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