GM Loses $3.2 Billion; Stock Rises to 10-Month High
General Motors posted a second-quarter loss of $3.2 billion Wednesday -- but company officials say the loss includes more than $4 billion in special one-time charges related to GM's aggressive downsizing plan. The news sent shares of GM to a 10-month high.
Earlier this year, the company offered financial incentives to convince blue-collar workers to retire early. More than 30,000 accepted. Without those charges, the Detroit automaker would have shown a profit of more than $1 billion.
GM spokesperson Gina Proia said the company is "very encouraged and pleased by the performance in the second quarter."
From member station WDET in Detroit, Jerome Vaughn reports.
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