General Motors posted losses for the second quarter of the year after being hit by loss of production at more than 30 plants.

The automaker was forced to deal with a three-month strike at American Axle and Manufacturing Holdings and the company reduced production by nearly 90,000 vehicles.

GM produced less than 800,000 vehicles and could also reduce production by another 300,000 vehicles, ABC News reports.

"We're going to get the second quarter behind us and just move ahead," Ray Young, Chief Financial Officer said.

Rick Wagoner, Chairman and Chief Executive of GM said that the firm would take aggressive steps to transform its US operations.

"As our recent product, capacity and liquidity actions clearly demonstrate, we are reacting rapidly to the challenges facing the US economy," he added.

It announced losses of $15.5 billion during the second quarter.



Source:

GM Posts $15.5 Billion 2nd-Quarter Loss 01/08/08
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