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DETROIT — General Motors Corp. announced today it lost $38.7 billion in 2007, the largest annual loss ever for an automotive company.

GM also said it was offering a new round of buyouts to all 74,000 of its U.S. hourly workers who are represented by the United Auto Workers.

GM said the loss largely was due to a third-quarter charge related to unused tax credits. Excluding the tax charge and other special items, GM lost $23 million for the year.

GM posted a loss of $722 million in the fourth quarter.

GM reported $181 billion in revenues for the year, down from $206 billion in 2006. Its automotive business saw record revenues of $178 billion in 2007, up $7 billion from a year ago thanks to growth in emerging markets and favorable exchange rates.

But GM's North American division continued to struggle, posting a $1.5 billion loss for the year.