The shares in Ally were sold on December 18, 2014, for $19.6 billion netting $2.4 billion. The Treasury invested an additional $17.2 billion into GM's former financing company, GMAC (now Ally). Through the Troubled Asset Relief Program the United States Department of the Treasury invested $49.5 billion in General Motors and recovered $39 billion when it sold its shares on December 9, 2013, resulting in a loss of $10.3 billion.
Liabilities were left with the original GM, renamed Motors Liquidation Company, freeing the companies of many liabilities and resulting in a new GM. On July 10, 2009, the original General Motors sold assets and some subsidiaries to an entirely new company, including the trademark "General Motors". General Motors filed for a government-backed Chapter 11 reorganization on June 8, 2009. General Motors also manufactured products other than cars and trucks, such as aircraft ( North American Aviation), construction equipment ( Terex), trains ( Electro-Motive Diesel), farm tractors ( Samson Tractor/ Janesville Machine Co.), truck and boat engines ( Detroit Diesel and Allison Engine Company), and appliances ( Frigidaire).įurther information: General Motors Chapter 11 reorganization General Motors grew in prominence surpassing Ford Motors selling just over 50% of car sales in 1962. The pricing strategy had Chevrolet, Pontiac, Oldsmobile, Buick, and Cadillac priced from least expensive to most, respectively. He also implemented the pricing strategy that all car companies use today. Sloan established annual styling changes, making previous years' models "dated". Only two years later du Pont orchestrated the removal of Durant once again and replaced him with Alfred P. Chevrolet Motor Company was consolidated into GM on May 2, 1918. du Pont, reacquired a controlling interest in GM. By 1917 the Chevrolet Motor Company had become successful enough that Durant, with the backing of Samuel McLaughlin and Pierre S. In 1916, GM was reincorporated in Detroit as General Motors Corporation and became a public company via an initial public offering.
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The action of the bankers was partially influenced by the brief Panic of 1910–1911 that followed the earlier enforcement of the Sherman Antitrust Act of 1890.ĭurant re-entered the automotive industry the following year by co-founding the Chevrolet Motor Company with Swiss race car driver Louis Chevrolet (who left the company bearing his name in 1915). Durant over-leveraged the fledgling company in making these acquisitions, and was removed by the board of directors in 1910 at the behest of the bankers who backed the loans to keep GM in business. Durant, with the board's approval, tried acquiring Ford Motor Company in 1909. In 1909 Durant brought in Cadillac, Elmore, Welch, Cartercar, Oakland (predecessor of Pontiac), and the Reliance Motor Truck Company of Owosso, Michigan and the Rapid Motor Vehicle Company of Pontiac, Michigan (predecessors of GMC). GM's first acquisition was Buick, which Durant already owned, then Oldsmobile on November 12, 1908. Durant formed the General Motors Company in 1908 as a holding company, with partner Charles Stewart Mott, borrowing a naming convention from General Electric. Whiting, owner of Flint Wagon Works, sold him the Buick Motor Company in 1904. Durant was averse to automobiles, but fellow Flint businessman James H. Durant's Durant-Dort Carriage Company, of Flint, Michigan, had become the leading manufacturer of horse-drawn vehicles in the United States by 1900.
It also holds a significant stake in foreign brands Wuling Motors and Baojun. General Motors manufactures vehicles in several countries its four core automobile brands are Chevrolet, Buick, GMC, and Cadillac. General Motors is ranked 22nd on the Fortune 500 rankings of the largest United States corporations by total revenue. GM's former European subsidiaries, Opel and Vauxhall Motors, both acquired in 1929, were sold to PSA Group in March 2017. GM was the world's largest automaker from 1931 through 2007 and, at its peak, had a 50% market share in the United States. The company is the largest American automobile manufacturer and one of the world's largest automobile manufacturers. Durant on Septemas a holding company, and the present entity was established in 2009 after a restructuring. General Motors Company ( GM) is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. 2nd generation Buick LaCrosse, an example of GM's revival following its restructuring in the aftermath of the Great Recession