Money | auto industry $39B Charge Puts Brakes on GM's Earnings Automaker could post biggest loss ever, nearly $70 per share By Jim O'Neill Posted Nov 7, 2007 7:23 AM CST Copied Jason Beeman works on the assembly line at the General Motors Powertrain Warren transmission plant in Warren, Mich., in this June 1, 2006 file photo. (AP Photo/Carlos Osorio, file) (Associated Press) In what’s likely to be the largest net loss in its history, GM today will announce earnings that include a $39 billion tax charge costing it nearly $70 per share. The charge rear-ends the automaker after a quarter that saw strong US sales and a positive labor pact with the UAW. GM traded at $35 after hours. GM’s charge is a non-cash loss based on accounting rules that allow tax overpayments to be used as credits against future income. Credits are lost if a company doesn’t earn enough to use them. While GM’s core business rebounded, and it regained the world sales lead from Toyota, the company's struggling GMAC finance unit and ResCap sub-prime mortgage business have hurt it. Read These Next Trump nominee who said he has 'a Nazi streak' withdraws. Trump reportedly wants a $230M payout from the DOJ. White House called off Trump-Putin summit. RFK Jr. offered his wife a fake separation. Report an error