General Motors Company, also known as GM, is a United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language-based automaker with headquarters in Detroit Detroit is the largest city in the U.S. state of Michigan and the seat of Wayne County. Detroit is a major port city on the Detroit River, in the Midwest region of the United States. Located north of Windsor, Ontario, Detroit is the only major U.S. city that looks south to Canada. It was founded on July 24, 1701, by the Frenchman Antoine de la, Michigan Michigan is the eighth most populous state in the United States. It has the longest freshwater shoreline of any political subdivision in the world, being bounded by four of the five Great Lakes, plus Lake Saint Clair. In 2005, Michigan ranked third among US states for the number of registered recreational boats, behind California and Florida. 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.[3] By sales, GM ranked as the largest US automaker and the world's second largest for 2008,[3] having the third highest 2008 global revenues among automakers on the Fortune Global 500 The Fortune Global 500 is a ranking of the top 500 corporations worldwide as measured by revenue. The list is compiled and published annually by Fortune magazine.[4]
On June 1, 2009, General Motors filed for Chapter 11 Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, bankruptcy proceedings, which were completed on July 10 of the same year, and it was thereafter reorganized once a new entity acquired the most valuable assets. GM is now temporarily majority owned by the United States Treasury The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue. The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet and, to a smaller extent, the Canada Development Investment Corporation[5] — a Canadian Crown corporation Canadian Crown corporations are enterprises owned by the Canadian monarch within either the federal, provincial, or territorial jurisdictions of Canada. Crown corporations have a long standing presence in the country and have been instrumental in the formation of the state. They are involved in everything from the distribution, use, and price of[6] — and the Ontario government,[clarification needed][7][8][9] with the US government investing a total of US$57.6 billion 1,000,000,000 is the natural number following 999,999,999 and preceding 1,000,000,001 under the Troubled Asset Relief Program The Troubled Asset Relief Program, commonly referred to as TARP, is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector. It is the largest component of the government's measures in 2008 to address the subprime mortgage crisis.[10]
On April 21, 2010, GM CEO Ed Whitacre Jr. announced that the company had paid back the entire amount of the US and Canadian government loans, with interest, a total of $8.1 billion.[11] The company expects to repurchase a sizable portion of the remaining equity stake with funds earned via a public stock offering. While no GM shares are currently available to the public, the company's plans as of 2009 were to initiate an initial public stock offering (IPO) An initial public offering referred to simply as an "offering" or "flotation," is when a company (called the issuer) issues common stock or shares to the public for the first time. They are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately-owned companies looking to in 2010.[12]
GM plans to focus its business on its four core North American brands: Chevrolet Chevrolet , also known as Chevy (pronounced /ˈʃɛvi/), is a brand of vehicle produced by General Motors Company (GM). Founded by Louis Chevrolet and ousted GM founder William C. Durant on November 8, 1911, Chevrolet was acquired by General Motors in 1917. Chevrolet was positioned by Alfred Sloan to sell a lineup of mainstream vehicles to, Cadillac Cadillac is a luxury vehicle marque owned by General Motors. Cadillac vehicles are sold in over 50 countries and territories, but mainly in North America, Buick Buick is a brand of automobile sold in the United States, Canada, Mexico, China, Taiwan, and Israel by General Motors Company (GM). It is GM's North American-based entry-level luxury brand, and GMC GMC is a manufacturer of trucks, vans, and SUVs marketed in North America by General Motors Company. In January 2007, GMC was GM's 2nd largest-selling vehicle division after Chevrolet, ahead of Pontiac. GMC vehicles are also marketed in the Middle East. In Europe, following a period of negotiation to sell a majority stake in its Opel Adam Opel GmbH is a German automobile company founded by Adam Opel in 1863. It has been a subsidiary of General Motors 1929–present. The company was an AG (German plc) up to 2005 and Vauxhall Vauxhall Motors is a British automobile company owned by Magna International and General Motors. Most current Vauxhall models are right-hand drive derivatives of Magna's Opel brand; however, production of left hand vehicles also takes place for export to other parts of Europe and certain marginal markets. There are also several performance brands, the company decided to retain full ownership of these operations.[13] However, on February 23, 2010, GM sold Saab Automobile Saab Automobile AB, better known as Saab, is a Swedish car manufacturer owned by General Motors. It was the exclusive automobile royal warrant holder as appointed by H.M., the King of Sweden. Since its inception, Saab had been known for its innovation; as it evolved and adopted ever more advancements to its turbocharging, safety, and green to Spyker Cars NV and is winding down its Hummer Hummer was a marque of trucks sold by General Motors that marketed three vehicles: the original Hummer H1 based on the military High Mobility Multipurpose Wheeled Vehicle , along with the Hummer H2 and the Hummer H3 — based on other, smaller civilian-market vehicles,[14] Pontiac Pontiac is a brand of automobile first produced in 1907 as Oakland Motor Company, and in 1926 was renamed to "Pontiac Motor Co." Pontiac was sold in the United States, Canada, and Mexico by General Motors . Pontiac has been marketed as the performance division of General Motors for many years, specializing in mainstream performance, and Saturn Saturn Corporation is an automobile manufacturer and marque, established on January 7, 1985 as a subsidiary of General Motors in response to the success of Japanese automobile imports in the United States. The company marketed itself as a "different kind of car company," and operated somewhat independently from its parent company for a brands, the latter two remaining under the old GM, now known as Motors Liquidation Company Motors Liquidation Company is the company left over from General Motors' bankruptcy. Motors Liquidation Company is continuing General Motors' bankruptcy court proceedings which will ultimately lead to settling liability claims. Motors Liquidation Company announced on July 10, 2009 in relation to its equity and debt investors:.
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rising from the ashes in Detroit Minneapolis Star Tribune General Motors ' return to the stockmarket heralds a remarkable turnaround for America's carmakers. Here is a summary right in here and more in here. ... Bond Prices Suggest GM Stock May Be Overvalued Wall Street Journal A year after bankruptcy, GM prepares for initial public offering Washington Post Bill Ford: GM's buzz won't hurt Ford stock Detroit Free Press Barron's - Lansing State Journal - Financial Post
