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GM loses $3.3 billion in 1Q, lowers sales outlook

DETROIT -- General Motors Corp. struggled to a $3.3 billion first-quarter loss, due in part to a weak U.S. market, a strike at a major parts supplier and plummeting sales of sport utility vehicles and pickups, according to the Associated Press.

The nation's biggest automaker also cut its industrywide U.S. sales outlook for the year. GM disclosed earlier this week it was cutting production of some of its slow-selling trucks and SUVs.

But its earnings excluding one-time items beat Wall Street expectations, and GM shares rose more than 13 percent.

Posted by Peter C. T. Elsworth  at 1:18 PM to GM | Permalink

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