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Strikes will cost GM $2 billion

May 24, 2008|From Times Wire Services

General Motors Corp.'s stock dropped almost 5% after the company reported that strikes at some of its plants and parts supplier American Axle will cost the automaker about $2 billion before taxes in the second quarter.

GM also expects to produce 230,000 fewer vehicles in the quarter because of the nearly three-month American Axle strike, which crippled its production of large sport utility vehicles and pickups. The other strikes will cost it 33,000 vehicles.

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