General Motors Company

General Motors was founded In 1908 by Durant as a holding company partnering with Charles Stewart Mott and the naming hint from General Electric. Buick was the first acquisition Durant already owned, then Oldsmobile on November 12, 1908.

Durant tried acquiring Ford Motor Company in 1909 with the board’s approval. Durant made entry again into the automotive industry the next year by co-founding the Chevrolet Motor Company with the race car driver Louis Chevrolet. GM was incorporated in Detroit as General Motors Corporation in 1916. The Chevrolet Motor Company became successful enough as Durant reacquired a controlling interest in GM.

In 1962, General Motors got popular, gradually subliming Ford Motors selling just over 50% of car sales. General Motors manufactures cars and trucks and other products such as aircraft (North America Aviation), Construction equipment (Terex), truck, and boat engines. The original General Motors sold assets and subsidiaries to an entirely new company, including the “General Motors” trademark. The United States Department of Treasury invested $49.5 billion through the Troubled Asset Relief Program.

Further, the Department of Treasury recovered $39 billion when it sold its shares on December 18, 2014, for $19.6 billion, netting $2.4 billion. In 2009, General Motors of Canada Limited shed several brands due to bankruptcy. They closed Saturn, Pontiac, and Hummer while selling Saab Automobile to Spyker, a Dutch automaker, and emerged from a government-backed reorganization. In 2010, the reorganized company GM brought one of the world’s top five largest IPOs and returned to profitability later that year. Further, in March 2017, General Motors sold its brands to Opel and Vauxhall to Groupe PSA for $2.3 billion. As per global sales in 2012, General Motors was the world’s largest automaker in January 2013. GM, headquartered at the Renaissance Center, employed approximately 180,000 people worldwide. However, later it cut down about 14000 jobs.

In the year 2009,  General Motors sold 6.5 million cars and trucks globally, and 8.39 million in 2010. In 2011, the company returned to first place by selling 9.025 million units worldwide, corresponding to an 11.9% market share of the global motor vehicle industry. America and China were the top two markets in 2011, with vehicles sold in 2,503,820 and 2,547,203 units, respectively. Chevrolet contributed to the performance of General Motors by selling 4.76 million vehicles around the world in 2011, a global sales record. In May 2013, the then-CEO Dan Akerson suggested that GM was on the cusp of rejoining the S&P 500 index; previously, it was removed from the index in 2009 due to bankruptcy. As per the CNNMoney report, the profit of GM fell to $108 million for the first 3  months of 2014. The faulty ignition switches led to at least one hundred thirty-four deaths; at $1.5 billion, shares of GM fell by 16% for the year before the new announcement of GM’s lower profits.

Also, on January 4, 2016, Fortune reported that Global Motors led a $1 billion equity financing in the transportation network company.