Gm Reports a Record $39b Loss ; Blames Huge Write-Down of Tax Credits

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DETROIT General Motors Corp. posted a company record $39 billion loss Wednesday for the third quarter, as a charge involving unused tax credits brought an abrupt end to a string of three profitable quarters for the nation's largest automaker.

The loss was one of the biggest quarterly corporate deficits ever. GM's shares closed more than 6 percent lower. Standard & Poor's downgraded GM shares from hold to sell, and said GM's near- term outlook has worsened significantly in part due to reduced U.S. sales.

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Gm Reports a Record $39b Loss ; Blames Huge Write-Down of Tax Credits

GM attributed most of the third-quarter loss to a $38.6 billion non-cash charge related to accumulated deferred tax credits in ...

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