American auto giant General Motors has reported a mega-loss of $38.7 billion in 2007.

The massive loss was mostly due to three reasons:

* A charge related to unused tax credits in the third quarter
* GM produces some of the crappiest cars that no one wants to buy
* Decades of poor management

GM’s North American unit remains in ICU (intensive care unit) and posted a $1.5 billion loss in 2007.

But Indians seem to love those ugly GM boxes because the company’s sales rose 74% in India last year. Of course, the high growth rate in India could also be on a lower base.

Once the Tata Nano starts production, guess GM will have to try its luck in Myanmar (Burma) or Bangladesh.

The terminally sick GM is now trying to bribe 74,000 hourly employees into quitting by offering them buyouts.

GM sold 9.4 million vehicles in 2007, up 3% year-over-year.