General Motors on Monday, Feb. 11, reported a fourth-quarter loss of $722 million on its North American operations last year, the biggest loss ever reported by a U.S. car maker.
GM officials said the fourth-quarter loss reflected lower U.S. production, more aggressive discounting on its recently launched full-size pickup trucks, and weaker results in Germany, traditionally its most profitable market in Europe.
For all of 2007, GM posted a net loss of almost $39 billion. That followed a combined net loss of $2 billion for 2006 and $10.4 billion in 2005.
GM also announced it wants to buy out all 74,000 of its remaining UAW union workers and replace them with workers who would earn roughly half as much. The company plans to offer between $45,000 and $140,000 to entice workers to leave.