Miserable First Quarter for GM

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General Motors says it lost $1.1 billion in the first quarter. The world's largest automaker was hurt by lackluster response to some new models, as well as rising health care costs and special charges.

The loss in its global automotive operations more than doubled from a year ago. Most of the red ink came from North America. US sales in the quarter dropped four percent from a year ago. Asian automakers such as Toyota are continuing to win market share at the expense of GM and Ford.

Excluding charges, GM says it lost $839 million or $1.48 a share. Wall Street analysts were looking for a loss of $1.49 a share.