GM Loses $15.5 Billion in 2nd Quarter

GM said today its losses amounted to $15.5 billion in the second quarter as North American sales plummeted and the company faced expenses due to labor unrest and its massive restructuring plan, reports the AP and

This loss is the third-worst quarterly loss in GM’s history. In the same period a year earlier, GM recorded a net profit of $891 million.

GM’s $15.5 billion loss includes $9.1 billion in one-time charges, such as $3.3 billion for the buyouts of 19,000 U.S. hourly workers, $2.8 billion in liabilities related to Delphi Corp., its former parts division and $1.3 billion worth of write-offs because of a decline in the value of GMAC Financial Services’ portfolio of trucks and SUVs.

With the one-time charges subtracted, GM lost $6.3 billion in the second quarter of 2008.