GM Posts $3.3 Billion First-Quarter Loss and Announces Layoffs

SUGAR LAND--May 2, 2008- Researched by Industrial Info Resources (Sugar Land, Texas)--Citing the weak economy, rising gas prices and the two-month-old strike at American Axle & Manufacturing Incorporated (NYSE:AXL) (Detroit, Michigan), struggling automotive giant General Motors Corporation (NYSE:GM) (Detroit), announced a $3.3 billion loss for the first quarter of 2008. As a result, the automaker will shut down one shift at each of its four North American assembly plants, which will result in the need to lay off approximately 3,500 hourly workers.