General Motors – Wikipedia, the free encyclopedia

19 Mar 2015 | Author: | Comments Off on General Motors – Wikipedia, the free encyclopedia
Chevrolet Monte Carlo

General Motors

General Motors Company LLC . commonly known as GM . is an American multinational holding corporation headquartered in Detroit, Michigan that, through its subsidiaries, designs, manufactures, markets and distributes vehicles and vehicle parts and sells financial services. General Motors produces vehicles in 37 countries under thirteen brands, including Alpheon. Chevrolet.

Buick. GMC. Cadillac. Baojun. Holden. HSV. Jie Fang. Opel. Vauxhall. UzDaewoo. and Wuling. [ 4 ] [ 5 ] As well as owning shares in PSA Peugeot Citroen. General Motors employs 212,000 people and does business in 157 countries. [ 1 ] General Motors is divided into five business segments: GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA), and GM Financial . [ 6 ] (pp12, 13)

General Motors led global vehicle sales for 77 consecutive years from 1931 through 2007, longer than any other automaker, and is currently among the world’s largest automakers by vehicle unit sales. [ 7 ]

General Motors acts in most countries outside the USA via wholly owned subsidiaries, but operates in China through 10 joint ventures. [ 6 ] :pp.18, 96 GM’s OnStar subsidiary provides vehicle safety, security and information services.

In 2009, General Motors shed several brands, closing Saturn. Pontiac and Hummer. and emerged from a government backed Chapter 11 reorganization. In 2010, GM made an initial public offering that was one of the world’s top 5 largest IPOs to date and returned to profitability later that year. [ 8 ]


History [ edit ]

The longest-lived continuous automobile nameplate still in production in the world is the Chevrolet Suburban

The next year, 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. Durant then reorganized General Motors Company into General Motors Corporation in 1916.

Shortly after, he again lost control, this time for good, after the new vehicle market collapsed. Alfred P. 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 operated 150 assembly plants.

Chevrolet Monte Carlo

GM led global sales for 77 consecutive years from 1931 through 2007, longer than any other automaker. In 2008, 2009, and 2010, GM has ranked as the second largest global automaker by sales. The company regained its position as the world’s largest automaker, by vehicle unit sales, in 2011. [ 7 ] Along the way, a failure to obtain government loans caused GM to file for Chapter 11 bankruptcy in June 2009, following the recession of 2008, 2009.

Chapter 11 reorganization [ edit ]

On July 10, 2009, General Motors emerged from government backed Chapter 11 reorganization after an initial filing on June 8, 2009. [ 11 ] [ 12 ] Hummer, Saab, Pontiac and Saturn were closed. [ 13 ] Shareholders did not have access to assets from GM in Asia or Europe. In 2010, GM returned to using its traditional ticker symbol on the New York Stock Exchange, and in 2010 is also traded on the Toronto Stock Exchange. [ 14 ] The Company was relisted on the New York Stock Exchange and the Toronto Stock Exchange again on November 18, 2010, following a US$33-a-share initial public offering of US$23#160;billion, including preferred shares.

The proportion of the Company held by the U.S. Treasury department reduced from 61% to about 26%, including preferred shares and accounting for stock options given to former GM bondholders. [ 15 ] [ 16 ] Initial sale of such shares gave the Treasury department about US$13.6#160;billion in proceeds.

SAIC Motor, partner of GM in China and India, acquired just less than 1 percent of the GM shares for about $500#160;million. [ 16 ] [ 17 ] Following 2010 IPO, the U.S. government retained a 26% stake in GM. A White House report sent to Congress in August 2012 estimated the sale of the remaining GM stock acquired by the United States Treasury during the company’s bankruptcy will result in a loss of $25.1 billion to the American taxpayer. [ 18 ] The total cost to the U.S. taxpayer will be determined after the government sells its entire 26% stake in GM and its 74% stake in Ally Financial, formerly known as GMAC, GM’s financing arm.

In December 2012, the U.S. Government further reduced its holdings to 19%.

A Center for Automotive Research (CAR) study reported that in just a single year, 2010, the automotive industry generated $91.5 billion in state and local tax revenue and $43 billion in federal tax revenue in the United States. [ 19 ] The CAR studies have shown significant government tax revenues are generated by the auto industry. [ 20 ]

In 2012, a trust representing unsecured creditors of old GM filed a lawsuit against GM over payments made to hedge funds in 2009 in exchange for waiving of claims against GM’s Canadian subsidiary. The deal, of which presiding judge Robert Gerber says he was unaware – despite its disclosure in an SEC filing on the day GM sought Chapter 11 protection – could prompt a reopening of the 2009 case. [ 21 ]

Chevrolet Monte Carlo
Chevrolet Monte Carlo
Chevrolet Monte Carlo

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