GM reports $758m Q2 loss

Published: 23:54, Jul 29,2020


General Motors reported a smaller-than-expected loss Wednesday as strong pricing for some newer auto models partially mitigated the hit from much lower sales amid the coronavirus pandemic.

The big US automaker lost $758 million in the second quarter, compared with a $2.4 billion profit in the year-ago period.  The company described the results as ‘solid’ amid the pandemic, and said steps it had taken to cut costs meant the automaker was well-positioned to weather the storm.

GM said some of the austerity measures, which included worker furloughs, would become permanent. — AFP

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