General Motors Corp
General Motors Company (GM) is an American automobile manufacturer located in Detroit Michigan. They also control multinational manufacturers around the globe. They design, produce, market and distribute vehicles and parts, as well as selling financial services. GM has ten brands of vehicles produced in 37 countries. They include, Chevrolet, Buick, GMC, Cadillac, Opel, Holden, Vauxhall, Wuling, Baojun, Jie, Fang and UZDaewoo.
GM does business with 157 different countries and employees 212,000 people. There are five divisions of GM that include, GM North America; GM Europe; GM International Operations; GM South America and GM Financial. For 77 consecutive years, GM lead the world in global sales from 1931 to 2007. In 2009 GM discontinued several brands of vehicles including Saturn, Pontiac and Hummer, also emerged from a government-backed bankruptcy, but didn‘t show a profit until late 2010.
The company was founded on September 16, 1908 by William C. Durant as a holding company for Buick. GM acquired Oldsmobile in 1908 and in 1909 Durant acquired Cadillac, Elmore, Oakland, Reliance Motor Truck Company, Rapid Motor Vehicle Company as well as several other companies. Durant lost control of GM in 1910 from a large amount of acquired debt along with a decrease in vehicle sales.
In 1911, Durant started the Chevrolet Motor Car Company and secretly regained control of GM. He reorganized the company and renamed it the General Motors Corporation in 1916. Shortly after, he once again lost control and Alfred P. Sloan took over operations leading the company to the top manufacturer until the 1980s. At that time GM operated 150 assembly plants and employed 349,000 workers.
Their dominance continued through 2007, falling to second in sales in 2008, 2009, and 2010. It regained the top in sales for the 2011 year.
During the restructure of GM and the government backed bankruptcy, Saturn, Pontiac and Hummer were discontinued, and Saab was sold to Spyker (a Dutch automaker). Late November 2010, GM’s proportion of the US treasuries’ holding went from 61 percent to around 26 percent with the selling of shares. In 2012 the government’s holdings were reduced to 19 percent and on December 10, 2013, the US treasury sold the remaining stock and no longer had part ownership in GM.
Image Caption: General Motors Headquarters Detroit, Michigan. Credit: Yavno/Wikipedia (public domain)