Automotive: GM posts loss, but still, pretty good news
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Manufacturing News, Source : The Manufacturer US
Published : 20 Apr 2006 20:43
General Motors Corp. reported on April 20 that its sixth-in-a-row quarterly net loss of $323 million, but, revenue rose 14% to $52.2 billion.
Mixed, yes but a sign that GM is aggressively digging itself out. Analysts are crediting, among other things, the higher price of newer model cars, and CEO Rick Wagoner’s restructuring plan, aimed at winning back buyers. Wagoner has aggressively trimmed nearly 30,000 jobs, slimmed pensions and healthcare benefits, and is offloading such assets as its finance unit, General Motors Acceptance Corp (GMAC). According to Bloomberg Media, GM cut its North American loss in half over Q4 2005, and was able to charge roughly $1,000 more per vehicle in the 2006 model year.
GM is also reporting that its global vehicle sales rose by 4.4 percent, and 16 percent outside North America.
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