General Motors has offered voluntary redundancy to its 74,000 unionised workers after recording a record $38.7bn (£19.8bn) during 2007.
General Motors has offered voluntary redundancy to its 74,000 unionised workers after posting a record loss of $38.7bn (£19.8bn) during 2007.
During the last three months of the year, its net losses came in at $722m, down from $950m profits a year earlier.
During the last three months of the year, its net losses came in at $722m, down from $950m profits a year earlier.
Revenues also fell during 2007, to $181bn from $206bn in 2006, in spite of a rise in the number of vehicles sold.
Revenues also fell during 2007, to $181bn from $206bn in 2006, in spite of a rise in the number of vehicles sold.
GM is in the process of cutting costs as it tries to bounce back from weak sales and profits in the US market.
GM is in the process of cutting costs as it tries to bounce back from weak sales and profits in the US market.
'Important progress'
'Important progress'
The US car giant reached a historic deal last year with the United Auto Workers, the main US car union that represents 74,000 of its workers in North America over a new four-year labou contract.
The US car giant reached a historic deal last year with the United Auto Workers, the main US car union that represents 74,000 of its workers in North America over a new four-year labou contract.
The agreement allows GM to embark on a major restructuring mission, cutting its pension and healthcare liabilities and allowing it to employ staff on much lower salaries than at current levels.
The agreement allows GM to embark on a major restructuring mission, cutting its pension and healthcare liabilities and allowing it to employ staff on much lower salaries than at current levels.
GM's chief executive Rick Wagoner called 2007 a year of "important progress" with aggressive growth in emerging markets and sweeping cost reductions in its US operations.
GM's chief executive Rick Wagoner called 2007 a year of "important progress" with aggressive growth in emerging markets and sweeping cost reductions in its US operations.
"We're pleased with the positive improvement trend in our automotive results, especially given the challenging conditions in important markets like the US and Germany," Mr Wagoner said.
"We're pleased with the positive improvement trend in our automotive results, especially given the challenging conditions in important markets like the US and Germany," Mr Wagoner said.
"But we have more work to do to achieve acceptable profitability and positive cash flow," he added.
"But we have more work to do to achieve acceptable profitability and positive cash flow," he added.
Sales growth
Sales growth
GM's worldwide vehicle sales increased 3% to 9.4 million vehicles in 2007, marking the second best year in units sold in the company's 100-year history, it said.
GM's worldwide vehicle sales increased 3% to 9.4 million vehicles in 2007, marking the second best year in units sold in the company's 100-year history, it said.
Record sales growth was achieved in Eastern Europe, Latin America and the Asia Pacific region.
Record sales growth was achieved in Eastern Europe, Latin America and the Asia Pacific region.
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