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.
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