Home From the Wires GM profit declines 80%

GM profit declines 80%

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Thursday, July 24, 2014

WSJ: General Motors reported an 80% drop in its Q2 net profit, with earnings hit by $1.5 billion in recall-related charges.

For the first time, GM said it has set aside $400 million to fund an ignition-switch compensation plan that will be operated by Washington, D.C. compensation expert Ken Feinberg. The program starts Aug. 1 and runs through the end of the year. The auto maker said the $400 million was its best internal estimate and it is possible the company may need to set aside another $200 million.

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