GM reports $1.15 billion loss and plans to start Government loan repayment
posted by Stephen @ 0:34 AM
November 16, 2009
GM announced a $1.15 billion loss for the third quarter, an improvement year-over-year, partly due to the cost savings of going through bankruptcy. GM’s revenue fell 26% to $28 billion over the same quarter last year. Although GM had exceptional sales results in China, sales dropped in North America and Europe.
CEO Fritz Henderson did not mention when he thinks GM will become profitable, but did mention that it will begin repaying Government loans. The first $1.2 billion payment will come in December.
Read the full article at The Wall Street Journal.
Tags: Bridge Loan, Chrysler, finanacial, General Motors, GM, Quarter Results
