Big ’07 Loss Drops GM in Fortune 500
April 21, 2008

It was bound to happen. General Motors Corp., once the granddaddy of the American corporate world, is gradually becoming a less-influential player on the nation’s business chessboard.

The Associated Press reports GM has dropped one place, to No. 4, on the Fortune 500 list of U.S. companies with the largest revenues. Last year, GM was No. 3 behind Wal-Mart Stores Inc. and Exxon-Mobil Corp. But thanks to a loss of $38.7 billion last year – dropping its revenues to $182.3 billion, GM slips behind oil giant ChevronTexaco Corp., which recorded $210.8 billion in revenue in 2007.

In fact, GM was bracketed on the Fortune 500 by oil companies – along with ChevronTexaco at No.3, ConocoPhillips retained its No. 5 postion.

Ford Motor Co. retained a top 10 spot on the Fortune 500 list, finishing at No. 7. Names such as Radio Shack Corp., Lucent Technologies and H&R Block Inc. were ousted from the prominent group.

Photo: Lagging truck sales helped drag GM down a notch on the 2007 Fortune 500 list (photo courtesy General Motors Corp.)

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