General Motors Corp.

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General Motors Corp.
Founded 1908
Headquarters Detroit, Michigan
Key People Richard Wagoner, Jr., Chairman & CEO
Employees 266,000
Products automobiles

General Motors Corp. is the world's largest automaker. It has led the global industry in sales for 77 years. GM manufactures its cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. [1]

GM's subsidiary OnStar provides vehicle security and information.

General Motors, together with Chrysler, was granted $13.4 billion in federal loans in a government bail-out made public by President George Bush on December 19, 2008, after an effort to rescue the troubled auto companies failed in Congress. The money will come from funds set aside for the auto industry under the Troubled Asset Relief Program. [2]

The company's GMAC finance affiliate is a critical part of General Motors, as it finances three-fourths of the inventory held by GM dealers. GMAC became a bank holding company in December 2008, after problems at the lender forced it to reduce financing for dealerships and consumer purchases of new GM cars and trucks. It needed bank holding status in order to receive funds from TARP; GMAC received a $6 billion bailout in December 2008. [3]

In March 2009, a White House task force ousted CEO Richard Wagoner, Jr. and called for GM to replace the majority of its board of directors. Kent Kresa, a longtime director, is to serve as interim chairman. Wagoner will be replaced as CEO by Chief Operating Officer Frederick "Fritz" Henderson.

The Obama administration said it would provide the company sufficient working capital for 60 more days, during which the revamped board and top management must come up with a more rigorous restructuring plan than the one it submitted previously.[4]


History

Products and Services

Key People

References

  1. Company Profile. General Motors Corp.
  2. No End to the Nightmare. The Economist.
  3. GM Rallies As GMAC Goes Under TARP. Forbes.com.
  4. Government Forces Out Wagoner at GM. The Wall Street Journal.