Home » Uncategorized » General Motors Posts Monstrous $15.5 Billion Loss in Q2 2008

General Motors Posts Monstrous $15.5 Billion Loss in Q2 2008

Things aren’t exactly looking bright in Detroit. It’s not just Ford that is going through some woes these days, because General Motors has just announced that it lost $15.5 billion the second quarter of 2008. That’s a lot of money. Like, a lot of money. Can you imagine what you could do with $15.5 billion?

To make matters worse, GM was actually in pretty decent shape during the same period last year. When you look at the second quarter of 2007, General Motors was able to pull out a net profit of $891 million. According to company representatives, the turnaround in the money situation was largely due to “labor unrest” and the “massive restructuring plan.”

General Motors was once the largest car manufacturer in the world, a title that is now held by Toyota. With rising gas prices, consumers are less inclined to buy big SUVs and pickup trucks. When you break down the $15.5 billion, it gets even more depressing. $172 million in a day. $7.2 million in an hour. $120,000 every minute. Ouch.

About Michael Kwan

A freelance writer and tech geek from Vancouver. Find me at michaelkwan.com and follow me on Twitter @michaelkwan.

Check Also


Try Oculus Rift And Wii To Roam Around On The Back To The Future Hoverboard

Check out how you can fly in virtual space by using an Oculus Rift and a Wii Balance Board.


Amazon Appstore for Android Holiday Deals, Including Free Apps

There are tons of deals from the Amazon Appstore that will be offered starting now and throughout the holiday shopping season. They say that they will have "hundreds of titles that are eitehr free... or available between 50-90% off" the regular price.


Black Friday: Google Play Store Apps, Games and Content on Sale All Weekend

Case in point, if you head over to the Google Play Store right now, you'll find that Google is celebrating all Cyber Weekend with discounts on all sorts of content. This includes many popular apps and games


Black Friday Deal: Samsung Galaxy Tab 3 10.1-Inch for $100 Off

Did you manage to score any epic Black Friday deals this morning? Are you still ...


Arduino Co-Creator Releases Plans for $200 DIY Mobile Phone

Mellis was one of the people who came up with the now hugely popular Arduino platform and now he has come up with plans for people to build their own cell phone for about $200 in parts.


No Discounts for Apple Black Friday, Just Free Gift Cards

If you were hoping to save yourself some cash as you brave the Black Friday shopping crowds, you'll want to go somewhere other than the official Apple Stores.