GM reports an $806 million loss in the second quarter and a 47% drop in revenue when compared to the same period last year
Vehicle sales in the US during the quarter dropped by about 34% when compared to a year ago. GM said that reduced demand and tight dealer inventories contributed to the decline.GM found some cause for optimism during a difficult period, however. Overall sales bottomed out in April. In May and June, sales were about 20% less than the same period last year. GM's stock was down more than 3% Wednesday morning following the news.
GM has cut advertising costs and discretionary spending, furloughed some employees and deferred compensation in an effort to weather the pandemic. Read More"We have a track record of making swift and strategic decisions to ensure our long-term success for the benefit of all our stakeholders. We will continue to drive the necessary change throughout the company," GM CEO Mary Barra said in a statement.
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