GM to Offer Buyouts to 74,000 Workers

After reaching a deal with the Union Auto Workers Union, General Motors says it will offer buyout packages to 74,000 of its unionized hourly workers. It's the biggest buyout offer since 2006.

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NPR's business news starts with General Motors big new buyout plan.

After reaching a deal with the United Autoworkers, GM says it will offer buyout packages to 74,000 of its unionized hourly workers. It will replace many of those workers with lower-paid employees. It's the biggest buyout offer since 2006. The company's trying to cut costs and shrink its oversized North American operations. General Motors is still the world's biggest carmaker, but it's still struggling to become profitable. The company, today, announced quarterly losses and the biggest annual loss in its history - though most of last year's nearly nine billion dollar loss comes from a one-time tax charge.

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GM Reports $700 Million Loss at End of 2007

After earlier signs that General Motors might be turning around its business, the company lost money again in the final three months of last year.

Losses centered on the auto market in the United States, where the overall economy is at risk of recession.

GM lost more than $700 million in the final quarter of last year.

As usual, the company did well in emerging markets, setting sales records in Latin America and Asia. But sales fell at home.

GM CEO Rick Wagoner attributed some of the company's problems to America's flagging economy and high commodity prices.

IN an effort to keep cutting labor costs, the company is offering another buyout to its seventy-four thousand union workers in the U.S.

Overall, GM reported a $39 billion loss for last year.

The company, though, made that information public months ago. And most of the loss did not come from actual operations, but from a giant tax credit GM had to remove from its books.

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