General Motors’ billion-dollar dive
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Manufacturing News, Source : TheManufacturer.com
Published : 19 Apr 2005 18:17
The world largest automaker, General Motors, reported a staggering first-quarter loss of $1.1 billion, due in part to rising health care costs and disappointing sales of new models.
Worldwide automotive operations alone had a loss of $1.3 billion, primarily lost in North America. One year ago, GM was driving on a distinctly better road: it reported total earnings of $1.3 billion in its first quarter. The company’s revenue fell to $45.8 billion from $47.8 billion one year ago.
“We clearly have the need to do a much better job on both the revenue and cost side of our business,” GM CEO Rick Wagoner said, about GM’s North American unit. “Our revenue strategy is clear and has already begun to play out. On the cost side of the business, we continue to make progress in most key activities, but we need to accelerate our efforts on the challenging US healthcare situation.”
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