GM Loses $3.2 Billion; Stock Rises to 10-Month High

By Jerome Vaughn

Published July 26, 2006 at 4:00 PM EDT

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.

Federal funding is gone.

Congress has eliminated all funding for public media.

That means $2.1 million per year that Connecticut Public relied on to deliver you news, information, and entertainment programs you enjoyed is gone.

The future of public media is in your hands.

All donations are appreciated, but we ask in this moment you consider starting a monthly gift as a Sustainer to help replace what’s been lost.

Donate

SOMOS CONNECTICUT is an initiative from Connecticut Public, the state’s local NPR and PBS station, to elevate Latino stories and expand programming that uplifts and informs our Latino communities. Visit CTPublic.org/latino for more stories and resources. For updates, sign up for the SOMOS CONNECTICUT newsletter at ctpublic.org/newsletters.

SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

Federal funding is gone.

Donate