro terror threat { March 19 2008 } Dow drops 370 on service sector news { February 5 2008 } Dow products will have price increase { April 2008 } Fed cuts another half point appeasing markets { December 2008 } Fed expects higher inflation { February 20 2008 } Fed uses depression era tactics { February 2008 } Federal reserve takes risk from risky mortgages { March 12 2008 } Food costs rising fastest in 17 years { March 2008 } Food prices causing world crisis { March 2008 } Global selloff causes fed 3 4 rate cut { January 22 2008 } GM largest loss ever for any auto company { January 2008 } Gold jumps 1000 as dollar plummets { March 13 2008 } Housing slump not reducing inflation { January 2008 } Inflation biggest jump in 26 years { January 15 2008 } January wholesale inflation up { January 2008 } Potential fed rate cuts sends gold to new record { December 2008 } Ron paul blames federal reserve for weak economy { January 22 2008 } Stocks fall on slow projected growth { May 21 2008 } Stocks fell 5perc before rebounding { January 23 2008 } Stocks up when bad housing data suggests cut { January 8 2008 } Teens giving up wasteful excessive spending { April 17 2008 } US living standards drop below britain { January 6 2008 } USA economic measure defines misery { March 12 2008 } Wall street optimistic despite main street { May 2 2008 } Wheat prices since 2002 have biggest gain { January 2008 } World drops again as US anticipates rate cut { December 2008 } Files Listed: 37

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