General Motors

For more information on General Motors Corp., visit Britannica.com.

Type: Private
On the web: http://www.gm.com
Employees: 243,000
Employee growth: (8.6%)

General Motors (GM) makes a wide portfolio of cars and trucks, with brands such as Buick, Cadillac, Chevrolet, and GMC. GM also produces cars through its GM Daewoo, Holden, Opel, and Vauxhall units. Financing and insurance business is primarily conducted by GMAC (GM currently owns about 10%). The century-old GM is experiencing historic financial challenges that threaten the company's longevity. The company received billions of dollars in loans from the Canadian and US governments as it restructured, negotiating concessions with its labor unions and jettisoning brands. The giant automotive manufacturer went through a brief Chapter 11 bankruptcy reorganization in 2009.

Key numbers for fiscal year ending December, 2008:
Sales: $148,979.0M
One year growth: (17.7%)
Net income: ($30,860.0)M

Officers:
Chairman: Edward E. (Ed) Whitacre Jr.
President, CEO, and Director: Frederick A. (Fritz) Henderson
VP Global Public Policy and Government Relations: Kenneth W. (Ken) Cole

Competitors:
Chrysler
Ford Motor
Toyota

Incorporated:1916
NAIC:336111 Automobile Manufacturing; 336112 Light Truck and Utility Vehicle Manufacturing; 336211 Motor Vehicle Body Manufacturing; 336350 Motor Vehicle Transmission and Power Train Parts Manufacturing; 336510 Railroad Rolling Stock Manufacturing; 421110 Automobile and Other Motor Vehicle Wholesalers; 441110 New Car Dealers; 522220 Sales Financing; 522291 Consumer Lending; 522292 Real Estate Credit; 524126 Direct Property and Casualty Insurance Carriers; 532112 Passenger Cars Leasing

General Motors Corporation (GM) is the world's largest full-line vehicle manufacturer and marketer. Its arsenal of brands includes Chevrolet, Pontiac, GMC, Buick, Cadillac, Saturn, Hummer, and Saab. Opel, Vauxhall, and Holden comprise GM's international nameplates. Through its system of global alliances, GM holds stakes in Isuzu Motors Ltd., Fuji Heavy Industries Ltd., Suzuki Motor Corporation, Fiat Auto, and GM Daewoo Auto & Technology. Other principal businesses include General Motors Acceptance Corporation and its subsidiaries, providers of financing and insurance to GM customers and dealers. In the early 2000s, struggling under the weight of escalating healthcare and pension costs, GM sought to shed some of its less profitable activities. Toward that end, among other moves, the company sold its stake in Hughes Electronics, phased out production of the Oldsmobile, and discontinued the Chevrolet Camero and Pontiac Firebird. Facing a tough economic climate, GM has nevertheless retained its position as the world's leading automaker.

The beginning of General Motors Corporation can be traced back to 1892, when R.E. Olds collected all of his savings to convert his father's naval and industrial engine factory into the Olds Motor Vehicle Company to build horseless carriages. For several years, however, the Oldsmobile (as the product came to be known) did not get beyond the experimental stage. In 1895 the first model, a four-seater with a petrol engine that could produce five horsepower and reach 18.6 mph, went for its trial run.

Olds proved himself not only an innovative engineer but also a good businessman and was very successful with his first model, of which relatively few were built. As a result of his success, he founded the first American factory in Detroit devoted exclusively to the production of automobiles. The first car was a luxury model costing $1,200, but the second model was introduced at a list price of $650 and was very successful. At the turn of the century, Olds had sold more than 1,400 cars.

Also during this time, the Cadillac Automobile Company was established in Detroit, founded by Henry Leland, who built car engines with experience gained in the Oldsmobile factory, where he worked until 1901. By the end of 1902 the first Cadillac had been produced--a car distinguished by its luxurious finish. In the following year, tiller steering was replaced by the steering wheel, the reduction gearbox was introduced, and some cars were fitted with celluloid windscreens. Oldsmobile also reached its projected target of manufacturing 4,000 cars in one year. A third player, engineer David Buick, founded his own factory in Detroit during this time as well.

By 1903, a time of market instability, so many different manufacturers were operating that the financially weakest disappeared and some of the remaining companies were forced to form a consortium. William Durant, a director of the Buick Motor Company, was the man behind the merger. The nephew of a Michigan governor, and a self-made millionaire, Durant believed that the only way for the automobile companies to operate at a profit was to avoid the duplication that occurred when many firms manufactured the same product. General Motors Corporation was thus formed, bringing together Oldsmobile and Buick in 1903, and joined by Cadillac and Oakland (renamed Pontiac) in 1909. Positive financial results were immediately seen from the merger, although the establishment of the company drew little attention.

Other early members of the GM family were Ewing, Marquette, Welch, Scripps-Booth, Sheridan, and Elmore, together with Rapid and Reliance trucks. GM's other U.S. automotive division, Chevrolet, became part of the corporation in 1918. Only Buick, Oldsmobile, Cadillac, and Oakland continued making cars for more than a short time after their acquisition by GM. By 1920 more than 30 companies had been acquired through the purchase of all or part of their stock. Two were forerunners of major GM subsidiaries, the McLaughlin Motor Company of Canada (which later became General Motors of Canada Limited) and the Fisher Body Company, in which GM initially acquired a 60 percent interest.

By 1911 the company set up a central staff of specialists to coordinate work in the various units and factories. An experimental or "testing" laboratory also was established to serve as an additional protection against costly factory mistakes. GM's system of administration, research, and development became one of the largest and most complex in private industry.

About the same time that GM was establishing itself in Detroit, an engineering breakthrough was taking place in Dayton, Ohio: the electric self-starter, designed by Charles F. Kettering. GM introduced Kettering's invention in its 1912 Cadillacs, and with the phasing out of the dangerous and unpredictable hand crank, motoring became much more popular. Kettering's Dayton Engineering Laboratories were merged into GM during 1920 and the laboratories were relocated in Detroit in 1925. Kettering later became the scientific director of GM, in charge of its research and engineering programs.

During World War I GM turned its facilities to the production of war materials. With no previous experience in manufacturing military hardware, the U.S. automobile industry completed a retooling from civilian to war production within 18 months. Between 1917 and 1919, 90 percent of GM's truck production was for the war effort. Cadillac supplied army staff cars, V-8 engines for artillery tractors, and trench mortar shells, while Buick built Liberty airplane motors, tanks, trucks, ambulances, and automotive parts.

It was at this time that Alfred Sloan, Jr., who went on to guide GM as president and chairman until 1956, first became associated with the company. In 24 years, Sloan had built a $50,000 investment in the Hyatt Roller Bearing Company to assets of about $3.5 million. When Hyatt became part of GM, Sloan joined the corporate management, becoming president in 1923. Overseas expansion soon commenced, with the 1925 purchase of U.K. automaker Vauxhall Motors and the 1931 acquisition of Germany's Adam Opel.

GM suffered greatly under the effects of the Great Depression, but it emerged with a new, aggressive management. Coordinated policy control replaced the undirected efforts of the prior years. As its principal architect, Sloan was credited with creating not only an organization that saved GM, but a new management policy that was adopted by countless other businesses. Fundamentally, the policy involved coordination of the enterprise under top management, direction of policy through top-level committees, and delegation of operational responsibility throughout the organization. Within this framework management staffs conducted analysis of market trends, advised policy committees, and coordinated administration. For a company comprised of many varied divisions, such a system of organization was crucial to its success.

By 1941 GM accounted for 44 percent of the total U.S. automotive sales, compared with 12 percent in 1921. In preparation for America's entry into World War II, GM retooled its factories. After Japan struck at Pearl Harbor in 1941, the industrial skills that GM had developed were applied with great effectiveness. From 1940 to 1945 the company produced defense material valued at a total of $12.3 billion. Decentralized and highly flexible local managerial responsibility made possible the almost overnight conversion from civilian production to wartime production. GM's contribution included the manufacture of every conceivable product from the smallest ball bearing to large tanks, naval ships, fighting planes, bombers, guns, cannons, and projectiles. The company manufactured 1,300 airplanes and one-fourth of all U.S. aircraft engines.

Car manufacturing resumed after the war, and postwar expansion resulted in increased production. The decade of the 1950s was characterized by automotive sales records and innovations in styling and engineering. The public interest in automatic gears convinced GM to concentrate their research in this field; by 1950, all of the models built in the United States were available with an automatic gearbox. Car body developments proceeded at the same time and resulted in better sight lines and improved aerodynamics.

During the Korean war, part of the company's production capacity was diverted into providing supplies for the United Nations forces (although to a smaller extent than during World War II). The reallocation reached 19 percent and then leveled off at about 5 percent from 1956 onward. Between 1951 and 1955 the five divisions of GM--Buick, Chevrolet, Pontiac, Oldsmobile, and Cadillac--all began to feature a new V-8 engine with a higher compression ratio. Furthermore, the electrical supply was changed from six to the more reliable 12 volts. Power-assisted steering and brakes appeared on all car models and the window dimensions were increased to further enhance visibility. Interior comfort was improved by the installation of the first air conditioning systems. Also during this period GM completely redesigned its classic sedans and introduced front seat safety belts.

The period between 1950 and 1956 was particularly prosperous in the United States, with a rise in demand for a second car in the family. Americans, however, were beginning to show real interest in smaller European cars. By 1956, a year of decreasing sales, Ford Motor Company, Chrysler Corporation, and GM had lost some 15 percent in sales while imports were virtually doubling their market penetration. The longer Detroit's automobiles grew, the more popular imports became. In 1957 the United States imported more cars than it exported, and despite a recession, imports accounted for more than 8 percent of U.S. car sales. Although GM promised that help was on its way in the form of smaller compact cars, the new models failed to generate much excitement; the company's market share slipped to just 42 percent of 1959's new car sales.

The 1960s were difficult years in Detroit. The 1967 riot in the neighborhoods surrounding GM's facilities forced management to recognize the urban poverty that had for so long been in their midst, and they began to employ more workers from minority groups. Much of the new hiring was made possible by the expansionist policies of the Kennedy and Johnson administrations. GM prospered and diversified; its interests now included home appliances, insurance, locomotives, electronics, ball bearings, banking, and financing. By the late 1960s after-tax profits for the industry in general reached a 13 percent return on investment, and GM's return increased from 16.5 percent to 25.8 percent.

Like the rest of the industry, GM had ignored, in large part, the importance of air pollution control. However, new, costly federal regulations were mandated, and GM had to invest in developing devices to control pollution. By the early 1970s, this issue was temporarily overshadowed by the impact of the oil embargo. GM's luxury, gas-guzzling car sales were down by 35 percent in 1974, but the company's compacts and subcompacts rose steadily to attain a 40 percent market share. Ford, Chrysler, and GM had been caught unaware by a vast shift in consumer demand, and GM suffered the greatest losses. The company spent $2.25 billion in 1974 and 1975 to meet local, state, and federal regulations on pollution control. By the end of 1977 that figure had doubled.

Under the leadership of President F. James McDonald and Chairman Roger Smith, GM reported earnings declines from 1985 to 1992. The only respite came from an accounting change in 1987, which effected an earnings increase. McDonald and Smith attempted to place these losses in perspective by arguing that they were necessary if GM was to develop a strong and secure position on the worldwide market. Since the start of the 1980s, GM had spent more than $60 billion redesigning most of its cars and modernizing the plants that produce them. The company also acquired two major corporations, Hughes Aircraft, in 1986, and Electronic Data Systems (EDS), in 1984. Though expensive, the EDS purchase provided GM with better, more centralized communications and backup systems, as well as a vital profit center. GM also purchased a 50 percent stake in Saab Automobile AB, a Swedish maker of premium cars, in 1990. That same year Saturn Corporation was created as a subsidiary to produce compact cars in a Japanese-influenced factory in Tennessee; Saturns became popular because of their quality and the no-haggle method employed to sell them.

GM's market share dropped steadily from 1982 to 1992. In 1987 Ford's profits exceeded GM's for the first time in 60 years. From 1990 to 1992, the corporation suffered successive and devastating annual losses totaling almost $30 billion. Problems were myriad. Manufacturing costs exceeded competitors' due to high labor costs, overcapacity, and complicated production procedures. GM faced competition from 25 companies, and its market share fell from almost 50 percent to about 35 percent.

In 1992 Jack Smith, Jr., advanced to GM's chief executive office. He had earned respect as the engineer of GM Europe's late 1980s turnaround, and he quickly applied those strategies to the parent, focusing on North American Operations (NAO). During 1993, Smith simplified the NAO, cut the corporate staff, pared product offerings, and began to divest GM's parts operations. He was also hailed for his negotiations with the United Auto Workers (UAW). In 1993 he pledged $3.9 billion in jobless benefits, which raised the blue-collar payroll costs about 16 percent over three years. At the same time the contract gave Smith the ability to cut 65,000 blue-collar jobs by 1996 in conjunction with the closure of nearly 24 plants. Salaried positions were not exempted from Smith's job-cutting plan; staffing at the corporate central office was slashed from 13,500 to 2,300 in 1992.

In the early 1990s GM began to recapture the automotive vanguard from Japanese carmakers, with entries in the van, truck, and utility vehicle markets and the launch of Saturn. GM also gained an advantage in the domestic market because the weak dollar caused the price of imported cars to increase much faster than domestics. Market conditions along with Smith's strategies effected a stunning reversal in 1993, when GM recorded net income of $2.47 billion on sales of $138.22 billion. Riding the booming economy, the company recorded record profits of $6.88 billion on record sales of $163.86 billion in 1995. Despite the improved financial performance, GM's share of the U.S. car market continued its steady decline, falling to slightly more than 31 percent by 1995. The company's North American operations continued to be criticized by observers for its inability to produce innovative models, the glacial speed of its new product development, and the inefficiencies inherent in running six separate car divisions and a GMC truck division.

The mid-to-late 1990s saw a number of important initiatives in GM's non-automaking operations. In 1994 the renamed Hughes Electronics unit introduced Direct TV, a satellite-based direct-to-home broadcast service. The 1995 sale of the company's National Car Rental business was followed by the spinoff of EDS the following year. One year later, Hughes Electronics was revamped through the sale of its defense electronics operations to Raytheon Company and the merging of its automotive electronics activities (Delco Electronics) into GM's auto parts subsidiary, Delphi Automotive Systems. Hughes began concentrating on digital entertainment, information, and communications services and made a key acquisition in 1999 when it paid $1.3 billion for the direct-to-home satellite business of Primestar. In early 2000 Hughes would make a further divestment of a then noncore unit, selling its satellite manufacturing operations to the Boeing Company for about $3.75 billion. Delphi, meanwhile, would be completely separated from GM through a May 1999 spinoff to shareholders.

GM remained profitable through the end of the decade, but its U.S. market share dipped below 30 percent by 1999; at times GM's share was less than that of the combined share of all Asian automakers, an unprecedented development. While continuing to attempt to reverse the now three-decades-long fall, GM began looking for future growth from Asia, where early 21st-century growth in car sales was expected to surpass both North America and Europe. Instead of attempting to directly sell its own models, GM began assembling a network of alliances with key Asian automakers for its push into that emerging continent, aiming to increase its market share across Asia from its late 1990s level of 4 to 10 percent by 2005. The company already had a 34 percent stake in Isuzu Motors Ltd., which it had bought in 1971, and a 3 percent stake in Suzuki Motor Corporation, obtained in 1981. In 1998 GM increased its stake in Suzuki to 10 percent and agreed to build cars with the Japanese automaker. The following year GM increased its stake in Isuzu to 49 percent; acquired a 20 percent stake in Fuji Heavy Industries Ltd., maker of Subaru all-wheel-drive vehicles; and entered into an alliance with Honda Motor Co., Ltd. involving Honda producing low-emissions gasoline engines for GM and Isuzu producing diesel engines for Honda.

In May 2000 GM, Fuji, and Suzuki agreed to develop compact cars for the European market. Another deal involving Europe was reached in early 2000, when GM agreed to acquire a 20 percent stake in the Fiat Auto S.p.A. unit of Fiat S.p.A., the number six automaker in the world, in exchange for Fiat taking a 5.1 percent stake in GM. Through this deal, GM aimed to grab a larger share of the market for the small vehicles popular in Europe and Latin America but shunned in the United States. In mid-2000 GM and Fiat jointly bid to acquire troubled South Korean carmaker Daewoo Motor Company but were outbid by Ford. Also in 2000, GM acquired the 50 percent of Saab Automobile that it did not already own.

Closer to home, GM began building a factory in Lansing, Michigan, its first new plant in 15 years. In another key early 2000 development, the company agreed to join with DaimlerChrysler AG and Ford to create an Internet-based global business-to-business supplier exchange, Covisint LLC, that would be open to all suppliers and automakers. This would create the world's largest virtual marketplace. Although the Federal Trade Commission (FTC) quickly opened a preliminary antitrust inquiry into the plan, clearance was eventually gained and the Covisint venture went forward.

In June 2000 G. Richard Wagoner was promoted from president to CEO, with Smith remaining chairman. At the age of 47, Wagoner became the youngest CEO in GM history and faced the daunting task of running what was still considered by many observers to be an excessively bureaucratic and overly complex organization, which was extremely resistant to change and seemingly unable to anticipate most market trends.

The focus on strengthening its foothold in the Asian market continued into 2001. Ford suddenly announced that it was dropping its offer for Daewoo, leaving GM wide open to relaunch its bid. Negotiations began that year and were finalized in 2002. GM ended up acquiring a majority interest in Daewoo Motor, renaming it GM Daewoo Auto & Technology. At the same time, the company purchased an additional 10 percent of Suzuki, increasing its stake to 20 percent, and signed a deal with AvtoVAZ to build sports utility vehicles (SUVs) for the Russian market.

GM chalked up a solid performance during this period. While its competitors struggled with recalls, and quality and merger integration issues, the automaker appeared to have overcome the problems of its past. An April 2002 Fortune article noted that "some of what's driving GM is very basic: improvements in quality and productivity, the pruning of unprofitable vehicles, and frankly, weakness at its crosstown rivals Ford and Chrysler." GM's market share rose in 2001 and by early 2002 had reached 30.9 percent in the U.S. market. Chevrolet had also started to outsell Ford. This was due in part to the successful zero percent financing plans it introduced after the terrorist attacks in September 2001. The financing plan was advertised under the "Keep America Rolling" slogan. Sales of GM cars increased by 31 percent one month after its launch.

The company did face one major hurdle however--its $76 billion pension fund. Deals struck with the UAW in past years left GM forced to pay out costly health and retirement benefits. The company was the largest purchaser of health care in the United States, spending nearly $5 billion on healthcare alone in 2003. Word spread quickly that GM's pension fund was underfunded by nearly $18 billion at the start of 2003. The company was able to generate cash for the fund by selling off its Hughes Electronics stake to News Corporation in 2003 for approximately $3.1 billion. It also jettisoned its armored vehicles business in a $1.1 billion deal. The sale of its noncore assets, global debt offerings, and income from its automotive operations allowed to the company to fully fund its U.S. salaried and hourly employee pension plans by the end of 2003. Its automotive earnings, however, felt the crunch. Overall, the company's net income for 2003 reached $3.8 billion. The majority of earnings stemmed from its GMAC and Asian operations.

Smith retired in May 2003, leaving Wagoner at the helm. GM's management team continued to focus on controlling costs while phasing out car lines--including Oldsmobile, the Camero, and the Firebird--and launching such new products as the Cadillac CTS, the Hummer H2, and the Opel Vectra in Europe. GM faced a challenging road ahead. Rising healthcare costs, intense competition, and having to shore up its North American auto sales were just some of its obstacles. GM was, however, in the top position in its industry and was no stranger to adversity.

Principal Subsidiaries

General Motors Acceptance Corporation; General Motors Investment Management Corporation; GMAC Commercial Finance LLC; Saturn Corporation; Holden, Ltd. (Australia); General Motors do Brasil Ltda. (Brazil); General Motors of Canada, Ltd.; Adam Opel AG (Germany); General Motors de Mexico, S.A. de C.V.; Saab Automobile AB (Sweden); Saab Cars Holding Corporation; Vauxhall Motors Limited (United Kingdom).

Principal Operating Units

GM Automotive; Financing and Insurance Operations.

Principal Competitors

AmeriCredit Corporation; Bayerische Motoren Werke AG; Credit Acceptance Corporation; DaimlerChrysler AG; Ford Motor Company; Ford Motor Credit Company; General Electric Capital Corporation; General Electric Company; Honda Motor Co., Ltd.; Hyundai Motor Company; Mazda Motor Corporation; Mitsubishi Motors Corporation; Nissan Motor Co., Ltd.; PSA Peugeot Citron S.A.; Renault S.A.; Suzuki Motor Corporation; Toyota Motor Corporation; Volkswagen AG.

Further Reading

Bary, Andrew, "How to Fix GM," Barron's, July 5, 1999, pp. 18-19.

Cray, Ed, Chrome Colossus: General Motors and Its Time, New York: McGraw-Hill, 1980.

Dassbach, Carl H.A., Global Enterprises and the World Economy: Ford, General Motors, and IBM; the Emergence of the Transnational Enterprise, New York: Garland, 1989.

De Lorean, John Z., On a Clear Day You Can See General Motors, London: Sidgwick and Jackson, 1980.

Geyelin, Milo, "Lasting Impact: How an Internal Memo Written 26 Years Ago Is Costing GM Dearly," Wall Street Journal, September 29, 1999, pp. A1+.

Hamper, Ben, Rivethead: Tales from the Assembly Line, New York: Warner Books, 1992.

Jacobs, Timothy, A History of General Motors, New York: Smithmark, 1992.

Keller, Maryann, Collision: GM, Toyota, Volkswagen, and the Race to Own the 21st Century, New York: Currency Doubleday, 1993.

------, Rude Awakening: General Motors in the 1980s, New York: Morrow, 1989.

------, Rude Awakening: The Rise, Fall and Struggle for Recovery of General Motors, New York: HarperCollins, 1990.

Kerwin, Kathleen, "For GM, Once Again, Little Ventured, Little Gained," Business Week, March 27, 2000, pp. 42-43.

Kerwin, Kathleen, and Joann Muller, "Reviving GM," Business Week, February 1, 1999, pp. 114+.

Kuhn, Arthur J., GM Passes Ford, 1918-1938: Designing the General Motors Performance-Control System, University Park: Pennsylvania State University Press, 1986.

Madsen, Axel, The Deal Maker: How William C. Durant Made General Motors, New York: Wiley, 1999.

May, George S., R.E. Olds, Auto Industry Pioneer, Grand Rapids, Mich.: Eerdmans, 1977.

Meredith, Robyn, "Can GM Return to the Passing Lane?," New York Times, November 7, 1999, Sec. 3, p. 1.

Miller, Scott, "Open No Quick Fix for GM's 'Mr. Fix It'," Wall Street Journal, June 13, 2000, p. A22.

Osterland, Andrew, "Al and Me: Why General Motors Will Finally Get Serious About Downsizing," Financial World, December 16, 1996, pp. 39-41.

Palmer, Jay, "Reviving GM," Barron's, June 22, 1998, pp. 31-35.

Pollack, Andrew, "Paper Trail GM After It Loses Injury Suit," New York Times, July 12, 1999, p. A12.

Ramsey, Douglas K., The Corporate Warriors: Six Classic Cases in American Business, Boston: Houghton Mifflin, 1987.

"Rick Wagoner's Game Plan," Business Week, February 10, 2003, p. 52.

Rothschild, Emma, Paradise Lost: The Decline of the Auto-Industrial Age, New York: Random House, 1973.

Shirouzu, Norihiko, "GM Cracks Japan's Market with Its Wallet, Not Its Cars: Network of Alliances Aids Asia Expansion by Filling Gaps in Product Line," Wall Street Journal, January 26, 2000, p. A17.

Simison, Robert L., Fara Warner, and Gregory L. White, "Big Three Car Makers Plan Net Exchange," Wall Street Journal, February 28, 2000, pp. A3, A16.

Simison, Robert L., Gregory L. White, and Deborah Ball, "GM's Linkup with Fiat Opens Final Act of Consolidation Drama for Industry," Wall Street Journal, March 14, 2000, pp. A3, A8.

Sloan, Alfred, Jr., My Years with General Motors, New York: Doubleday, 1964.

Smith, Roger B., Building on 75 Years of Excellence: The General Motors Story, New York: Newcomen Society of the United States, 1984.

Taylor, Alex, III, "Finally GM is Looking Good," Fortune, April 1, 2002, p. 68.

------, "GM's $11 Billion Turnaround," Fortune, October 17, 1994, pp. 54-56+.

------, "GM Gets Its Act Together," Fortune, April 5, 2004, p. 136.

------, "GM: Some Gain, Much Pain," Fortune, May 29, 1995, pp. 78-80, 84.

------, "GM: Time to Get in Gear," Fortune, April 28, 1997, pp. 94-96+.

------, "GM: Why They Might Break Up America's Biggest Company," Fortune, April 29, 1996, pp. 78-82, 84.

------, "Is Jack Smith the Man to Fix GM?," Fortune, August 3, 1998, pp. 86+.

Weisberger, Bernard A., The Dream Maker: William C. Durant, Founder of General Motors, Boston: Little Brown, 1979.

Welch, David, "Has GM Outrun its Pension Problems?," Business Week, January 19, 2004, p. 70.

White, Gregory L., "As GM Courts the Net, Struggling Saturn Line Exposes Rusty Spots," Wall Street Journal, July 11, 2000, pp. A1, A10.

Zachary, Katherine, "Shopping Spree: GM Plunks Down Hard Cash to Add Strength in Asia," Ward's Auto World, February 29, 2000.

Zesiger, Sue, "GM's Big Decision: Status Quo," Fortune, February 21, 2000, pp. 101-02, 104.

— April Dougal Gasbarre

Under the leadership of William C. Durant, General Motors (GM) was formed from a number of earlier automobile manufacturing initiatives in the United States. These included the Olds Motor Vehicle Company (established 1897), the Cadillac Automobile Company (established 1902), the Buick Automobile Company(established 1903), the Oakland Motor Car Company(established 1907, later Pontiac Motor), and the Chevrolet Motor Company (established 1911). This diverse constituency was reflected in the company's devolved design policy with the different divisions designing, manufacturing, and styling under different brand names. Fundamental in the long-term success of the company was the election in 1923 of Alfred P. Sloan as GM president and chairman of its Executive Committee in 1923. This appointment, one that he held until 1956, was important in establishing GM as a serious rival to the Ford Motor Company, with Sloan's stated strategy of ‘a car for every purse and purpose’ (1924) instrumental in this. Equally significant was the appointment of Harley Earl as chief stylist to the company in 1925, who also enjoyed long-term employment at the company until 1959. One of Earl's first significant design projects was the 1927 Cadillac La Salle with its flowing lines, the first mass-production model worked on by a stylist. In the same year Earl became the first head of GM's Art and Colour Section which, a decade later, became the Styling Section (later retitled Design Staff in 1972 and Design Center in 1992). Another Harley Earl design of note in the interwar years was the Buick Roadmaster of 1936. In the following year Earl produced the first of GM's ‘concept’ or ‘Dream Cars’, the Buick Y Job. Long and low, with elegant chrome detailing and electric windows it gave the public a dramatic vision of GM cars of the future. The importance of styling and the annual model change was reflected in the growth of the Section, building from a staff of 50 in 1927 to more than 1,000 in the late 1950s. GM divisions were also responsible for innovations other than styling, including the introduction of synchromesh gears by Cadillac in 1928 followed by shatterproof safety glass in 1929. In the following year the Cadillac V-16 became the first production car with a sixteen-cylinder engine, setting new standards for power and performance. Further safety considerations were also informed by GM's introduction of impact and rollover tests in 1934. The interwar years also saw considerable expansion of the company into overseas markets, commencing in 1923 when GM established its first European assembly plant in Copenhagen, Denmark. Manufacturing operations commenced in South America in 1925, in Australia in 1926, in Japan in 1927, in India in 1928, and in 1929 GM acquired the Adam Opel automobile manufacturing company in Germany. The ambitions of General Motors by the end of the 1930s were epitomized by the corporation's striking Highways and Horizons exhibit at the New York World's Fair of 1939-40. Housed in a dramatic, streamlined building by architect Albert Kahn. Visitors were taken around the central display of Norman Bel Geddes's dramatic Futurama on a moving travelator, giving them a vision—with full commentary—of the landscape of the United States in 1960, as if seen from a low flying aircraft. The dramatic futuristic metropolis of 1960, the highpoint of the exhibit, was characterized by large skyscrapers and multi-laned highways with streamlined cars and commercial vehicles. Emphasizing how important motor transportation was to this corporate glimpse of the future, visitors to the GM Pavilion emerged from the travelator onto a full-scale rendering of a 1960 street intersection where traffic and pedestrians operated on different levels.

After the Second World War the visual symbolism of progressive technology, accompanied by a meta-language of scientific allusion, built on the futuristic visions portrayed by large-scale corporations at the New York World's Fair. Such ideas were introduced to the public by terms such as Hydra-matic (the first completely automatic shift transmission first introduced on Oldsmobile models of 1940), Dynaflow (the automatic transmission introduced by Buick in 1948), and Powerglide (introduced by Chevrolet in 1950). In the same period Cadillac and Oldsmobile introduced their high-compression V-8 engine, including the Oldsmobile Rocket, which went into production in 1948, commencing the ‘Rocket’ fever that gripped the stylists of the automobile industry over succeeding years. Harley Earl's styling of the chrome detailing and tail fins of the 1948 Cadillac derived from the P-38 Lightning bomber plane, features that were given fuller expression in other production models and a series of ‘Dream Cars’ or ‘Cars of the Future’ over the following decade. This was seen in the dramatic tail fins of the long, low Harley Earl-styled Buick Le Sabre of 1951 and a number of the futuristic ‘Dream Cars’ seen at the General Motors Motorama shows staged by GM between 1949 and 1961. These included the XP 21 Firebird experimental gas turbine car (1954), the Firebird II and the ‘Highway of Tomorrow’ (1956), and the Firebird III (1959). Something of this progressive vocabulary was also visible in the styling of the Chevrolet Corvette sports car, which was put into volume production in 1953 as a counter to the growing number of sports cars being imported to the United States from Europe (11,000 in 1952).

General Motors had many other manufacturing interests, including aviation, railways, and domestic appliances. The latter were embraced by the Frigidaire Division, which mounted a series of promotional events for ‘space age’ kitchens that paralleled the futuristic aspects of the Motoramas. Entitled ‘Kitchens of Tomorrow’, these shows commenced in 1956 with complete room settings designed by GM Styling and built by the H. B. Stubbs Company.

With Earl's retirement from GM as vice-president in 1959, until 1977 Bill Mitchell played an important role in redefining the appearance of the corporation's automobiles, moving away from the extravagant styling and conspicuous consumption that had characterized American cars of the 1950s. He was more sympathetic to the more compact forms of European models that influenced the aesthetic of the 1959 Chevrolet Corvair. Subsequent figures of importance to design and styling at GM included Irvin W. Rybicki, Charles Jordan, and Wayne Cherry, the Advanced Concepts Center being established in 1983.See also Mitchell, William.

General Motors is a worldwide corporation that produces everything from microchips to locomotives. William Crapo Durant of Flint, Michigan and a small group of investors formed the General Motors Company (GM)16 September 1908 in Trenton, New Jersey. Durant, who already owned Buick Motor Company, bought small car and parts manufacturers and incorporated them into GM. Among Durant's first acquisitions were Oldsmobile, Cadillac, and Oakland (Pontiac). By 1920 GM had purchased more than 30 companies. After World War I GM experienced a decline so severe Durant resigned his post as president. In 1923 the Board of Directors elected Alfred P. Sloan, Jr. president (10 May 1923–3 May 1937)and Chairman of the Executive Committee (3 May 1937–2 April 1956). Sloan, whose Hyatt Roller Bearing Company joined GM in 1919, utilized creative management techniques that made GM the largest car and truck manufacturer in the world. Under Sloan's leadership, GM developed a number of firsts including independent front wheel suspension and the automatic transmission. While GM participated in all U. S. war efforts, its most dramatic contribution was during World War II. From 1942 through the end of the war, GM's plants stopped all non-military production. Producing ball bearings to bombers, GM was responsible for 13,000 planes and a fourth of the engines produced for all planes. In all, GM produced 12. 3 billion dollars worth of military materials. After the war GM experienced its share of the postwar boom, and by the sixties and seventies it was taking advantage of new technologies to make cars more efficient and safe even before government regulations went into effect. During the oil crisis of the 1970s GM experienced a decline in sales but responded by designing lighter and more economical autos. During the 1980s and 90s, GM continued to expand and opened plants in Germany, Brazil, Thailand, and Spain. In order to compete with an expanding import market GM developed Saturn located in Spring Hill, Tennessee, in 1990 and in 1996 it developed its own version of the electric car. GM has also been involved in various humanitarian projects such as a housing project with Habitat for Humanity for its employees in Mexico and the "Care and Share" program to collect food.

Bibliography

Cray, Ed. Chrome Colossus: General Motors and its Times. New York: McGraw-Hill Book Co., 1980.

Madsen, Axel. Deal Maker: How William C. Durant Made General Motors. New York: John Wiley & Sons, 1999.

Smith, Roger B. Building on 75 Years of Excellence: The General Motors Story. New York: The Newcomen Society of the United States, 1984.

—Lisa A. Ennis

For the remnants of the former General Motors Corporation (insolvent), see General Motors Chapter 11 reorganization.

General Motors Company

Type	Limited liability company
Founded	Flint, Michigan (September 16, 1908)
Founder(s)	William C. Durant
Headquarters	Renaissance Center Detroit, Michigan, United States
Area served	Worldwide
Key people	Edward Whitacre, Jr. (Chairman) Frederick "Fritz" Henderson (CEO)
Industry	Automotive
Products	Automobiles
Revenue	▼ US$ 148.979 billion (2008)[1]
Operating income	▲ US$ US$ 21.284 billion (2008)[1]
Net income	▼ US$ −30.9 billion (2008)[1]
Total assets	▼ US$ 91.047 billion (2008)[1]
Total equity	▼ US$ −86.154 billion (2008)[1]
Owner(s)	United States Department of the Treasury (61%) United Auto Workers VEBA (17.5%) The Crown in Right of Canada (7.9%)[2] The Crown in Right of Ontario (3.8%)[2] Bond holders of Motors Liquidation Company (9.8%)
Employees	244,500 (2009)[3]
Divisions	Buick Cadillac Chevrolet GM Daewoo GMC Holden Pontiac Opel Saturn
Website	GM.com

General Motors Company, also known as GM, is a United States based automaker with headquarters in Detroit, Michigan.

GM was the world's 18th largest corporate entity and third largest automaker ^[4] as ranked by 2008 revenues on the Fortune Global 500.^[5] Ranked by global unit sales for 2008, it was the world's second largest automaker.^[5] GM manufactures cars and trucks in 34 countries, recently employed 244,500 people around the world, and sells and services vehicles in some 140 countries.^[5]

On June 1, 2009 General Motors filed for Chapter 11 bankruptcy proceedings from which it emerged on July 10, 2009 in a reorganization in which a new entity acquired the most valuable assets. GM is now majority owned by the United States Treasury and Canadian governments,^[2][6][7] with the US government investing a total of $57.6 billion under the Troubled Asset Relief Program.^[8]

While no GM shares are currently available to the public, the company plans an initial public stock offering (IPO) in 2010.^[9]

GM plans to focus its business on its four core US brands — Chevrolet, Cadillac, Buick, and GMC. In Europe, following a period of negotiation to sell a majority stake in its Opel and Vauxhall brands, GM decided to retain full ownership of these operations.^[10]

Contents 1 Company overview 1.1 Structure 1.2 Management 2 History 2.1 Chapter 11 reorganization 3 North America 3.1 Core brand focus 3.2 Production of SUVs and trucks vs. cars 3.3 Sales 3.3.1 U.S. sales figures 3.3.2 SUV sales 3.3.3 Small car sales 3.4 Canada 4 China 5 Labor relations 5.1 2008 Canadian Auto Workers bargaining 5.2 Labor costs 6 Auto racing 7 Alternative propulsion initiatives 7.1 Hybrid electric initiative 7.2 All-electric vehicles 7.3 Plug-in hybrids 7.4 Battery packs for electric vehicles 7.5 Hydrogen initiative 7.6 Flexible-fuel vehicles 7.6.1 North American market 7.6.2 Brazilian market 8 Philanthropy 9 Politics 10 Environmental issues 11 Brands and subsidiaries 11.1 Current brands (as of 2009) 11.2 Defunct brands 11.3 Sold brands 11.4 Former affiliates 11.5 Spin-offs 11.6 Subsidiaries 12 See also 12.1 People 12.2 Books and films 12.3 Industry associations 12.4 Competitions 12.5 Categories 13 References 14 Further reading 15 External links 15.1 GM websites 15.2 Other links

Company overview

General Motors GMT800 truck assembly line.

In 2009, General Motors employs approximately 244,500 people around the world. General Motors' global headquarters is the Renaissance Center located in Detroit, Michigan, United States. In 2008, GM sold 8.35 million cars and trucks globally.^[11] GM is the majority shareholder in GM Daewoo Auto & Technology Co. of South Korea and has collaborations with Shanghai Automotive Industry Corporation of China, AvtoVAZ of Russia, and most recently, UzAvtosanoa of Uzbekistan. GM has had collaborations with various automakers including Fiat (see GM/Fiat Premium platform) and Ford Motor Company.^{[citation needed]} GM retains various stakes in different automakers.

GM received loans from European governments in 2009, and has reduced its ownership stake in European operations as part of its reorganization."^[12] As of July 10, 2009, the new GM has over $40B in cash, with the company's reorganized liability total of $48.8 B which includes $24.4 B to be paid to the Voluntary Employee Benefits Association (VEBA) trust, $9 B to the U.S. and Canadian governments, and $15 B in liabilities to suppliers and other bills. GM is slated to pay $10 B to the VEBA trust in December 2009, with the remainder being paid in increments from 2012-19. GM isn't required to make contributions to its pension fund until 2013, but it may elect to if needed, since the company contribued $15.2 B to its pension fund in 2003. Stock market conditions cause the fund value to fluctuate. In February 2009, GM's combined pension fund had about $85 B in assets, $56B in assets for hourly pensions and $29B in assets for salaried pensions.^[13] The domain name gm.com attracted at least 7 million visitors annually by 2008.^[14]

GM worldwide vehicle sales by country 2008[15] (thousands)
Rank in GM	Country	Vehicle sales	Market share (%)		Rank in GM	Country	Vehicle sales	Market share (%)
1	United States	2,981	22.1%		9	Australia	133	13.1%
2	China	1,095	12.0%		10	Republic of Korea	117	9.7%
3	Brazil	549	19.5%		11	France	114	4.4%
4	United Kingdom	384	15.4%		12	Spain	107	7.8%
5	Canada	359	21.4%		13	Argentina	95	15.5%
6	Russia	338	11.1%		14	Venezuela	91	33.3%
7	Germany	300	8.8%		15	Colombia	80	36.3%
8	Mexico	212	19.8%		16	India	66	3.3%
Top 4 markets/regions by vehicle sales in 2008 (thousands)
1	North America	3,552	21.9%		3	European Union	905	12,3%
2	China	1,095	12.0%		4	South America	815	20.8%

Structure

See also: Cadillac, Buick, GMC, Chevrolet, List of GM factories, and List of GM engines

General Motors is structured into the following operating groups:

Group	Number of employees March 2009[16]
GMAP (GM Asia-Pacific)	33,000
GME (GM Europe)	55,000
GM LAAM (GM Latin America, Africa and the Middle East)	33,000
GMNA (GM North America)	112,000
Other operations	2,000
Total number of employees	235,000

Management

• Edward Whitacre, Jr. - Chairman of the Board of the Directors
• Fritz Henderson - Chief Executive Officer
• Ray Young - Chief Financial Officer (announced resignation^[17])
• Robert "Bob" Lutz - Vice Chairman
• Tom Stephens - Vice Chairman
• Edward "Ed" Welburn - Global Vice President of General Motors Design, current and only the sixth head designer.

On July 23, 2009, GM announced its new Board of Directors: Daniel F. Akerson, David Bonderman, Robert D. Krebs, Patricia F. Russo along with current members Ed Whitacre (GM Chairman) and Fritz Henderson (GM CEO). Board members who are not GM employees will be paid $200,000 annually.^[18]

The Renaissance Center in Detroit, Michigan, is General Motors' world headquarters.

History

Main article: History of General Motors

General Motors was founded on September 16, 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 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. Durant then reorganized General Motors Company into General Motors Corporation.^[19] 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.

GM previously led in global sales for 77 consecutive years (1931 to 2007), longer than any other automaker.^[5]

Chapter 11 reorganization

Main article: General Motors Chapter 11 reorganization

On July 10, 2009, a new entity, NGMCO Inc. purchased the ongoing operations and trademarks from General Motors Corporation.^[20] The purchasing company in turn changed its name from NGMCO Inc. to General Motors Company, marking the emergence of a new operation from the "pre-packaged" Chapter 11 reorganization.^[21][22][23] Under the reorganization process, termed a 363 sale (for Section 363 which is located in Title 11, Chapter 3, Subchapter IV of the United States Code, a part of the Bankruptcy Code), the purchaser of the assets of a company in bankruptcy proceedings is able to obtain approval for the purchase from the court prior to the submission of a re-organization plan, free of liens and other claims. It’s used in most Chapter 11 cases that involve a sale of property or other assets. This process is typical of large organizations with complex branding and intellectual property rights issues upon exiting bankruptcy.^{[24][25][26][27]} The new company plans to issue an initial public offering (IPO) of stock in 2010.^[28]

GM's remaining pre-petition creditors' claims are paid from the remaining assets of Motors Liquidation Company, the new name of the former General Motors Corporation, although the directors of that company believe its debts far outweigh its assets.^[23][28] This means that while the former GM's bondholders may recover a small portion of their investment, former GM shareholders (now shareholders of Motors Liquidation Company) will likely not receive anything.^[29]

Also on July 10, 2009, GM announced plans to trim its U.S. workforce by 20,000 employees as part of its reorganization by the end of 2009 due to economic conditions.^[30]

The following table is a comparison (estimates) of the new GM and the old GM:

Old GM (1908 - 2009)		New GM (2009 - )
Buick, Cadillac, Chevrolet, GMDaewoo (48.2%), GMC, Holden, Hummer, Oldsmobile, Opel, Pontiac, Saab, Saturn, Vauxhall	Brands	Buick, Cadillac, Chevrolet, GMDaewoo (70.1%), GMC, Holden, Opel, Vauxhall
5,900	US Dealerships	3,600
Common shareholders, bondholders and secured creditors	Ownership	The United States Treasury, the Crown in Right of Canada, Old GM bondholders, and UAW union
47	US Plants	34
$94.7 B	Debt[31]	$17 B
91,000	US employees	68,500

North America

Core brand focus

In North America, GM will focus primarily on its four core brands — Chevrolet, Cadillac, Buick, and GMC — while selling, discontinuing, or scaling back its other brands. In October 2009, GM sold its Hummer brand of premium off-road vehicles to the Chinese Sichuan Tengzhong Heavy Industrial Machinery Company while a 20 percent share is held by Suolang Douji, a private investor from Hong Kong who holds a big share of Tengzhong.^[32] The deal still has to be approved by the U.S. and Chinese regulatory agencies.^[33] 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 much lower than previously stated.^[34] 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."^[35]

In the middle of 2005, GM announced that its corporate chrome emblem "Mark of Excellence" would begin appearing on all recently introduced and all-new 2006 model vehicles produced and sold in North America. However, in 2009 the "New GM" reversed this, saying that emphasis on its four core brands would dictate downplaying the GM name.^[36]

Production of SUVs and trucks vs. cars

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.

Following the September 11 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.

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 fuel economy improvements of 25%.

Sales

U.S. sales figures

Calendar Year	Total U.S. sales	Chg/yr.
1998[37]	4,603,991
1999	5,017,150	▲9.0%
2000[38]	4,953,163	▼1.3%
2001	4,904,015	▼1.0%
2002	4,858,705	▼0.9%
2003	4,756,403	▼2.1%
2004[39]	4,707,416	▼1.0%
2005	4,517,730	▼4.0%
2006[40]	4,124,645	▼8.7%
2007	3,866,620	▼6.3%
2008[41]	2,980,688	▼22.9%
2009 Jan-Oct[42]	1,724,554	▼33.8%

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.

SUV sales

In 2008, rapidly rising gasoline 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.^[43] 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.^[44] GM's concentration on SUVs as a profit center dated from the 1990s.^[45]

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 its largest SUVs.^[46]

Small car sales

"As part of General Motors Company (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."^[47]

Canada

In March 2005, the Canadian Crown-in-Council 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. Ontario Premier Dalton McGuinty said the money pledged for the project by the provincial Crown of Ontario and by the federal government was well spent.^[48]

China

The Buick brand is especially strong in China, led by the Buick Excelle subcompact. The last emperor of China owned a Buick.^[49] The Cadillac brand was introduced 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 Shanghai GM, a joint venture with the Chinese company SAIC, which was created on March 25, 1997. The Shanghai GM plant was officially opened on December 15, 1998, when the first Chinese-built Buick came off the assembly line. The SAIC-GM-Wuling Automobile joint-venture is also successfully selling trucks and vans under the Wuling marque (34% owned by GM).

GM plans to invest $250m to create a research facility in Shanghai to develop hybrid cars and alternative fuel vehicles.^{[citation needed]}

Labor relations

Main article: 2007 General Motors strike

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.^[50]

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.^[51]

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.^[52] 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.^[53]

Labor costs

GM announced elimination of lifetime health benefits for about 100,000 of its white collar retirees at the end of 2008.^[54]

Auto racing

General Motors has an extensive history in numerous forms of racing. 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 compete with privately run Lacettis 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 2006 & 2007, the Drivers championship was won by the very closely linked HSV Dealer Team.

Alternative propulsion 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^[55] 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.^[56]

Hybrid electric initiative

Main articles: Plug-in hybrid and Chevrolet Volt

Plug-in hybrid Chevrolet Volt.

Chevrolet Tahoe Hybrid 2009.

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 Daimler AG 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.^[57]

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.^[58]

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.^[59]

All-electric vehicles

Main article: General Motors EV1

Electric car EV1 shown plugged into charging station

GM was the first american company (in the modern era) to release an all-electric automobile. 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.

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.^[60]

Plug-in hybrids

Main article: Plug-in hybrid

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.^[61]

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.^[62] 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

Sequel, a fuel cell-powered vehicle from GM.

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.^[63]

Flexible-fuel vehicles

North American market

The E85, FlexFuel, Chevrolet Impala LT 2009.

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,^{[64][65][66][67]} and also using badging with the text "Flexfuel/E85 Ethanol" to clearly mark the car as an E85 FFV.^[68][69]

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.^[70]

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.^[71][72] A 2005 survey found that 68% of American flex-fuel car owners were not aware they owned an E85 flex.^[73] 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.^[72][74][75] 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.^[74][76]

Brazilian market

Brazilian Chevrolet Celta FlexPower.

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).^[73] 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.^[77][78]

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.^[79][80] 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.^[81]

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,^[82] jumping to 501,681 flex-fuel vehicles, while only 949 cars and 6,834 light trucks powered by gasoline were sold in 2007,^[83] 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.^[84]

Philanthropy

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.^[85] Through 2002, the Pace Awards program led by GM, EDS, and SUN Microsystems, gave over $1.2 billion of in-kind contributions which includes computers to over 18 universities to support engineering education.^[86] In 2009, the GM led group has helped the Pace Awards program worldwide.^[87] 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.^[88]

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.^[89] 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.^[90]

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.^[91] The Political Economy Research Institute ranks GM 18th among corporations emitting airborne pollutants in the United States. The ranking is based on the emission quantity (8 million pounds in 2005) and toxicity.^[92]

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.^[93]

The Union of Concerned Scientists ranked General Motors as seventh out of the eight world's largest automakers in 2007 for environmental performance. The report noted that GM manufactured the most vehicles achieving 30 mpg_-US (7.8 L/100 km; 36 mpg_-imp) or better, but also the most vehicles under 15 mpg_-US (16 L/100 km; 18 mpg_-imp).^[94]

Brands and subsidiaries

Current brands (as of 2009)

Marque	Years used	Markets
Buick	1908–present	North America, China, Israel, Taiwan
Cadillac	1909–present	Global, except South America, India, SE Asia, Australia
GMC	1912–present	North America, Middle East
Chevrolet	1917–present	Global, except Australia
Vauxhall	1925–present	United Kingdom
Pontiac	1926–2010	North America
Opel	1929–present	Europe (except UK), Russia, South Africa, Middle East, China, India
Holden	1948–present	Australia, New Zealand
Saturn	1985–2010	North America
Saab	1989–present	Global, except India, South America
Hummer*	1992–2009	Global, except South America, China, India
Daewoo	2002–present	South Korea, Latin America
Wuling	2002–present	China

*In the process of being sold to Chinese heavy duty equipment maker Sichuan Tengzhong Heavy Industrial Machinery Company.

Defunct brands

Acadian (1962–1971) Asüna (1993) Beaumont (1966–1969) Bedford Vehicles (1929–1987) Elmore (1909–1912) Envoy (1960–1970) General Motors Diesel Division (1938–1987) Geo (1989–1997) LaSalle (1927–1940) Marquette (1930) McLaughlin (1918–1942)

Oakland (1909–1931) Oldsmobile (1893–2004) Passport (1988–1991) Ranger (1968–1976) Rapid Truck (1909–1912) Reliance Truck (1909–1912) Samson Tractor (1917–1922) Scripps-Booth (1917–1923) Statesman (1971–1984) Viking (1929–1931) Yellow Coach (1925–1943)

Sold brands

• Frigidaire (1919–1979), sold to Ohio-based White Consolidated Industries
• Lotus (1986–1993), sold to Luxembourgish A.C.B.N. Holdings S.A.

Former affiliates

• Fiat (2000–2005), GM owned 20% at one time with put option^[95]
• Fuji Heavy Industries, manufacturer of Subaru (1999–2006), GM owned 20% at one time^[96]
• Isuzu (1971–2006), GM owned 49% at one time^[97]
• Suzuki (1981–2008), GM owned over 20% at one time^[98]

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
• Vauxhall Motors
• GMAC (less than 10%^[99])
• General Motors Canada
• General Motors do Brasil
• General Motors India
• Global Hybrid Cooperation
• General Motors South Africa
• GM-AvtoVAZ
• GM Daewoo (70.1%)
• General Motors Europe
• GM Holden Ltd
• GM Performance Division
• GM Powertrain Europe
• OnStar
• Shanghai GM (50%)
• SAIC-GM-Wuling Automobile Joint venture in China.

See also

Companies portal

• Automotive industry
• Great American streetcar scandal

People

• Irving Jacob Reuter
• Pierre S. du Pont
• Alfred P. Sloan
• William C. Durant
• Robert Lutz
• Wayne Cherry
• John DeLorean
• Ray G. Young
• Harley Earl

Books and films

• Final Offer – A documentary film that shows the 1984 GM contract negotiations, that resulted in the union split of the Canadian arm of the UAW.
• Roger & Me – the first film by Michael Moore. The film criticizes General Motors for closing down its factories in Moore's home-town of Flint, Michigan, despite record profits. After many Flint residents lose 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
• The Great Petrodollar Takeover is a novel about Arab oil wealth being used to fund a bid for GM.

Industry associations

• United States Council for Automotive Research
• Alliance of Automobile Manufacturers

Competitions

• EcoCAR

Categories

• List of GM platforms
• List of GM engines
• List of GM transmissions
• List of GM factories
• GM vehicles by brand
• Tribrid vehicle

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91. ^ 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. http://yosemite.epa.gov/opa/admpress.nsf/a883dc3da7094f97852572a00065d7d8/1a3c0c434e584f1c8525724800687bd6!OpenDocument. Retrieved 01/06/2009. 
92. ^ Political Economy Research Institute - Toxic 100
93. ^ "Global warming lawsuit dismissed - A judge denies the state's bid for damages from carmakers. - Los Angeles Times". Articles.latimes.com. 2007-09-18. http://articles.latimes.com/2007/sep/18/business/fi-warmsuit18. Retrieved 2009-07-09. 
94. ^ UCS Automaker Rankings 2007
95. ^ "Italy: Hapless Fiat wants to force GM hand". UPI.com. http://www.upi.com/Business_News/2004/12/15/Italy-Hapless-Fiat-wants-to-force-GM-hand/UPI-92961103125155/. Retrieved 2009-06-01. 
96. ^ October 06, 2005 (2005-10-06). "GM to Sell Its Stake in Fuji Heavy Industries - Los Angeles Times". Articles.latimes.com. http://articles.latimes.com/2005/oct/06/business/fi-gm6. Retrieved 2009-06-01. 
97. ^ "GM sells Isuzu shares for $300 million to Japanese trading companies, bank". Usatoday.Com. 2006-04-11. http://www.usatoday.com/money/autos/2006-04-11-isuzu-sale_x.htm. Retrieved 2009-06-01. 
98. ^ "GM Sells Equity Stake in Suzuki". Cartype. 2008-11-17. http://www.cartype.com/pages/3403/gm_sells_equity_stake_in_suzuki. Retrieved 2009-06-01. 
99. ^ http://www.nytimes.com/2008/12/25/business/25gmac.html?em

• GM gets 60 days, names Henderson CEO
• GM CEO: Bankruptcy looks more probable

Further reading

Articles

• "G.M.’s Road From Prosperity to Crisis". New York Times. May 31, 2009. http://www.nytimes.com/interactive/2009/05/31/business/20090531_GM_TIMELINE.html. Retrieved June 1, 2009. 
• "Automotive Industry Crisis". New York Times. undated. http://topics.nytimes.com/top/reference/timestopics/subjects/c/credit_crisis/auto_industry/index.html. Retrieved June 1, 2009. 

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

Wikimedia Commons has media related to: General Motors

GM websites

• General Motors

• General Motors sells vehicles in over 140 countries, see "GM Worldwide" at General Motors for a full list.
• General Motors wiki

Other links

• Blog of GM workers and works council members
• General Motors Now – GM News Blog (not endorsed by GM)

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v • d • e Automotive brands of General Motors Company, and those of its affiliates and former affiliates Buick • Cadillac • Chevrolet • GMC • Holden • Hummer • Opel • Pontiac • Saab • Saturn • Vauxhall affiliates GM-AvtoVAZ • GM Daewoo (50.9%) • Shanghai GM (50%) • Wuling (34%) former affiliates Fiat (2000–2005; up to 20%) • Isuzu (c.1971–2006; up to 49%) • Subaru (c.1999–2006; 20%) • Suzuki (1980s–2008; up to 15%) defunct brands Acadian (1962–1971) • Asüna (1992–1995) • Beaumont (1966–1969) • Bedford Vehicles (1930–1986) • Elmore (1893–1912) • Geo (1989–1997) • LaSalle (1927–1940) • Marquette (1929–1930) • McLaughlin (19??-19??) • Oakland (1907–1931) • Oldsmobile (1897–2004) • Passport (1988–1991) • Pontiac (1926-2010) · Ranger (1968–1976) • Scripps-Booth (1913–1923) • Statesman (1971–1984) • Viking (1929–1931) • Yellow Coach (1925–1943)

v • d • e Financial crisis of 2007–2009 Late 2000s recession · 2008 G-20 Washington summit · APEC Peru 2008 · 2009 G-20 London summit · 2009 G-20 Pittsburgh summit · APEC Singapore 2009 Specific issues United States housing market correction · World food price crisis · Energy crisis (Central Asia) · Subprime mortgage crisis (timeline, List of writedowns) · Automotive industry crisis · Future of newspapers · List of entities involved (Bankrupt or acquired banks, Bankrupt retailers) · Effects upon museums · Banking revelations in Ireland · Resurgence of Keynesianism By country (or region) Belgium · Iceland · Ireland · Latvia · Russia · Spain · Ukraine · (Europe · Africa · Americas · Asia · Australasia) Legislation and policy responses Banking and finance stability and reform Banking (Special Provisions) Act 2008 · Commercial Paper Funding Facility · Emergency Economic Stabilization Act of 2008 · Troubled Assets Relief Program · Term Asset-Backed Securities Loan Facility · Temporary Liquidity Guarantee Program · 2008 United Kingdom bank rescue package · 2008 East Asian meetings · Anglo Irish Bank Corporation Bill 2009 · 2009 G-20 London summit · Irish emergency budget, 2009 · National Asset Management Agency Stimulus and recovery National fiscal policy response to the late 2000s recession · Housing and Economic Recovery Act of 2008 · Economic Stimulus Act of 2008 · 2008 Chinese economic stimulus plan · 2008 European Union stimulus plan · American Recovery and Reinvestment Act of 2009 · Green New Deal Companies and banking institutions Companies in bankruptcy, administration, or other insolvency proceedings; or in failure New Century Financial Corporation · Woolworths · American Freedom Mortgage · American Home Mortgage · Bernard L. Madoff Investment Securities LLC · Charter Communications · Lehman Brothers (bankruptcy) · Linens 'n Things · Mervyns · NetBank · Terra Securities (scandal) · Sentinel Management Group · Washington Mutual · Icesave · Kaupthing Singer & Friedlander · Yamato Life · Circuit City · Allco Finance Group · Waterford Wedgwood · Saab Automobile · BearingPoint · Tweeter · Babcock & Brown · Silicon Graphics · Conquest Vacations · General Growth Properties  · Chrysler (bankruptcy) · Thornburg Mortgage · Great Southern Group · General Motors (bankruptcy) · Eddie Bauer · Nortel · BI-LO (United States) · Arena Football League · DSB Bank · CIT Group Government bailouts and takeovers Northern Rock (nationalisation) · Bear Stearns · IndyMac Federal Bank · Fannie Mae (takeover) · Freddie Mac (takeover) · AIG · Bradford & Bingley · Fortis · Glitnir · Hypo Real Estate · Dexia · CL Financial · Landsbanki · Kaupthing · Straumur · ING Group · Citigroup · General Motors · Chrysler · Bank of America · Anglo Irish Bank (nationalisation) · Parex Bank · Bank of Antigua · ACC Capital Holdings (reorganization) · U.S. Central Credit Union · Bank of Ireland · Allied Irish Bank Company acquisitions Ameriquest Mortgage · Countrywide Financial · Bear Stearns · Alliance & Leicester · Merrill Lynch · Washington Mutual · Derbyshire Building Society · Cheshire Building Society · HBOS · Wachovia · Sovereign Bank · Barnsley Building Society · Scarborough Building Society · National City Corp. (details) · Dunfermline Building Society Other topics Alleged frauds and fraudsters Stanford Financial Group (Allen Stanford) · Fairfield Greenwich Group · UBS AG · Sean FitzPatrick (Anglo Irish Bank) · Kazutsugi Nami (Enten controversy) · Nicholas Cosmo · Arthur Nadel · Paul Greenwood · Stephen Walsh · Laura Pendergest-Holt · Angelo Mozilo · Barry Tannenbaum · Raj Rajaratnam (Galleon Group) Proven or admitted frauds and fraudsters Bernard Madoff (Ponzi scheme)(Frank DiPascali) · Satyam Computer Services (accounting scandal) (Ramalinga Raju) · Marc Stuart Dreier · Norman Hsu · Joseph S. Forte · Du Jun Related entities Federal Deposit Insurance Corporation · Federal Reserve System · Federal Housing Administration · Federal Housing Finance Agency · Federal Housing Finance Board · Government National Mortgage Association · Office of Federal Housing Enterprise Oversight · Office of Financial Stability · UK Financial Investments Limited · Federal Home Loan Banks Securities involved and financial markets Auction rate securities · Collateralized debt obligations · Collateralized mortgage obligations · Credit default swaps · Mortgage-backed securities · Secondary mortgage market Related topics Bailout · Bank run · Credit crunch · Economic bubble · Error account · Financial contagion · Financial crisis · Interbank lending market · Liquidity crisis · Ponzi scheme · Prison consultant · Tea Party protests

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