You didn’t read the article. The losses came from the credit card division...GMAC financing. GM is still the number one automaker in the world.
“GM barely retained its title as the world’s largest automaker in 2007, selling just 3,000 more vehicles than Toyota Motor Corp. GM sold a total of 9,369,524 vehicles worldwide, up 3 percent from the year before.”
The $1.2 billion charge for GMAC doesn't figure into the $4.4 billion operating loss for 2007. As it stands right now, GM loses money making automobiles, with profitable overseas operations partially offsetting larger North American losses.
GM is still the number one automaker in the world.
There is some debate over this point, involving sales accounting for minority ownership for Chinese subsidiaries, but if GM can't make a profit, it's something of a moot point.