GM has biggest-ever automotive co. loss
Source: AP
DETROIT - General Motors Corp. is reporting the largest annual loss ever for a U.S. automotive company as it offers a new round of buyouts to 74,000 U.S. hourly workers.
GM says Tuesday it lost $38.7 billion in 2007. The loss largely was due to a third-quarter charge related to unused tax credits.
GM announced the buyouts Tuesday morning as it was releasing its fourth-quarter and full-year earnings.
GM will give workers several choices. Retirement-eligible workers will get between $45,000 and $62,500 as an incentive to retire, depending on their skill level. Younger workers can get up to $140,000 if they leave and cut all ties with the company.
LinkHere
DETROIT - General Motors Corp. is reporting the largest annual loss ever for a U.S. automotive company as it offers a new round of buyouts to 74,000 U.S. hourly workers.
GM says Tuesday it lost $38.7 billion in 2007. The loss largely was due to a third-quarter charge related to unused tax credits.
GM announced the buyouts Tuesday morning as it was releasing its fourth-quarter and full-year earnings.
GM will give workers several choices. Retirement-eligible workers will get between $45,000 and $62,500 as an incentive to retire, depending on their skill level. Younger workers can get up to $140,000 if they leave and cut all ties with the company.
LinkHere
posted by Kangaroo Brisbane Australia at 3:07 PM
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