GM reports biggest loss in history

UPDATE General Motors Corp. posted a company record $39-billion loss in the third quarter, as a charge involving unused tax credits brought an abrupt end to string of three profitable quarters for America's largest auto maker. The loss reported Wednesday was one of the biggest quarterly corporate deficits ever and it sent GM's shares down more than 8 per cent in pre-market trading.

The loss was attributed to a $38.6-billion non-cash charge largely related to establishing a valuation allowance against deferred tax assets in the U.S., Canada and Germany, as well as mortgage losses at GM's former financial arm, GMAC Financial Services.

11/07/07 General Motors Corp. today announced its financial results for the third quarter of 2007, marked by record global sales, further improvement in its core automotive business driven by solid financial performance in key growth markets around the world and improved liquidity.