General Motors Corp. reported the largest annual loss for an automotive company and said it is making a new round of buyback offers to 74,000 hourly workers in America as it struggles to turn around its North American business amid a weak economy. GM said it lost $38.7 billion in 2007.

The loss largely was due to a third-quarter charge related to unused tax credits. GM reported $181 billion in revenues for the year, down from $206 billion in 2006.

Its automotive business saw record automotive revenues of $178 billion in 2007, up $7 billion from a year ago thanks to growth in emerging markets and favorable exchange rates.

GM Chairman and Chief Executive Rick Wagoner said the weak American economy and high commodity prices hurt turnaround efforts in North America.

GM barely retained its title as the world’s largest in 2007, selling just 3,000 more vehicles than Toyota Motor Corp.

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