GM, Ford report losses on credit, economic turmoil

Nov 07, 2008 | 12:01 PM | Michael Cowden

The red ink continued to pour from U.S. automakers General Motors Corp. and Ford Motor Co. in the third quarter thanks to a rapidly deteriorating U.S. auto sector, slowing global markets and a looming worldwide financial crisis.

General Motors, Detroit, reported a loss of $2.5-billion ($4.45 per share) in the third quarter on revenue of $37.9 billion. Dearborn, Mich.-based Ford said it lost $129 million (6 cents per share) on revenue of $32.1 billilon.

Operating losses were even steeper for Ford, which shed just under $3 billion in the quarter.

Both automakers are struggling to restructure and retool to make smaller, more fuel-efficient vehicles in the midst of one of the worst automotive markets in decades. Executives at both companies said they expect conditions to remain difficult next year.....

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