General Motors Corp. (GM), the world's biggest automaker, reported on Monday a loss of 1.6 billion US dollars in the third quarter, compared with a 315-million-dollar profit a year ago.

The company announced meanwhile it will cut at least 25,000 jobs in a major reorganization, which also includes plant closings and a deal with the US-based United Auto Workers (UAW) to cut billions of dollars in health care costs.

GM CEO and Chairman Rick Wagoner said the agreement with the UAW is projected to reduce GM's retiree health care liabilities by about 25 percent, or 15 billion dollars, and cut GM's annual employee health care expense by about 3 billion dollars.

GM's loss for the third quarter included a charge of 805 million dollars for asset impairments in North America and Europe and restructuring charges of 56 million dollars at GM Europe.

Source: Xinhua