GM’s fourth-quarter results left it with a record net loss of $38.7 billion in 2007 vs. a $2 billion deficit in 2006. GM has lost nearly $50 billion in the past 3 years.
Excluding special items, the company swung to a $23 million loss last year from a $2.2 billion profit a year earlier.
That happened despite a 4% increase in automotive revenue to a record $178 billion last year. Unit volume rose 3% to 9.4 million vehicles—the second-best year in GM’s history.
North American operations lost $3.3 billion pre-tax in 2007 vs. $7.5 billion in 2006. GM Europe’s pre-tax loss nearly doubled to $524 million, and Asia profits narrowed to $681 million from $1.2 billion because of heavy investments in emerging markets.