Posted On: November 7, 2007 by Kevin Le

General Motors (GM) to incur a $39 billion charge

Although not directly related to Texas Lemon Law, it indirectly will affect the way that GM negotiates future lemon law claims for settlement. This morning, GM posted its largest quarterly net loss primarily due to a $39 billion charge related to unclaimed tax credits.

In a nutshell, General Motors reported a net loss of $1.6 billion ($2.80 per share). Other reasons that attributed to the loss includes losses in GM's other financially related companies such as GMAC and ResCap.

GM is currently considered the largest automaker in the United States. In this quarter, GM's auto revenue reached $43.1 billion and it sold $2.39 million dollars worth of cars and trucks. For more information, go here.