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GM Posts Biggest Annual US Auto Loss

gm.jpgGM Posts Record US Automotive Loss
of $38.7B for 2007, Offers Buyouts to
74,000 US Workers

DETROIT (AP) — General Motors Corp. reported
a $38.7 billion loss for 2007 on Tuesday, the largest
annual loss ever for an automotive company, and
said it is making a new round of buyback offers to
U.S. hourly workers in hopes of replacing some of
them with lower-paid help.

The earnings report and buyback offer came as GM struggles to turn around its North American business as the economy weakens.

Full story:
http://biz.yahoo.com/ap/080212/earns_gm.html