General Motors History, Deals, & Facts
General Motors (GM) is one of the world’s largest automakers. The company was founded in 1908 and is headquartered in Detroit, Michigan. As of 2018, GM employs over 180,000 people around the world. The company has a long history of making deals and acquisitions. In recent years, GM has acquired Cruise Automation, Strobe, and Lidar technologies. The company has also invested in electric and autonomous vehicles. Here are some additional facts about GM: -In 2018, GM sold 9 million cars worldwide -The company offers financing through GM Financial -GM operates in over 100 countries.
Early history
In 1908, William C. Durant founded General Motors (GM) in Flint, Michigan. Durant had been a leading manufacturer of horse-drawn vehicles in the United States until he was forced out of business in 1904 by a shareholders’ rebellion. In 1905, Durant started buying car companies and came to control the largest automobile company in America.
GM’s early history is marked by brilliant successes and some equally spectacular failures. Among GM’s earliest conquests were its acquisition of Cadillac in 1909 and Buick in 1908. Both of these brands quickly became highly successful and helped to establish GM as a leading force in the auto industry.
However, GM also made some disastrous decisions during this period, such as its ill-fated purchase of Fisk Rubber Company in 1916. This deal failed to provide GM with any significant benefit and left the company with massive debt that would take years to pay off.
Despite these early setbacks, GM continued to increase during the 1910s and 1920s thanks to the success of its core brands and a series of key acquisitions, including Oakland (which later became Pontiac) and Oldsmobile. By the end of the 1920s, GM was the world’s largest automobile company, and Durant had transformed it into a powerful conglomerate.
Global expansion
Regarding automobile manufacturing, few companies have as long and storied a history as General Motors. Founded in 1908, GM has become a true giant in the industry, with operations in more than 100 countries and nearly 200,000 employees worldwide.
Though its headquarters are in Detroit, Michigan, GM has a global reach. The company has assembly plants on six continents, and its vehicles are sold in 150 countries. In recent years, GM has been aggressively expanding its presence in China and other emerging markets where car demand is increasing.
GM’s expansion has sometimes been rocky sailing, however. The company has faced challenges in many markets it has entered, including Europe and India. But despite these difficulties, GM continues to invest heavily in its international operations and is committed to becoming a global automaker.
TARP, Chapter 11, and recovery
The United States government provided General Motors with $49.5 billion in financial assistance through the Troubled Asset Relief Program (TARP) during the global economic recession of 2008 and 2009. The company filed for Chapter 11 bankruptcy protection on June 1, 2009.
After reorganizing under bankruptcy court supervision, GM emerged from Chapter 11 on July 10, 2009. The U.S. government held a 61 percent equity stake in the new GM, with Canadian governments and private investors holding the rest. To repay its debt to taxpayers, GM began repaying TARP loans in April 2010 and completed repayment in December 2010, ahead of schedule and with interest.
The company continued to experience challenges following its emergence from bankruptcy but posted its first quarterly profit in over two years in the second quarter of 2010. In 2015, General Motors generated total revenue of $155 billion.
Recent News
In recent news, General Motors has been in the news for various reasons. In 2019, GM announced it would discontinue production of several car models, including the Chevrolet Volt, due to low sales. The company also plans to close several plants in North America and Europe. These actions are part of GM’s plan to focus on electric and autonomous vehicles.
In early 2020, GM made headlines again when it reached a deal with Honda to develop self-driving vehicles. The two companies will share resources and technology to speed up the development of this new type of transportation.
GM is also working on developing its line of electric vehicles. The company has said that it plans to have 20 new EV models by 2023. GM has invested billions of dollars in battery production and infrastructure to support this goal.
GM Stock Price
GM’s stock price is down today after the company announced it would lay off 14,000 workers and close five plants in North America.
Founded in 1908, General Motors is one of the world’s largest automakers. The company employs over 200,000 people in over 150 countries. GM’s core markets are North America, Europe, and South America.
The company has been through a lot for more than 100 years. In 2009, GM filed for bankruptcy protection and was bailed out by the U.S. government. The company has since repaid its debt to taxpayers and has undergone significant restructuring.
GM’s stock price is down today after the company announced it would lay off 14,000 workers and close five plants in North America. The move is part of GM’s ongoing effort to streamline operations and cut costs. Shares of GM have fallen nearly 2% on the news.
Conclusion
General Motors is one of the world’s biggest and most well-known automakers. With a history that dates back to 1908, GM has been a significant player in the automotive industry for over 100 years. In that time, GM made landmark deals and produced iconic vehicles that have shaped the automotive landscape. Today, GM remains a force to be reckoned with, producing quality vehicles that are popular with consumers around the globe.
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