GM may have strong sales of key new vehicles, but it posted record losses for 2007.
The company posted a $38.7 billion loss for 2007, much of it from losses at GMAC financial services
company, in which it has a 50% stake, and from a $38 billion future-tax benefit write down.
In an effort to trim rolls, it is offering a $62,500 retirement package for each of its 74,000
blue-collar workers. The company inked a deal with the UAW that means new hires will make less and have smaller benefits packages.
Automotive business saw a $7 billion improvement to $178
billion last year because of GM's success in emerging markets like China.
--Karl Greenberg