GM posts record loss of $38.7 billion

Posted: Feb 12, 2008
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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

[tags]Cars, Car, Auto, Automobile, Vehicles, Technology, Auto News, News, Automotive, GM[/tags]


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  • Allen

    Yay, sooner or later GM will have to sell off Buick, Pontiac, and Saturn. Then we won’t have to worry about funds for actual engineering being spent on badge engineering, and maybe GM can work on building good cars for once.

    Or just fail and open up some prime commercial space in downtown Detroit. I think all that Detroit needs to come back as a city is to stop worrying about its auto industry and focus on building up an actual city.

  • boo

    wow…. im not that surprised considering that all that cheap-ass plastic u seen in every car they built and bland designs in their Chevy line up, like come on, look at the cobolt and tell me that it doesn’t look almost like a poorly designed ’04 civic….
    yes very original GM

    And stop rebadging every model u put out ( pontiac montana, buick terzza and chevy uplander) u people really think that customers are just going to pick up these eyesores and say ” Gee… there’s other models out there like the one i have? but, i paid $3000 more for it? oh well…at least it’s A GM car”.

    oh yeah, and stop this “buy american” campain that’s just an excuse to buy a piece of crap that slacking automanufacturers use