GM posts biggest auto loss
General Motors Corp. reported the largest annual loss for an automotive company Tuesday and said it is making a new round of buyback offers to U.S. hourly workers as it struggles to turn around its North American business amid a weak economy.
GM said it lost $38.7 billion in 2007. The loss largely was due to a third-quarter charge related to unused tax credits.
The Detroit-based automaker also on Tuesday said it was offering a new round of buyouts to all 74,000 of its U.S. hourly workers who are represented by the United Auto Workers.
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