General Motors: Difference between revisions
→Corporate restructuring: deleted orphaned paragraph due to deleted table; added Magna/Opel deal delay |
Undid revision 300648991 by Thomas Paine1776 (talk) No comment and that edit was correct... |
||
Line 221: | Line 221: | ||
===21st century=== |
===21st century=== |
||
In the late 1990s, the U.S. economy was on the rise and GM and [[Ford]] gained market share producing enormous profits primarily from the sale of light trucks and sport-utility vehicles. |
In the late 1990s, the U.S. economy was on the rise and GM and [[Ford]] gained market share producing enormous profits primarily from the sale of light trucks and sport-utility vehicles. In the aftermath of the dot-com bubble and the [[September 11, 2001 attacks]], a severe stock market decline caused a pension and benefit fund underfunding crisis. GM began its ''Keep America Rolling'' campaign, which boosted sales, and other auto makers were forced to follow suit. The U.S. automakers saw sales increase to leverage costs as gross margins deteriorated. Although retiree health care costs remain a significant issue, General Motors' investment strategy has generated a $17.1 billion surplus in 2007 in its $101 billion U.S. pension fund portfolio, a $35 billion reversal from its $17.8 billion of underfunding.<ref name = "qvoyrs">Sloan, Allan (April 10, 2007).[http://www.washingtonpost.com/wp-dyn/content/article/2007/04/09/AR2007040901262.html GM's High-Performance Pension Machine] ''Washington Post'', D02.</ref> |
||
In 2004, GM redirected resources from the development of new sedans to an accelerated refurbishment of their light trucks and [[Sport utility vehicle|SUVs]] for introduction as 2007 models in early 2006. Shortly after this decision, fuel prices increased by over 50% and this in turn affected both the trade-in value of used vehicles and the perceived desirability of new offerings in these market segments. The current marketing plan is to tout these revised vehicles extensively as offering the best fuel economy ''in their class'' (of vehicle). GM claims its hybrid trucks will have gas-mileage improvements of 25%. |
In 2004, GM redirected resources from the development of new sedans to an accelerated refurbishment of their light trucks and [[Sport utility vehicle|SUVs]] for introduction as 2007 models in early 2006. Shortly after this decision, fuel prices increased by over 50% and this in turn affected both the trade-in value of used vehicles and the perceived desirability of new offerings in these market segments. The current marketing plan is to tout these revised vehicles extensively as offering the best fuel economy ''in their class'' (of vehicle). GM claims its hybrid trucks will have gas-mileage improvements of 25%. |
||
Line 361: | Line 361: | ||
{{See also|List of GM factories}} |
{{See also|List of GM factories}} |
||
After gaining market share in the late 1990s and making enormous profits, General Motors stock soared to over $80 a share. However, |
After gaining market share in the late 1990s and making enormous profits, General Motors stock soared to over $80 a share. However, stock market decline following the dot-com bubble and later the [[September 11, 2001 attacks]], caused a pension and benefit funds crisis at General Motors and many other American companies. General Motors' rising retiree health care costs and Other Post Employment Benefit (OPEB) fund deficit prompted the company to enact a broad restructuring plan. Although GM had already taken action to fully fund its pension plan, its OPEB fund became an issue for its corporate bond ratings. GM had expressed its disagreement with the bond ratings; moreover, GM's benefit funds were performing at higher than expected rates of return. Then, following a $10.6 billion loss in 2005, GM acted quickly to implement its restructuring plan. For the first quarter of 2006 GM earned $400 million, signaling a turnaround had already begun even though many aspects of the restructuring plan had not yet taken effect. Although retiree health care costs remain a significant issue, General Motors' investment strategy has generated a $17.1 billion surplus in 2007 in its $101 billion U.S. pension fund portfolio, a $35 billion reversal from its $17.8 billion of underfunding.<ref name = "qvoyrs"/> |
||
In February 2005, GM successfully bought itself out of a put option with [[Fiat]] for $2 billion USD (€1.55 billion). In 2000, GM had sold a 6% stake to Fiat in return for a 20% share in the Italian automaker. As part of the deal, GM granted Fiat a [[put option]], which, if the option had been exercised between January 2004 and July 2009, could have forced GM to buy Fiat. GM had agreed to the put option at the time, perhaps to keep it from being acquired by another automaker, such as [[Daimler AG]], competing with GM's [[Opel]] and [[Vauxhall Motors|Vauxhall]] marques. The relationship suffered and Fiat had failed to improve. In 2003, Fiat recapitalized, reducing GM's stake to 10%. |
In February 2005, GM successfully bought itself out of a put option with [[Fiat]] for $2 billion USD (€1.55 billion). In 2000, GM had sold a 6% stake to Fiat in return for a 20% share in the Italian automaker. As part of the deal, GM granted Fiat a [[put option]], which, if the option had been exercised between January 2004 and July 2009, could have forced GM to buy Fiat. GM had agreed to the put option at the time, perhaps to keep it from being acquired by another automaker, such as [[Daimler AG]], competing with GM's [[Opel]] and [[Vauxhall Motors|Vauxhall]] marques. The relationship suffered and Fiat had failed to improve. In 2003, Fiat recapitalized, reducing GM's stake to 10%. |
Revision as of 03:05, 7 July 2009
![]() | |
Company type | Public (Template:Pinksheets) (Template:OTCBB) (as of 2 June 2009) |
---|---|
Industry | Automotive |
Founded | 1908 |
Headquarters | Renaissance Center Detroit, Michigan, United States |
Area served | Worldwide |
Key people | Fritz Henderson (CEO) Kent Kresa, (Chairman)[1] Robert Lutz, (Vice Chairman) Ray Young, (CFO) Ed Welburn, (VP Global Design) |
Products | Automobiles Engines |
Services | Financial services |
Revenue | ![]() |
![]() | |
![]() | |
Total assets | ![]() |
Total equity | ![]() |
Number of employees | 243,000 (2008)[3] |
Divisions | General Motors Canada General Motors Europe General Motors do Brasil |
Subsidiaries | Buick, Cadillac, Chevrolet, GM Daewoo, GMC, Holden, Opel, Vauxhall Motors and Wuling |
Website | GM.com |
Footnotes / references As of June 1, 2009, reorganizing and operating under protection of Chapter 11 bankruptcy proceedings |
General Motors Corporation (GM) (Template:Pinksheets) / (Template:OTCBB) is a U.S. automaker based in Detroit, Michigan, and is the world's second-largest automaker, as ranked by global unit sales for 2008.[4] The company is continuing its operations while in bankruptcy proceedings before a U.S. federal bankruptcy court.[5]
GM was the global sales leader for 77 consecutive calendar years from 1931 to 2007. It manufactures cars and trucks in 34 countries. GM employs 244,500 people around the world, and sells and services vehicles in some 140 countries.[4] In 2008, 8.35 million GM cars and trucks were sold globally under the brands Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Opel, Vauxhall, Holden, Pontiac, Saab, Saturn and Wuling.[6]
In late 2008 GM, along with Chrysler, received loans from the American, Canadian, and Ontario[7] governments to avoid bankruptcy resulting from the a decline in sales related to the late-2000s recession, record oil prices, as well as costs for health care and retiree expenses, along with competition from other automobile manufacturers (see also automotive industry crisis of 2008–2009). On February 20, 2009, GM's Saab division filed for reorganization in a Swedish court after being denied loans from the Swedish government. On April 27, 2009, amid ongoing financial problems and restructuring efforts, GM announced that it would phase out the Pontiac brand by the end of 2010 and focus on four brands in North America: Chevrolet, Cadillac, Buick, and GMC. It also announced that the resolution (sale) of its Hummer, Saab, and Saturn brands would take place by the end of 2009.[8] GM had previously eliminated the Oldsmobile brand earlier in the decade for similar reasons.
As of April 24, 2009[update], GM has received US$15.4 billion in loans from the US Treasury Department under the Troubled Assets Relief Program (TARP). GMAC, a financing company held 49% by GM, has received US$5 billion in loans under the same program, while GM has received an additional US$1 billion loan to buy more equity in GMAC.[9][10] General Motors Canada, 100% owned by GM,[11] has received a combined loan commitment of C$3 billion from the Canadian and Ontario governments.[7]
General Motors filed for a government-assisted Chapter 11 bankruptcy protection on June 1, 2009, in the federal court in Manhattan, New York, with a plan to re-emerge as a smaller and less debt-burdened organization in several months.[12] As ranked by total assets, the bankruptcy is the fourth-largest in U.S. history, following Lehman Brothers Holdings Inc., Washington Mutual and WorldCom Inc.[13]
History
General Motors (GM) was founded on September 27, 1908, in Flint, Michigan, as a holding company for Buick, then controlled by William C. Durant. It acquired Oldsmobile later that year. In 1909, Durant brought in Cadillac, Elmore, Oakland (later known as Pontiac) and several others. Also in 1909, General Motors acquired the Reliance Motor Truck Company of Owosso, Michigan, and the Rapid Motor Vehicle Company of Pontiac, Michigan, the predecessors of GMC Truck. Durant lost control of GM in 1910 to a bankers' trust, because of the large amount of debt taken on in its acquisitions coupled with a collapse in new vehicle sales. A few years later, Durant started the Chevrolet Motor car company and through this he secretly purchased a controlling interest in GM. Durant took back control of the company after one of the most dramatic proxy wars in American business history. Shortly after, he again lost control, this time for good, after the new vehicle market collapsed. Alfred Sloan was picked to take charge of the corporation and led it to its post war global dominance. This unprecedented growth of GM would last into the early 1980s when it employed 349,000 workers and 150 assembly plants.
In late 2008 GM, along with Chrysler, received loans from the American, Canadian, and Ontario[7] governments to avoid bankruptcy resulting from the late-2000s recession, record oil prices, mismanagement, and fierce competition (see also automotive industry crisis of 2008–2009). On February 20, 2009, GM's Saab division filed for reorganization in a Swedish court after being denied loans from the Swedish government. On April 27, 2009, amid ongoing financial problems and restructuring efforts, GM announced that it would phase out the Pontiac brand by the end of 2010 and focus on four brands in North America: Chevrolet, Cadillac, Buick, and GMC. It also announced that the resolution (sale) of its Hummer, Saab, and Saturn brands would take place by the end of 2009.[8] GM had previously eliminated the Oldsmobile brand earlier in the decade for similar reasons.
As of April 24, 2009[update], GM has received US$15.4 billion in loans from the US Treasury Department under the Troubled Assets Relief Program (TARP). GMAC, a financing company held 49% by GM, has received US$5 billion in loans under the same program, while GM has received an additional US$1 billion loan to buy more equity in GMAC.[9][10] General Motors Canada, 100% owned by GM,[11] has received a combined loan commitment of C$3 billion from the Canadian and Ontario governments.[7]
General Motors filed for a government-assisted Chapter 11 bankruptcy protection on June 1, 2009, with a plan to re-emerge as a smaller and less debt-burdened organization in several months.[12] As ranked by total assets, the bankruptcy is the fourth-largest in U.S. history, following Lehman Brothers Holdings Inc., Washington Mutual and WorldCom Inc.[13]
Company overview
![](http://upload.wikimedia.org/wikipedia/commons/thumb/a/a4/12_%28236012210%29.jpg/220px-12_%28236012210%29.jpg)
General Motors currently employs approximately 386,000 people around the world and pays them overall $21.5 billion a year. General Motors' global headquarters is the Renaissance Center located in Detroit, Michigan, United States. In 2007, 9.35 million GM cars and trucks were produced in 19 different countries. GM is the majority shareholder in GM Daewoo Auto & Technology Co. of South Korea and has had many collaborations with the world's various automakers. This includes product, powertrain and purchasing collaborations with Suzuki Motor Corp. and Isuzu Motors Ltd. of Japan, advanced technology collaborations with Toyota Corporation and BMW AG of Germany and vehicle manufacturing ventures with several of the world's automakers including Toyota, Suzuki, Shanghai Automotive Industry Corporation. of China, AvtoVAZ of Russia, Renault SA of France, and most recently, UzAvtosanoa of Uzbekistan. GM also had collaborations with Fiat S.p.A (see GM/Fiat Premium platform) and Ford Motor Company. To this day, GM retains various stakes in many different automakers.
According to at least one automotive columnist, as GM seeks aid from European governments in 2009 while acknowledging it has no alternative plan, and admits it is willing to sell part of its operations in Europe to enable an infusion of cash, a "de facto deglobalization."[14]
The domain name gm.com attracted at least 7 million visitors annually by 2008.[15]
GM worldwide vehicle sales by country 2008[16] (thousands) | |||||||
---|---|---|---|---|---|---|---|
Ranking | Country | Vehicle sales |
Local market share (%) |
Ranking | Country | Vehicle sales |
Market share (%) |
![]() |
2,981 | ![]() |
133 | ||||
![]() |
1,095 | ![]() |
117 | ||||
![]() |
549 | ![]() |
114 | ||||
![]() |
384 | ![]() |
107 | ||||
![]() |
359 | ![]() |
95 | ||||
![]() |
338 | ![]() |
91 | ||||
![]() |
300 | ![]() |
80 | ||||
![]() |
212 | ![]() |
66 | ||||
Top 4 markets/regions by vehicle sales in 2008 (thousands) | |||||||
North America | 3,552 | European Union | 905 | ||||
China | 1,095 | South America | 815 |
Corporate governance
Current members of the board of Directors of General Motors are: Percy Barnevik, Erskine Bowles, John Bryan, Melissa Armando Codina, Erroll Davis, George Fisher, Mark Guildenstern, Karen Katen, Kent Kresa, Philip Laskawy, Kathryn V. Marinello, and Eckhard Pfeiffer.
Philanthrophy
Since 1996, General Motors has been the exclusive source of funding for Safe Kids USA's "Safe Kids Buckle Up" program, a national initiative to ensure child automobile safety through education and inspection.[17]
General Motors is a leading contributor to charity. In 2004, GM gave $51,200,000 in cash contributions and $17,200,000 in-kind donations to charitable causes.[18]
U.S. sales figures
Calendar Year | Total U.S. sales | Chg/yr. |
---|---|---|
2001[19] | 4,904,015 | |
2002 | 4,858,705 | −0.9% |
2003 | 4,756,403 | −2.1% |
2004[20] | 4,707,416 | −1.0% |
2005 | 4,517,730 | −4.0% |
2006[21] | 4,124,645 | −8.7% |
2007 | 3,866,620 | −6.3% |
2008[22] | 2,980,688 | −22.9% |
Structure
General Motors is structured into the following operating groups:
Group | Number of Employees as of September 2008[23] |
GMAP (GM Asia-Pacific) | 35,000 |
GME (GM Europe) | 56,000 |
GM LAAM (GM Latin America, Africa and the Middle East) | 36,000 |
GMNA (GM North America) | 123,000 |
GMAC (GM Acceptance Corporation – finance and insurance services) | |
SPO (Service, Parts and Operations) | |
Other operations | 2,000 |
Total number of employees | 252,000 |
21st century
In the late 1990s, the U.S. economy was on the rise and GM and Ford gained market share producing enormous profits primarily from the sale of light trucks and sport-utility vehicles. In the aftermath of the dot-com bubble and the September 11, 2001 attacks, a severe stock market decline caused a pension and benefit fund underfunding crisis. GM began its Keep America Rolling campaign, which boosted sales, and other auto makers were forced to follow suit. The U.S. automakers saw sales increase to leverage costs as gross margins deteriorated. Although retiree health care costs remain a significant issue, General Motors' investment strategy has generated a $17.1 billion surplus in 2007 in its $101 billion U.S. pension fund portfolio, a $35 billion reversal from its $17.8 billion of underfunding.[24]
In 2004, GM redirected resources from the development of new sedans to an accelerated refurbishment of their light trucks and SUVs for introduction as 2007 models in early 2006. Shortly after this decision, fuel prices increased by over 50% and this in turn affected both the trade-in value of used vehicles and the perceived desirability of new offerings in these market segments. The current marketing plan is to tout these revised vehicles extensively as offering the best fuel economy in their class (of vehicle). GM claims its hybrid trucks will have gas-mileage improvements of 25%.
In the middle of 2005, GM announced that its corporate chrome emblem "Mark of Excellence" will begin appearing on all recently introduced and all-new 2006 model vehicles produced and sold in North America.
In 2005, GM promoted sales through an employee discount to all buyers. Marketed as the lowest possible price, GM cleared an inventory buildup of 2005 models to make way for its 2006 lineup. While the promotion was a temporary shot in the arm for sales, it did not help the company's bottom line. GM has since changed its marketing strategy to a no haggle sticker policy in which all vehicle prices are lowered, but incentives are reduced, if not eliminated.[citation needed]
SUV sales
In 2008, rapidly rising gas prices resulted in a 30% drop-off of sales of SUVs. These had been GM's most profitable product, often returning profits of $10,000 to $15,000 per vehicle. Sales of SUVs had been decreasing since 2004, and in May 2008, a $2 billion investment program for a new SUV platform, the CXX program, was canceled.[25] During the first 6 months of 2008, GM lost $18.8 billion; by late October, its stock had dropped 76%, and it was considering a merger with Chrysler. In only 12 months (October 2007-2008), GM sales in the US dropped 45 percent.[26] GM's concentration on SUVs as a profit center dated from the 1990s.[27]
On Tuesday, December 23, 2008, the Janesville, Wisconsin plant, which produced the Chevrolet Tahoe, the Suburban, and the GMC Yukon, and the Moraine, Ohio plant which produced the Chevrolet Blazer and the GMC Envoy, closed permanently. This left General Motors with only one factory (in Arlington, Texas) producing SUVs.[28]
Small car sales
"As part of General Motors Corporation (GM)'s restructuring, it plans to revive one of its idled U.S. factories for the production of a small car (the factories under consideration included one in or near the Pontiac and Orion Township areas of Michigan, one in Wisconsin, and one in Tennessee; the factory in Michigan was ultimately selected to be revived, but only 1,200 out of a former 3,400 jobs will be left). The new small car will add to a group of small and fuel-efficient vehicles that the company is planning to roll out in the near future. The retooled plant will be capable of building 160,000 cars annually, including both small and compact vehicles. As part of its restructuring, GM will sell its iconic Hummer brand."[29]
In China
General Motors is the best selling foreign auto maker in China.[30] The Buick brand is especially strong, led by the Buick Excelle subcompact. Cadillac initiated sales in China in 2004, starting with imports from the United States. GM pushed the marketing of the Chevrolet brand in China in 2005 as well, moving the former Buick Sail to that marque. The company manufactures most of its China-market vehicles locally, through its Shanghai GM joint venture. Shanghai GM, a joint venture between the Chinese company SAIC and General Motors, was created on March 25, 1997. The Shanghai GM plant was opened December 15, 1998, when the first Chinese-built Buick came off the assembly line. The SAIC-GM-Wuling Automobile joint-venture is also successful selling trucks and vans under the Wuling marque (34% belongs to GM).
GM plans to create a research facility in Shanghai for $250m to develop hybrid cars and alternative energy vehicles.[citation needed]
Canada
In March 2005, the Government of Canada provided C$200 million in incentives to General Motors for its Ontario plants to expand production and provide jobs, according to Jim Harris. [citation needed] Similar incentives were promised to non-North American auto companies like Toyota; Premier Dalton McGuinty said the money the province and Ottawa are pledging for the project is well-spent.[citation needed]
Labor relations
On September 24, 2007 General Motors workers represented by the United Auto Workers union went on the first nationwide strike against GM since 1970. The ripple effect of the strike reached into Canada the following day as two car assembly plants and a transmission facility were forced to close. Overnight a tentative agreement was reached, however, and UAW officials declared the end of the strike in a news conference at 4 a.m. on September 26. By the following day, all GM workers in both countries were back to work.
A new labor contract was ratified by UAW members exactly one week after the tentative agreement was reached, passing by a majority 62% vote. In the contract are several product and employment guarantees stretching well into the next decade. One of GM's key future products, the Chevy Volt, was promised to the GM Poletown/Detroit-Hamtramck plant in 2010. Also included is a VEBA (Voluntary Employee Beneficiary Association) which will transfer retiree health care obligations to the UAW by 2010. This eliminates more than $50 billion from GM's healthcare tab. It will be funded by $30 billion in cash and $1.4 billion in GM stock paid to the UAW over the next four years of the contract. It also eliminates 70% of the labor cost gap with GM's Japanese rivals.
A strike at American Axle and Manufacturing Holdings Inc. will result in lost production of an additional 230,000 vehicles in the second quarter, with an estimated $1.8 billion impact on earnings before tax, and a total strike cost of $2.81 billion. [31]
Together with the United Auto Workers, GM created a joint venture dedicated to the quality of life needs of employees in 1985. The UAW-GM Center for human resources in Detroit is dedicated to providing GM salaried employees and GM UAW members programs and services related to medical care, diversity issues, education, training and tuition assistance, as well as programs related to work and family concerns, in addition to the traditional union-employer health and safety partnership.[32]
2008 Canadian Auto Workers bargaining
In an unusual move, GM Canada and the Canadian Auto Workers (CAW) union ratified a new collective bargaining contract in May 2008, four months before the expiration of the existing contract. As part of the agreement, among other production commitments, GM pledged to maintain production at the Oshawa, Ontario pickup truck plant. Less than three weeks later, GM announced that rising gasoline prices and falling truck sales made it necessary to close certain truck and SUV plants, including the Oshawa pickup plant.[33] In response, CAW members staged a 12-day blockade of the GM Canada headquarters. After further discussions with the CAW, GM agreed to compensate workers at the truck plant, as well as making product commitments for the Oshawa car assembly plant.[34]
Labor costs
GM has announced elimination of lifetime health benefits for about 100,000 of its white collar retirees at the end of 2008.[35]
Auto racing
General Motors has an extensive history in numerous forms of racing. Vehicles of most, if not all, of GM's brands have been represented in competition, with perhaps Chevrolet being the most prominent. In particular, the Chevrolet Corvette has long been popular and successful in international road racing. GM also is a supplier of racing components, such as engines, transmissions, and electronics equipments.
GM's Oldsmobile Aurora engine platform was successful in the Indy Racing League (IRL) throughout the 1990s, winning many races in the small V-8 class. GM has also done much work in the development of electronics for GM auto racing. An unmodified Aurora V-8 in the Aerotech, captured 47 world records, including the record for speed endurance in the Motorsports Hall of Fame of America. Recently, the Cadillac V-Series has entered motorsports racing. GM has also used many cars in the American racing series NASCAR. Currently the Chevrolet Impala is the only entry in the series but in the past the Pontiac Grand Prix, Buick Regal, Oldsmobile Cutlass, Chevrolet Lumina, Chevrolet Malibu, and the Chevrolet Monte Carlo were also used.
In touring cars (mainly in Europe), Vauxhall is a key player and former champion in the British Touring Car Championship (BTCC) series and competes with a Vauxhall Vectra in Super 2000 spec, although have announced plans to withdraw at the end of 2009. Opel used to participate in the DTM series and also in the 1980s in the World Rally Championship and other Rally Series with Group B Spec Opel Manta's before this category of Rallying was banned. Chevrolet competes with a Chevrolet Cruze in the FIA World Touring Car Championship (WTCC). Tempus Sport and RML also complete with a privately run Lacetti in the BTCC.
In Australia, there is the prestigious V8 Supercar Championship which is battled out by the two main rivals of Holden and Ford. The current Holden Racing Team cars are based on the Holden Commodore and run a 5.0-litre V8-cylinder engine producing 635 bhp (474 kW). These cars have a top speed of 294 km/h (183 mph) and run 0-100 km/h in 3.8 seconds. The Holden Racing Team is Australia's most successful team in Australian Touring Car History. In 2007, the Drivers championship was won by the very closely linked HSV Dealer Team.
Environmental initiatives
The company has long worked on alternative-technology vehicles, and has recently led the industry with ethanol burning flexible-fuel vehicles that can run on either E85 (ethanol) or gasoline. The company was the first to use turbochargers and was an early proponent of V6 engines in the 1960s, but quickly lost interest as the muscle car race took hold. They demonstrated[36] gas turbine vehicles powered by kerosene, an area of interest throughout the industry, but abandoned the alternative engine configuration in view of the 1973 oil crisis. In the 1970s and 1980s, GM pushed the benefits of diesel engines and cylinder deactivation technologies with disastrous results due to poor durability in the Oldsmobile diesels and drivability issues in the Cadillac V8-6-4 variable cylinder engines. In 1987, GM, in conjunction with Aerovironment, built the Sunraycer, which won the inaugural World Solar Challenge and was a showcase of advanced technology. Much of the technology from Sunraycer found its way into the Impact prototype electric vehicle (also built by Aerovironment) and was the predecessor to the EV1.
GM supported a compromise version of the CAFE standard increase from 27 mpg‑US (8.7 L/100 km; 32 mpg‑imp) to 35 mpg‑US (6.7 L/100 km; 42 mpg‑imp), the first such increase in over 20 years.[37]
Hybrid electric initiative
![](http://upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Chevrolet_Volt--DC.jpg/220px-Chevrolet_Volt--DC.jpg)
GM will do 'heavy lifting' toward plug-in goal. [38]
In May 2004, GM delivered the world's first full sized hybrid pickups, the 1/2-ton Silverado/Sierra. These hybrids did not use electrical energy for propulsion, like GM's later designs. In 2005, the Opel Astra diesel Hybrid concept vehicle was introduced. The 2006 Saturn Vue Green Line was the first hybrid passenger vehicle from GM and is also a mild design. GM has hinted at new hybrid technologies to be employed that will be optimized for higher speeds in freeway driving.
GM currently offers two types of hybrid systems. The first type, used in the Saturn Vue, Saturn Aura, and Chevrolet Malibu, is what GM calls the BAS Hybrid system a type of mild hybrid which was canceled in 2009. The second hybrid drive system, co-developed with DaimlerChrysler and BMW, is called a "Two-Mode Hybrid." The two-mode is used by the Chevrolet Tahoe/GMC Yukon and will later be used on the Saturn Vue (cancelled), Cadillac Escalade, GM 1/2-ton pickups and possibly other vehicles.[39]
GM's current hybrid electric models:
- 2009 Saturn Vue Green Line Hybrid
- 2009 Saturn Aura Green Line Hybrid
- 2009 GMC Yukon Hybrid
- 2009 Chevrolet Malibu Hybrid
- 2009 Chevrolet Tahoe Hybrid
- 2009 Cadillac Escalade Hybrid
- 2009 Chevrolet Silverado Hybrid
- 2009 GMC Sierra Hybrid
GM has recently introduced the concept cars Chevrolet Volt and Opel Flextreme, which are electric vehicles with back-up generators, powered by gasoline, E85, or fuel cells. According to GM, a production Chevrolet Volt will be available by late 2010 as a 2011 model.
The GM Magic Bus is a hybrid powered bus.[40]
GM sold 843 hybrids of all types during the first quarter of 2008, according to the industry newspaper Automotive News. Compare that with Ford, which sold 5,225 hybrids during that time. CSM Worldwide, expects GM to seriously increase its hybrid output, turning the automaker into a serious contender within the next few years. He expects it to produce 40,000 to 50,000 hybrids this year, more than doubling last year's production.[41]
All-electric vehicles
![](http://upload.wikimedia.org/wikipedia/commons/thumb/3/30/GM_EV1.jpg/220px-GM_EV1.jpg)
GM was the first company to release an all-electric vehicle. In 1990, GM debuted the revolutionary "Impact" concept car at the Los Angeles Auto Show. It was the first car with zero-emissions marketed in the US in over three decades. The Impact was eventually produced as the EV1 for the 1996 model year. It was available through dealers located in only a few regions (e.g., California, Arizona, Georgia). Vehicles were leased, rather than sold, to individuals. In 2003 GM decided to cease production of the vehicles.
On September 16, 2008, as part of its 100th anniversary celebration, GM unveiled the "production" version of the Chevrolet Volt at the GM headquarters in Detroit.[42]
General Motors has announced that it is building a prototype two-seat electric vehicle with Segway. An early prototype of the Personal Urban Mobility and Accessibility vehicle—dubbed Project P.U.M.A. -- will be shown off in New York a day ahead of the press previews for the 2009 New York International Auto Show.[43]
Battery packs for electric vehicles
GM will build battery packs with LG Chem in Michigan. GM also plans to build an automotive battery laboratory in Michigan.[44] GM will take full responsibility for all the battery management systems and power electronics. The company will build a new factory in Michigan, but a specific site has yet to be announced, in part because negotiations are ongoing with state and local authorities on the usual financial incentives and approvals. LG Chem's US subsidiary, Compact Power of Troy, Michigan, has been building the prototype packs for the development vehicles and will continue to provide integration support and act as a liaison for the program.
Hydrogen initiative
GM has prided its research and prototype development of hydrogen powered vehicles, to be produced in early 2010, using a support infrastructure still in a prototype state. The economic feasibility of the technically challenging hydrogen car, and the low-cost production of hydrogen to fuel it, has also been discussed by other automobile manufacturers such as Ford and Chrysler.
In June 2007, Larry Burns, vice president of research and development, said he's not yet willing to say exactly when hydrogen vehicles will be mass produced, but he said it should happen before 2020, the year many experts have predicted. He said "I sure would be disappointed if we weren't there" before 2020.[45]
Flexible-fuel vehicles
North American market
![](http://upload.wikimedia.org/wikipedia/commons/thumb/8/84/Chevrolet_Impala_FlexFuel_34_MIA_12_2008_with_logo.jpg/220px-Chevrolet_Impala_FlexFuel_34_MIA_12_2008_with_logo.jpg)
GM produces several flexible-fuel vehicles that can operate on E85 ethanol fuel or gasoline, or any blend of both. Since 2006 GM started featuring a bright yellow gas cap to remind drivers of the E85 capabilities,[46][47][48][49] and also using badging with the text "Flexfuel/E85 Ethanol" to clearly mark the car as an E85 FFV.[50][51]
GM is the North American leader in E85 flex fuel vehicles, with over 3 million FlexFuel vehicles on the road in the U.S. As of 2009, GM offers 18 ethanol-enabled FlexFuel cars and trucks in the US, and produce more than one million new FlexFuel vehicles. GM's goal is to have half of their annual vehicle production be E85 or biodiesel capable by 2012.[52]
Despite the significant amount of flex fuel vehicles sold in the US and Canada, the percentage of users actually using ethanol has been very low as many owners are not aware they owned an E85 flex or not enough E85 fueling stations are available nearby, except for the Corn Belt states, where there is a great concentration of E85 stations, as most corn ethanol is produced there.[53][54] A 2005 survey found that 68% of American flex-fuel car owners were not aware they owned an E85 flex.[55] Several critics have argued that GM and the other American automakers have been producing E85 flex models motivated by a loophole in the CAFE (Corporate Average Fuel Economy) requirements, that allows for a fuel economy credit for every flex-fuel vehicle sold, whether or not in practice these vehicles are fueled with E85.[54][56][57] This loophole might have allowed the car industry to meet the CAFE targets in fuel economy just by spending between USD 100 to USD 200 that it cost to turn a conventional vehicle into a flex-fuel, without investing in new technology to improve fuel economy, and saving them the potential fines for not achieving that standard in a given model year.[56][58]
Brazilian market
![](http://upload.wikimedia.org/wikipedia/commons/thumb/3/31/Brazilian_Chevrolet_Celta_FlexPower_four_views_10_2008.jpg/220px-Brazilian_Chevrolet_Celta_FlexPower_four_views_10_2008.jpg)
GM's largest overseas subsidiary is General Motors do Brasil, which started producing flexible-fuel vehicles since its inception in the Brazilian market in 2003. Like other Brazilian flex-fuel vehicles, GM's flex fuel cars and light-duty trucks are optimized to run on any mix of E20-E25 gasoline and up to 100% hydrous ethanol fuel (E100).[55] GM launched its first flex fuel in June 2003, the Chevrolet Corsa 1.8 FlexPower, just two months after the first flex car was launched by another Brazilian carmaker.[59][60]
GM do Brasil also introduced the MultiPower engine in August 2004, which was capable of using natural gas (CNG), ethanol and gasoline (E20-E25 blend) as fuel, and it was used in the multifuel Chevrolet Astra 2.0 model 2005, aimed at the local taxi cab market.[61][62] The Brazilian GM Powertrain unit also developed the EconoFlex technology, used for the first time in the Chevrolet Prisma 1.4, which allows the flex fuel engine to maximize fuel economy and power.[63]
Due to the success and rapid consumer acceptance of the flex versions, GM sold 192,613 flex vehicles and 135,636 gasoline-powered automobiles in 2005,[64] jumping to 501,681 flex-fuel vehicles, while only 949 cars and 6,834 light trucks powered by gasoline were sold in 2007,[65] and reaching new car sales of 535.454 flex fuels in 2008, representing 97 percent of all cars and light duty trucks sold in that year.[66]
Corporate restructuring
After gaining market share in the late 1990s and making enormous profits, General Motors stock soared to over $80 a share. However, stock market decline following the dot-com bubble and later the September 11, 2001 attacks, caused a pension and benefit funds crisis at General Motors and many other American companies. General Motors' rising retiree health care costs and Other Post Employment Benefit (OPEB) fund deficit prompted the company to enact a broad restructuring plan. Although GM had already taken action to fully fund its pension plan, its OPEB fund became an issue for its corporate bond ratings. GM had expressed its disagreement with the bond ratings; moreover, GM's benefit funds were performing at higher than expected rates of return. Then, following a $10.6 billion loss in 2005, GM acted quickly to implement its restructuring plan. For the first quarter of 2006 GM earned $400 million, signaling a turnaround had already begun even though many aspects of the restructuring plan had not yet taken effect. Although retiree health care costs remain a significant issue, General Motors' investment strategy has generated a $17.1 billion surplus in 2007 in its $101 billion U.S. pension fund portfolio, a $35 billion reversal from its $17.8 billion of underfunding.[24]
In February 2005, GM successfully bought itself out of a put option with Fiat for $2 billion USD (€1.55 billion). In 2000, GM had sold a 6% stake to Fiat in return for a 20% share in the Italian automaker. As part of the deal, GM granted Fiat a put option, which, if the option had been exercised between January 2004 and July 2009, could have forced GM to buy Fiat. GM had agreed to the put option at the time, perhaps to keep it from being acquired by another automaker, such as Daimler AG, competing with GM's Opel and Vauxhall marques. The relationship suffered and Fiat had failed to improve. In 2003, Fiat recapitalized, reducing GM's stake to 10%.
In February 2006, GM slashed its annual dividend from 2.00 to $1.00 per share. The reduction saved $565 million a year. In March 2006, GM divested 92.36 million shares (reducing their stake from 20% to 3%) of Japanese manufacturer Suzuki, in order to raise $2.3 billion. GM originally invested in Suzuki in the early 1980s.
On March 23, 2006, a private equity consortium including Kohlberg Kravis Roberts, Goldman Sachs Capital, and Five Mile Capital purchased $8.8 billion, or 78% of GMAC's commercial mortgage arm. The name of the new entity, in which GMAC owns a 21% stake, is Capmark Financial Group.[67]
On April 3, 2006, GM announced that it would sell 51% of GMAC as a whole to a consortium led by Cerberus Capital Management, raising $14 billion over three years. Investors also included Citigroup's private equity arm and Aozora Bank of Japan. The group will pay GM $7.4 billion in cash at closing. GM will retain approximately $20 billion in automobile financing worth an estimated $4 billion over three years.
GM sold its remaining 8% stake in Isuzu, which had peaked at 49% just a few years earlier,[68] on April 11, 2006, to raise an additional $300 million.[69] 12,600 workers from Delphi, a key supplier to GM, agreed to buyouts and an early retirement plan offered by GM in order to avoid a strike, after a judge agreed to cancel Delphi's union contracts. 5,000 Delphi workers were allowed to flow to GM.
On June 28, 2007, GM agreed to sell its Allison Transmission division to private-equity firms Carlyle Group and Onex for $5.1 billion. The deal will increase GM's liquidity and echoes previous moves to shift its focus towards its core automotive business. The two firms will control seven factories around Indianapolis but GM will retain management of a factory in Baltimore. Former Allison Transmission president Lawrence E. Dewey will be the new CEO of the standalone company.[70]
Kirk Kerkorian once owned 9.9 percent of GM. According to press accounts from June 30, 2006, Kerkorian suggested that Renault acquire a 20 percent stake in GM to rescue GM from itself. A letter from Tracinda to Rick Wagoner was released to the public,[71] to pressure GM's executive hierarchy,[72] but talks failed.[73] On November 22, 2006, Kerkorian sold 14 million shares of his GM stake (it is speculated that this action was due to GM's rejection of Renault and Nissan's bids for stakes in the company as both of these bids were strongly supported by Kerkorian); the sale resulted in GM's share price falling 4.1% from its 20 November price, although it remained above $30/share.[74] The sale lowered Kerkorian's holding to around 7% of GM. On November 30, 2006, Tracinda said it had agreed to sell another 14 million shares of GM, cutting Kerkorian's stake to half of what it had been earlier that year.[75] By the end of November 2006, he had sold substantially all of his remaining GM shares.[76] After Kerkorian sold, GM lost more than 90% of its value, falling as low as $1/share by May 2009.[77]
On February 12, 2008, GM announced its actual loss was $2 billion ($39 billion for a one time accounting charge). GM has offered buyouts to all its UAW members.
On March 24, 2008, GM reported a cash position of $24 billion, or $6 billion less than what was on hand September 31, 2007, which is a loss of $1 billion a month.[78] A further quarterly loss of $15.5 billion, the third-biggest in the company's history, was announced on August 1, 2008.[79]
On November 17, 2008, GM announced it would sell its stake in Suzuki Motor Corp., (3.02%) for 22.37 billion yen ($230 million),[80] in order to raise much needed cash to get through the 2008 economic crisis.
On May 30, 2009, it was announced that a deal had been reached to transfer GM's Opel assets to a separate company, majority-owned by a consortium led by Sberbank of Russia (35%), Magna International (20%), and Opel employees (10%). GM is expected to keep a 35% minority stake in the new company.[81] However, GM delayed acceptance of the deal pending other bids, notably a proposed 51% stake by Beijing Automotive. By early July, a decision had not been made, but Magna remained confident and scheduled a meeting for July 14 to announce its acceptance.[82]
Chapter 11 filing June 2009
![](http://upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/40px-Wikinews-logo.svg.png)
As part of a reorganization plan agreed to with the U.S., Canadian and Ontario governments, and the company's unions, General Motors filed for Chapter 11 Bankruptcy protection in a Manhattan court in New York on June 1, 2009, at approximately 8:00 am.[5] The petition is for the largest bankruptcy filing of a U.S. industrial company and the fourth-largest bankruptcy in terms of assets in U.S. history at the time of filing.[83][84][85][86]
As ranked by total assets, the bankruptcy is the fourth-largest in U.S. history, after Lehman Brothers Holdings Inc., Washington Mutual and WorldCom Inc.[13] The case was assigned to U.S. Bankruptcy Judge Robert Gerber. Gerber presided over the bankruptcy of Adelphia Communications Corp.[83]
Shortly after the Chapter 11 filing, it was announced that as of Monday, June 8, 2009, GM would be removed from the Dow Jones Industrial Average, to be replaced by Cisco Systems. This coincided with the announcement that Citigroup Financial would also be removed and replaced by insurer, Travelers Co.[87] From Tuesday, 2 June, GM stock will trade on the Pink Sheets under the symbol GMGMQ.
Core brand focus
Post-bankruptcy, GM will focus primarily on its four core brands—Chevrolet, Cadillac, Buick, and GMC—while selling, discontinuing, or scaling back its other brands. GM announced plans to sell its iconic Hummer brand of premium off-road vehicles to a Chinese company, Sichuan Tengzhong Heavy Industrial Machinery Company. The Hummer H2 led the 2009 list of "meanest vehicles for the environment," which is part of the annual "Green Book" produced by the American Council for an Energy Efficient Economy. The White House characterized the GM restructuring as a shift toward a new leaner, greener GM, which will aim to break even with annual sales of 10 million cars. GM previously had to sell more than 16 million vehicles per year to break even. President Obama declared that the restructuring "will mark the end of an old GM, and the beginning of a new GM; a new GM that can produce the high-quality, safe, and fuel-efficient cars of tomorrow; that can lead America towards an energy independent future; and that is once more a symbol of America's success."[88]
Timeline 2008-09
![](http://upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/40px-Wikinews-logo.svg.png)
- October 10, 2008: GM considered exchanging its remaining 49% stake in GMAC to Cerberus Capital Management for Chrysler LLC, potentially merging two of Detroit's "Big Three" automakers.[89] Acquisition talks involving Chrysler were cancelled, however, before November 7, 2008, as part of a broader response to the increasing urgency of GM's own cash flow problems. That was a result of Chrysler's senior bank debt currently trading at less than 50 cents on the dollar and because Chrysler's other owner – Daimler, formerly DaimlerChrysler – recently revalued its 19.9% Chrysler stake down to zero, which may or may not reflect its value in a potential sale.[90]
- December 12, 2008: General Motors stated that it was nearly out of cash, and may not survive past 2009. The U.S. Senate voted and strongly opposed any source of government assistance through a bailout bridge loan (originally worth $14 billion in emergency aid) which was aimed toward helping the struggling Big Three automakers financially, despite strong support from President George W. Bush and President-elect Barack Obama, along with some mild support from the Democratic and Republican political parties.
- Prior to the U.S. Senate's announcement, General Motors announced that it had hired several lawyers to discuss the possibility of filing for bankruptcy, with Chapter 11 bankruptcy being one of the options discussed. GM stated that "all options are on the table" for the company. Chrysler LLC, which is owned by Cerberus Capital Management, in a similar financial situation, warned that it, too, was nearly out of cash and might not survive much longer.
- December 18, 2008: President Bush announced that an "orderly" bankruptcy was one option being considered for both General Motors and Cerberus-owned Chrysler LLC. Sources said that setting up this type of "orderly" bankruptcy would be complicated because it would not only involve talks with the automakers, but also the unions and other stakeholders would have to be involved.
- December 19, 2008: President Bush approved a bailout plan and gave General Motors and Chrysler $13.4 billion in financing from TARP (Troubled Assets Relief Program) funds, as well as $4 billion to be "withdrawn later."
- As of February 14, 2009: General Motors was considering filing for Chapter 11 bankruptcy under a plan that would assemble all of their viable assets, including some U.S. brands and international operations, into a new company.[91] Less than a week later, its Saab subsidiary filed for bankruptcy protection in Sweden.[92]
- March 5, 2009: GM's independent public accounting firm (Deloitte & Touche) issued a qualified opinion as part of GM's 2008 annual report that stated "[these conditions] raise substantial doubt about its ability to continue as a going concern."[93] A qualified going concern audit letter like this is only issued by the auditors when the company is in extreme financial distress and it is likely that it may file for bankruptcy protection.[94]
- March 12, 2009: GM's CFO Ray Young said that it would not need the requested $2B in March noting that the cost-cutting measures are starting to take hold.[95]
- March 29, 2009: GM's Chairman and CEO, Rick Wagoner, agreed to immediately resign his position as part of an Obama administration automotive restructuring plan. Wagoner was replaced by Fritz Henderson.[96] In announcing that plan, on March 30, 2009, President Obama stated that both GM and Chrysler may need to use "our bankruptcy code as a mechanism to help them restructure quickly and emerge stronger."[97] He also announced that the warranties on cars made by these companies would be guaranteed by the U.S. Government.
- March 31, 2009: President Barack Obama announced that he would give GM 60 additional days to try and restructure their company and prove their viability. If they succeeded, Washington would provide General Motors with additional bridge loans. However, if GM could meet the requirements set by the White House, a prepackaged bankruptcy is probable. President Obama reiterated that GM will be part of the future even if bankruptcy is necessary.[98]
- April 22, 2009: GM stated that it will not be able to make their June 1, 2009 debt payment.[99]
- April 24, 2009: GM announced that they will be scrapping the Pontiac brand in an effort to invest more money into their major brands (Buick, Cadillac, Chevrolet, and GMC).[100]
- May 4, 2009: German Economy Minister Karl-Theodor zu Guttenberg said Fiat (among others)[101] might be interested in the GM European unit. [102]
- June 1, 2009: GM filed for Chapter 11 Bankruptcy,[83] the fourth largest filing in the United States history after Lehman Brothers, Washington Mutual, and Worldcom.[13]
Politics
In the 2008 election cycle, General Motors contributed $802,414, with 52% of that amount going to the Democrats and 48% to the Republicans.[103] GM's Saturn division put up a display at the 2009 Detroit Auto Show congratulating Barack Obama on his election as the first African-American president of the United States.[104]
Environmental issues
In the middle of 1999, the Environmental Protection Agency (EPA) removed 23,000 cubic yards (18,000 m3) of contaminated sediments and soil from the General Motors site in Massena, New York for disposal at a licensed facility in Utah. The amount contained 13,000 cubic yards (9,900 m3) of contaminated sediments dredged from the St. Lawrence River. The sediments had been stored on the site since 1995. There was also 10,000 cubic yards (7,600 m3) of contaminated sludge from the active wastewater treatment plant on the General Motors property.[105] General Motors was ranked 20th in the 2002 Toxic 100. The company released 12,771,830 pounds of gases in the year 2002.
In September 2006, the state of California filed suit against General Motors, Chrysler, Nissan, Toyota, Honda, and Ford. The companies were accused of producing cars that emitted over 289 million metric tons of carbon per year in the United States, accounting for nearly 20% of carbon emissions in the United States and 30% of carbon emissions in California. This lawsuit was dismissed by a judge in September 2007.[106]
The Union of Concerned Scientists ranked General Motors as seventh of the top eight manufacturers in terms of environmental impact. The company offers the most cars getting 30 mpg‑US (7.8 L/100 km; 36 mpg‑imp) or better, and also sells vehicles getting under 15 mpg‑US (16 L/100 km; 18 mpg‑imp).[107]
See also
People
- Irving Jacob Reuter
- Alfred P. Sloan
- William C. Durant
- Robert Lutz
- Wayne Cherry
- John DeLorean
- Ray G. Young
Books and films
- Final Offer – A documentary film that shows the 1984 GM contract negotiations, that would result in the union split of the Canadian arm of the UAW.
- Roger & Me – the first movie by filmmaker Michael Moore. The film criticizes General Motors for closing down its factories in Moore's hometown of Flint, Michigan, despite record profits. After Flint residents lose their many jobs at GM, Moore claims the town descends into economic chaos.
- Who Killed the Electric Car? – A documentary film charting GM's launch, then alleged self-sabotage of the electric car EV1.
- General Motors is mentioned several times in Wheels a novel by Arthur Hailey
Active brands (as of 2009)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/40px-Wikinews-logo.svg.png)
- GMC (1901–present)
- Cadillac (1902–present)
- Buick (1903–present)
- Chevrolet (1911–present)
- Pontiac (1926–2010:Thus Active)
- Daewoo (1937–present)
- Wuling (2002–present)
- Holden (1948–present)
Defunct brands
- Acadian (1962–1971, Canada)
- Asüna (1993, Canada)
- Beaumont (1966–1969, Canada)
- Bedford Vehicles (1930–1987, UK)
- Elmore (1909–1912)
- Envoy (1960–1970, Canada)
- Geo (1989–1997)
- LaSalle (1927–1940)
- Marquette (1930)
- Oakland (1907–1931)
- Oldsmobile (1897–2004)
- Rapid Truck (1909–1912)
- Reliance Truck (1909–1912)
- Samson Tractor (tractor manufacturer) (1917–1922)
- Statesman (1971–1984)
- Viking (1929–1931)
- General Motors Diesel Division
Brands in the process of being sold
- Saturn (1985–2009) (ongoing process)
- Hummer (1992–2009) (ongoing process)
- Saab Automobile (1989–2009) (ongoing process)
- Opel (1929–2009) (ongoing process)
- Vauxhall (1925–2009) (ongoing process)
Former affiliates
Fiat (2000–2005, GM owned 20% at one time with put option)[108]
Fuji Heavy Industries, manufacturer of Subaru (1999–2006, was 20% owned by GM) [109]
Isuzu (1971–2006, GM owned 49% at one time) [110]
Suzuki (1981–2008, GM owned over 20% at one time) [111]
Spin-offs
- GM Defense 1950–2003 was once part of General Motors Diesel Division and as General Dynamics Land Systems division of General Dynamics
- Electro Motive Division of General Motors was also once part of General Motors Diesel Division and now known as Electro-Motive Diesel
- Detroit Diesel sold to Penske Corporation; broken up and portion sold to the former Daimler-Chrysler AG (now Daimler AG); now part of Daimler AG
- Transit division was sold to Motor Coach Industries and Transportation Manufacturing Corporation
- RTS and Classic bus rights owned by MCI And TMC were sold off to Nova Bus; now produced by Millennium Transit Services
- Diesel Division of General Motors of Canada Limited spun off and later acquired by General Motors Canada as Diesel Division of General Motors of Canada Limited
- EDS – Electronic Data Systems
- Hughes Electronics (Now The DirecTV Group(Liberty Media))
- 1999 GM spun off its parts making operations as Delphi
Subsidiaries
- AC Delco
- Adam Opel GmbH (Majority share of Vauxhall and Opel sold to Magna International)
- Vauxhall Motors (Majority share of Vauxhall and Opel sold to Magna International)
- General Motors Acceptance Corporation 51% stake sold to Cerberus Capital management for $14.7 billion in late 2006.
- General Motors Canada
- General Motors do Brasil
- General Motors India
- Global Hybrid Cooperation
- General Motors South Africa
- GM-AvtoVAZ
- GM Daewoo (50.9%)
- GM Europe
- GM Holden Ltd
- GM Performance Division
- GM Powertrain Europe
- OnStar
- Shanghai GM (50%)
- SAIC-GM-Wuling Automobile Joint venture in China.
Industry associations
Competitions
Categories
- List of GM platforms
- List of GM engines
- List of GM transmissions
- List of GM factories
- GM vehicles by brand
- Tribrid
Notes
- ^ "U.S. Lays Down Terms for Auto Bailout". New York Times. 2009-03-30. Retrieved 2009-03-30.)
- ^ a b c d e "GM Reports Calendar Year 2008 Financial Results". Retrieved 2009-05-07.
- ^ General Motors Company Overview, Hoovers. Retrieved 2009-06-02.
- ^ a b Strott, Elizabeth (2009-01-21). "Toyota takes sales crown from GM". MSN Money. Microsoft Money. Retrieved 2009-06-01.
- ^ a b "GM Announces Agreement with U.S. Treasury and Canadian Governments Providing Fast Track to Competititve Future for "New GM"". General Motors Press Release. June 1, 2009.
- ^ "GM Media Online". Media.gm.com. 2009-01-21. Retrieved 2009-06-01.
- ^ a b c d Industry Canada (2009-03-30). "The Governments of Canada and Ontario Reject Automakers' Restructuring Plans". Retrieved 2009-April-06.
{{cite web}}
: Check date values in:|accessdate=
(help) - ^ a b General Motors (April 27, 2009). "GM Accelerates its Reinvention as a Leaner, More Viable Company". Retrieved April 27, 2009.
- ^ a b "Treasury lends $2 billion more to General Motors". Associated Press. 2009-04-25. Retrieved 2009-April-26.
{{cite news}}
: Check date values in:|accessdate=
(help) - ^ a b USA Today (2009-04-24). "GM gets another $2B in taxpayer loans, expected to scrap Pontiac". Retrieved 2009-April-26.
{{cite web}}
: Check date values in:|accessdate=
(help) - ^ a b Deborah C. Sawyer, The Canadian Encyclopedia. "General Motors of Canada Limited". Retrieved 2009-April-26.
{{cite web}}
: Check date values in:|accessdate=
(help) - ^ a b 12:11 p.m. ET. "Obama: GM bankruptcy viable, achievable - Autos- msnbc.com". MSNBC. Retrieved 2009-06-01.
{{cite web}}
: CS1 maint: numeric names: authors list (link) - ^ a b c d "The 10 Largest U.S. Bankruptcies: From Lehman to Texaco, the Mighty Have Fallen, Taking Down Billions and Billions with Them". money.cnn.com. Fortune. June 1, 2009. Retrieved June 1, 2009.
- ^ "Howes: GM's 20-year global plan unraveling". detnews.com. March 5, 2009. Retrieved 2009-06-01.
- ^ "Site Profile for gm.com (rank #1,388)". Siteanalytics.compete.com. Retrieved 2009-06-01.
- ^ "Going Global". New York Times. 2009-06-04. Retrieved 2009-06-06.
- ^ Safe Kids USA. SK Buckle Up usa.safekids.org. Retrieved 24/02/08.
- ^ GM Philanthrophy.
- ^ "GM Reports Best December Since 1979". Theautochannel.com. 2004-11-17. Retrieved 2009-06-01.
- ^ "GM Reports December 2005 and Year Results". Theautochannel.com. 2006-01-05. Retrieved 2009-06-01.
- ^ "GM Media Online". Media.gm.com. 2007-01-03. Retrieved 2009-06-01.
- ^ "GM Media Online". Media.gm.com. 2009-01-05. Retrieved 2009-06-01.
- ^ General Motors Corporation SEC filing 10-Q 3rd-quarter 2008, p.113
- ^ a b Sloan, Allan (April 10, 2007).GM's High-Performance Pension Machine Washington Post, D02.
- ^ "GM Cancels All Future Full-Size SUVs". Worldcarfans. Retrieved 2009-06-01.
- ^ 19:57:37. "Авто@Mail.Ru". Auto.mail.ru. Retrieved 2009-06-01.
{{cite web}}
:|author=
has numeric name (help) - ^ Vlasic, Bill (2008-10-25). "General Motors, Driven to the Brink". The New York Times. Retrieved 2008-10-27.
{{cite news}}
: Unknown parameter|coauthors=
ignored (|author=
suggested) (help) - ^ Bunkley, Nick (2008-12-23). "It's the End of the Line for S.U.V.'s". The New York Times. Retrieved 2008-12-23.
{{cite news}}
: Unknown parameter|coauthors=
ignored (|author=
suggested) (help) - ^ "Restructured GM to Build a New Small Car in the United States". United States Department of Energy. June 3, 2009.
- ^ "GM becomes top-selling foreign automaker in China". Detroit News. Retrieved April 10 2007.
{{cite web}}
: Check date values in:|accessdate=
(help); Unknown parameter|dateformat=
ignored (help) - ^ GM's Cost - Auto News Report
- ^ "Welcome to the UAW-GM Center for Human Resources". UAW-GM Joint Activity System. Retrieved on June 19, 2007.
- ^ "GM Media Online". Media.gm.com. 2008-06-03. Retrieved 2009-06-01.
- ^ "This page is available to GlobePlus subscribers". Theglobeandmail.com. Retrieved 2009-06-01.
- ^ Thomas, Cal. "Cal Thomas Official Web Site - BREAKDOWN". Calthomas.com. Retrieved 2009-06-01.
- ^ America's First Turbine Car
- ^ GM workers lobbying for less-stringent CAFE rule
- ^ http://www.autonews.com/article/20090624/ANE02/306249996/1186
- ^ Tom Higgs, "Patents General Motors". October 17, 2008
- ^ "GM's Hybrid Propulsion System for Transit Buses". Retrieved 2007-05-22.
- ^ Valdes-Dapena, Peter GM gets on the hybrid highway, CNNMoney, April 23, 2008. Retrieved 2008-07-06.
- ^ "GM Media Online". Media.gm.com. 2008-09-16. Retrieved 2009-06-01.
- ^ "GM to roll out two-seat, urban electric prototype | detnews.com | The Detroit News". detnews.com. Retrieved 2009-06-01.
- ^ "EERE News: GM to Buy Lithium-Ion Batteries for the Chevy Volt from LG Chem". Apps1.eere.energy.gov. 2009-01-14. Retrieved 2009-06-01.
- ^ Tom Krisher, "GM steps up work on hydrogen cars", Business Week. June 15, 2007
- ^ Ken Thomas (2007-05-07). "'Flex-fuel' vehicles touted". USA Today. Retrieved 2008-09-15.
- ^ Christine Gable and Scott Gable. "Yellow E85 gas cap". About.com: Hybrid Cars & Alt Fuels. Retrieved 2008-09-18.
- ^ John Neff (2006-10-06). "More gas cap news: Chrysler going yellow for E85". AutoBlog. Retrieved 2008-10-08.
- ^ Sam Abuelsamid (2007-03-28). "AFVI: Ford confirms that all 2008 police interceptors will be flex-fuel". AutobogGreen. Retrieved 2008-10-08.
- ^ Christine Gable and Scott Gable. "2008 Chevrolet Silverado 1500 4WD LT2 flex-fuel truck test drive". About.com: Hybrid Cars & Alt Fuels. Retrieved 2008-10-03.
- ^ Christine Gable and Scott Gable. "2007 Chevrolet Suburban 4WD 1500 LT test drive". About.com: Hybrid Cars & Alt Fuels. Retrieved 2008-10-03.
- ^ General Motors | Fuel Economy & Alternative Fuels - E85 Ethanol
- ^ National Renewable Energy Laboratory USDoE (2007-09-17). "Alternative and Advanced Vehicles: Flexible Fuel Vehicles". Alternative Fuels and Advanced Vehicles Data Center. Retrieved 2008-08-19.
- ^ a b Sperling, Daniel and Deborah Gordon (2009). Two billion cars: driving toward sustainability. Oxford University Press, New York. pp. 73–743. ISBN 978-0-19-537664-7.
- ^ a b Goettemoeller, Jeffrey; Adrian Goettemoeller (2007). Sustainable Ethanol: Biofuels, Biorefineries, Cellulosic Biomass, Flex-Fuel Vehicles, and Sustainable Farming for Energy Independence. Prairie Oak Publishing, Maryville, Missouri. pp. 56–61. ISBN 978-0-9786293-0-4.
{{cite book}}
: CS1 maint: multiple names: authors list (link) - ^ a b Alexei Barrionuevo and Micheline Maynard (2006-08-31). "Dual-Fuel Vehicles Open Mileage Loophole for Carmakers". New York Times. Retrieved 2008-10-22.
- ^ Inslee, Jay; Bracken Hendricks (2007). Apollo's Fire. Island Press, Washington, D.C. pp. 153–155, 160–161. ISBN 978-1-59726-175-3.
{{cite book}}
: CS1 maint: multiple names: authors list (link) See Chapter 6. Homegrown Energy. - ^ "Bumpy ride for biofuels". Economist. 2008-01-18. Retrieved 2008-09-14.
- ^ "Volkswagen to stop making gas-only cars for Brazil". Automotive News. 2006-03-23. Retrieved 2008-10-18.
- ^ "Chevrolet Apresenta seu Novo Motor 1.8 Flexpower, mais Potente e Econômico" (in Portuguese). 2005-09-22. Retrieved 2009-04-18.
- ^ GNVNews (2006). "Montadores Investem nos Carros á GNV" (in Portuguese). Institutio Brasileiro de Petroleo e Gas. Retrieved 2009-04-19.
{{cite web}}
: Unknown parameter|month=
ignored (help) - ^ "Astra é líder no segmento dos compactos em 2004: As versões do Chevrolet Astra 2005" (in Portuguese). Journal Express. 2005-01-18. Retrieved 2009-04-19.
- ^ "1.4 Econo.Flex, o motor que pulsa forte no coração do Prisma, o novo sedã Chevrolet" (in Portuguese). Chevrolet (Brazil). Retrieved 2009-04-18.
- ^ "Tabela 08 - Vendas Atacado Mercado Interno por Tipo e Empresa - Combustível Flex Fuel - 2005" (PDF) (in Portuguese). ANFAVEA - Associação Nacional dos Fabricantes de Veículos Automotores (Brazil). Retrieved 2009-04-16. See Table 08 for flex-fuel sales and Table 07 for gasoline sales.
- ^ "Tabela 08 - Vendas Atacado Mercado Interno por Tipo e Empresa - Combustível Flex Fuel - 2007" (PDF) (in Portuguese). ANFAVEA - Associação Nacional dos Fabricantes de Veículos Automotores (Brazil). Retrieved 2009-04-16. See Table 08 for flex-fuel sales and Table 07 for gasoline sales.
- ^ "Tabela 08 - Vendas Atacado Mercado Interno por Tipo e Empresa - Combustível Flex Fuel - 2008" (PDF) (in Portuguese). ANFAVEA - Associação Nacional dos Fabricantes de Veículos Automotores (Brazil). Retrieved 2009-04-16. See Table 08.
- ^ "article". Detroit Free Press. Retrieved March 23 2006.
{{cite web}}
: Check date values in:|accessdate=
(help); Unknown parameter|dateformat=
ignored (help) - ^ "GM sells Isuzu stake - Latest Car News from 4Car". Channel4.com. Retrieved 2009-06-01.
- ^ "GM sells Isuzu shares for $300 million". Detroit News. Retrieved 2006-04-12.
- ^ GM Agrees to Sell Allison Transmission Unit, The Wall Street Journal, June 29, 2007
- ^ "Tracinda Corp, et al. - SC 13D/A - General Motors Corp - On 6/30/06 - EX-10.1". SEC Info. Retrieved 2009-06-06.
- ^ "Kerkorian Seeks GM Partnership With Renault, Nissan (Update12)". Bloomberg.com. Retrieved 2009-06-06.
- ^ G.M. Ends Talks With Renault and Nissan - New York Times
- ^ "Historical prices for GMGMQ (General Motors Corporation) - Google Finance". Finance.google.com. Retrieved 2009-06-06.
- ^ Kerkorian sells another 14 million GM shares at discount - Nov. 30, 2006
- ^ "Kerkorian Sells His Remaining GM Holdings, Person Familiar Says". Bloomberg.com. Retrieved 2009-06-06.
- ^ "GM - GEO Minerals Ltd. - Google Finance". Google.com. 2008-08-31. Retrieved 2009-06-06.
- ^ GM Cash Burn 1B per month - Auto News Report - May 29, 2008
- ^ Bensinger, Greg (August 1, 2008). "GM's $15.5 Billion Loss Is Third-Biggest in a Century". Bloomberg. Retrieved 2008-08-02.
{{cite news}}
: Unknown parameter|coauthors=
ignored (|author=
suggested) (help) - ^ GM to sell stake in Suzuki to raise cash - November 17, 2008
- ^ "Germany picks Magna to save Opel". BBC. May 30, 2009.
- ^ http://www.autonews.com/article/20090706/COPY01/307069857/1128
- ^ a b c Sandler, Linda (June 1, 2009). "GM Files Bankruptcy to Spin Off More Competitive Firm (Update4)". Bloomberg.com. Bloomberg LP. Retrieved June 1, 2009.
{{cite news}}
: Unknown parameter|coauthors=
ignored (|author=
suggested) (help) - ^ Sanger, David E. (May 31, 2009). "G.M. to Seek Bankruptcy and a New Start: A Risky Bet to Save an Icon of American Capitalism". New York Times. Retrieved June 1, 2009.
{{cite news}}
: Unknown parameter|coauthors=
ignored (|author=
suggested) (help) - ^ Sanger, David E. (May 31 2009). "G.M. to Seek Bankruptcy and a New Start". New York Times. Retrieved June 1, 2009.
{{cite news}}
: Check date values in:|date=
(help) - ^ Maynard, Micheline (May 29, 2009). "After 93 Years, G.M. Shares Go Out on a Low Note". New York Times. Retrieved June 1, 2009.
- ^ Hall, Kevin (June 1 2009). "Humbled GM files for Chapter 11 bankruptcy". miamiherald.com. Retrieved June 1 2009.
{{cite news}}
: Check date values in:|accessdate=
and|date=
(help); Text "publisher McClatchy Newspapers" ignored (help) - ^ "EERE News: Restructured GM to Build a New Small Car in the United States". Apps1.eere.energy.gov. Retrieved 2009-06-06.
- ^ Reports: Chrysler, GM discuss merger, acquisition
- ^ Bloomberg.com GM Says It May Run Out of Operating Cash This Year (Update2) By Jeff Green and Mike Ramsey
- ^ "GM considering Chapter 11 filing, new company: report | U.S." Reuters. 2009-02-14. Retrieved 2009-06-01.
- ^ Dougherty, Carter and Maynard, Micheline (February 20, 2009). "Saab Distances Itself from GM". New York Times.
{{cite news}}
: CS1 maint: multiple names: authors list (link) - ^ Langlois, Shawn and Goldstein, Steve (March 5, 2009). "GM, auditor express doubts over survival". MarketWatch.
{{cite news}}
: CS1 maint: multiple names: authors list (link) - ^ Tom Krisher (March 5, 2009). "GM's Auditors Raise the Specter of Bankruptcy". Yahoo! Finance.
- ^ 11:50 a.m. ET (2009-03-12). "GM says it doesn't need $2B from government - Autos- msnbc.com". MSNBC. Retrieved 2009-06-01.
{{cite web}}
: CS1 maint: numeric names: authors list (link) - ^ Stolberg, Sheryl Gay, and Vlasic, Bill (March 30, 2009]). "U.S. Lays Down Terms for Auto Bailout". New York Times.
{{cite news}}
: Check date values in:|date=
(help)CS1 maint: multiple names: authors list (link) - ^ President Obama's remarks on U.S. auto industry, March 30, 2009
- ^ "Obama: GM Gets 60 Days to Restructure, Otherwise Quick Surgical Bankruptcy | GM-VOLT : Chevy Volt Electric Car Site". Gm-Volt. Retrieved 2009-06-01.
- ^ Detroit Free Press. April 22, 2009
- ^ Valdes, Peter. "GM to pull the plug on Pontiac car brand - Apr. 24, 2009". Money.cnn.com. Retrieved 2009-06-01.
- ^ "Not So Fast, Fiat: Russians Interested in Opel, Too". Auto Observer. 2009-05-06. Retrieved 2009-06-01.
- ^ "Fiat targets GM unit". .journalnow.com. 2009-05-05. Retrieved 2009-06-01.
- ^ Top Contributors to Federal Candidates and Parties: Automotive
- ^ Hardigree, Matt (2009-01-12). "GM Sucks Up To Obama. Hard. - 2009 detroit auto show". Jalopnik. Retrieved 2009-06-01.
- ^ Cahill, Rich (06/10/1999). "GM To Start Removal Of Contaminated Sediments and Soils Next Week At Federal Superfund Site in Massena, New York". New York: EPA. Retrieved 01/06/2009.
{{cite web}}
: Check date values in:|accessdate=
and|date=
(help); Cite has empty unknown parameters:|month=
and|coauthors=
(help) - ^ http://articles.latimes.com/2007/sep/18/business/fi-warmsuit18
- ^ UCS Automaker Rankings 2007
- ^ "Italy: Hapless Fiat wants to force GM hand". UPI.com. Retrieved 2009-06-01.
- ^ October 06, 2005 (2005-10-06). "GM to Sell Its Stake in Fuji Heavy Industries - Los Angeles Times". Articles.latimes.com. Retrieved 2009-06-01.
{{cite web}}
: CS1 maint: numeric names: authors list (link) - ^ "GM sells Isuzu shares for $300 million to Japanese trading companies, bank". Usatoday.Com. 2006-04-11. Retrieved 2009-06-01.
- ^ "GM Sells Equity Stake in Suzuki". Cartype. 2008-11-17. Retrieved 2009-06-01.
References
Further reading
- Articles
- "G.M.'s Road From Prosperity to Crisis". New York Times. May 31, 2009. Retrieved June 1, 2009.
- "Automotive Industry Crisis". New York Times. undated. Retrieved June 1, 2009.
{{cite news}}
: Check date values in:|date=
(help); Text "accessdate + june 1 2009" ignored (help)
- Books
- Barabba, Vincent P. Surviving Transformation: Lessons from GM's Surprising Turnaround (2004)
- Chandler, Alfred D., Jr., ed. Giant Enterprise: Ford, General Motors, and the Automobile Industry 1964.
- Cray, Ed. Chrome Colossus: General Motors and Its Times. 1980.
- Farber, David. Sloan Rules: Alfred P. Sloan and the Triumph of General Motors U of Chicago Press 2002
- Gustin, Lawrence R. Billy Durant: Creator of General Motors, 1973.
- Halberstam, David. The Reckoning (1986) detailed reporting on the crises of 1973 – mid 1980s
- Keller, Maryann. Rude Awakening: The Rise, Fall, and Struggle for Recovery of General Motors, 1989.
- Leslie, Stuart W. Boss Kettering: Wizard of General Motors Columbia University Press, 1983.
- Maxton, Graeme P. and John Wormald, Time for a Model Change: Re-engineering the Global Automotive Industry (2004)
- Maynard, Micheline. The End of Detroit: How the Big Three Lost Their Grip on the American Car Market (2003)
- Pelfrey, William. Billy, Alfred, and General Motors: The Story of Two Unique Men, a Legendary Company, and a Remarkable Time in American History (2006)
- Rae, John B. The American Automobile: A Brief History. University of Chicago Press, 1965.
- Sloan, Alfred P., Jr. My Years with General Motors, 1963.
- Weisberger, Bernard A. The Dream Maker: William C. Durant, Founder of General Motors, 1979
External links
![](http://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png)
- Companies established in 1908
- Companies formerly listed on the London Stock Exchange
- Automotive transmission makers
- Former components of the DJIA
- Car manufacturers of the United States
- General Motors
- Motor vehicle manufacturers of the United States
- Hybrid electric bus manufacturers
- Companies based in Detroit, Michigan
- Car manufacturers
- Companies that have filed for Chapter 11 bankruptcy
- Companies listed on the Pink Sheets
- Electric vehicle manufacturers