GM posts $38.7B loss for 2007, offers buyouts to 74,000 hourly workers

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DETROIT (AP) -- General Motors Corp. is reporting the largest annual loss ever for a U.S. automotive company.

GM said Tuesday it lost $38.7 billion in 2007. The loss largely was due to a third-quarter charge related to unused tax credits.

The loss topped the previous record GM set in 1992, when it lost $23.4 billion. That's according to Standard t.

Separately, GM is offering a new round of buyouts to 74,000 U.S. hourly workers.