General Motors shocks with $39B loss

November 07, 2007

GM's exposure to the housing market came by way of finance company GMAC, in which it still holds a 49 percent stake. Analysts said sluggish car sales at GM's key North American unit is the result of a weakening economy and sales were likely to stay under pressure.SPEAKER: George Magliano, director, North America auto industry research, Global Insight.Conway G. Gittens reports from New York.