General Motors has announced today a $15.5 billion net loss for the second quarter of the year, with declining sales of large pickups and SUVs and $9.1 billion of predominantly non-cash special items largely to blame for the poor result.
The other key factors were costs associated with the American Axle and factory strikes, charges related to its U.S. hourly worker buyout program, and actions to reduce North American truck capacity.
The loss equates to $27.33 per share for the second quarter - including all the one-off charges and special items - compared with net income from continuing operations of $784 million or $1.37 per share in the second quarter of 2007.
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