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GM announced a £19.8 billion loss for 2007
By Yoann Besnard on 13 February 2008 | 
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GM has announced a $38.7/£19.8 billion loss for the 2007 fiscal year. Most of this huge loss is the result of a tax write down realized in the second half of the year.
Sales were up 3% last year and the company made $181/£90 billion in revenue compared to $206/£103 billion in 2006. GM lost $23 million in 2007, compared to a net income of $2.2 billion in 2006. The company blamed its financial subsidiary, GMAC, for the loss.
General Motors also announced another round of planned buyouts to all 74,000 U.S. hourly workers represented by the UAW. The new round of buyouts will offer incentives of $45,000 for production employees or $62,500 for skilled trades. Retirement plans will also be offered to employees 50 years or older with at least 10 years of service.