GM posts record loss of $38.7 billion

GM today posted a 2007 net loss of $38.7 billion, most of which came from a tax write down the auto maker took last fall. However, GM’s automotive operations generated revenue of $178 billion in 2007, a $7 billion improvement over 2006. Overall revenue was up $181 billion in 2007, compared with $206 billion in 2006.

GM also announced that it will offer retirement incentives of up to $62,500 to retirement-ready skilled trade workers and $32,000 for production workers.

GM will extend the richer deals to workers who received the earlier offers.

 

Source: Detroit News

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