general motors company

 

  • [14] • Formerly: General Motors Corporation; Type: Public; Traded as: NYSE: GM, S&P 100 component, S&P 500 component; ISIN: US37045V1008; Industry: Automotive Founded: September
    16, 1908; 114 years ago[1] (original company), July 10, 2009; 13 years ago (present company); Founders: William C. Durant, Charles Stewart Mott, Frederic L. Smith; Headquarters: Renaissance Center, Detroit, Michigan, U.S.; Number of locations:
    396 facilities on six continents[2]; Area served: Worldwide; Key people: Mary Barra (Chairperson & CEO)[2], Mark Reuss, (President); Products: Automobiles, Automobile parts, Commercial vehicles; Production output: 5,939,000 vehicles (sales,
    2022)[2]; Services: Vehicle financing; Revenue: US$156.74 billion (2022)[2]; Operating income: US$10.32 billion (2022)[2]; Net income: US$9.71 billion (2022)[2]; Total assets: US$264.04 billion (2022)[2]; Total equity: US$71.93 billion (2022)[2];
    Number of employees: 167,000 (December 2022)[2]; Divisions: Buick, Cadillac, Chevrolet, GMC History By 1900, William C. Durant’s Durant-Dort Carriage Company of Flint, Michigan had become the largest manufacturer of horse-drawn vehicles in
    the United States.

  • [27] At a time when GM was competing heavily with Ford Motor Company, Sloan established annual model changes, making previous years’ models “dated” and created a market for
    used cars.

  • [22] Chevrolet Motor Company was consolidated into GM on May 2, 1918, and the same year GM acquired United Motors, a parts supplier founded by Durant and headed by Alfred
    P. Sloan for $45 million, and the McLaughlin Motor Car Company, founded by R. S. McLaughlin, became General Motors of Canada Limited.

  • [112][113] On July 10, 2009, the original General Motors sold assets and some subsidiaries to an entirely new company, including the trademark “General Motors”.

  • [75] The following year, GM acquired 59.7% of Lotus Cars, a British producer of high-performance sports cars.

  • [202] In January 2022, General Motors announced plans to invest $7 billion to convert a plant in Michigan to produce electric cars and build a new battery plant.

  • [34] The company also acquired an interest in the Yellow Cab Manufacturing Company the same year, and its president, John D. Hertz, joined the board of directors of GM; it
    acquired the remainder of the company in 1943.

  • [205][206] In August 2022, the company offered buyouts to the roughly 2,000 Buick dealers in the US that didn’t want to make investments as the company switches to an all-electric
    lineup.

  • [21] General Motors Company share certificate issued October 13, 1916 GM was reincorporated in Detroit in 1916 as General Motors Corporation and became a public company via
    an initial public offering.

  • [207][208] In September 2022, the firm announced it would introduce an electric version of its Chevrolet Equinox in the third quarter of 2023, priced around $30,000 to leave
    it less expensive than comparable vehicles.

  • 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 General Motors
    EV1.

  • [16] In 1926, the company introduced the Pontiac brand and established the General Motors Group Insurance Program to provide life insurance to its employees.

  • [99] GM began adding its “Mark of Excellence” emblem on all new vehicles produced and sold in North America in mid-2005.

  • [11] The company traces itself to a holding company for Buick established on September 16, 1908, by William C. Durant, the largest seller of horse-drawn vehicles at the time.

  • Durant, with the board’s approval, also tried acquiring Ford Motor Company but needed an additional $2 million.

  • In January 2021, GM announced plans to end production and sales of vehicles using internal combustion engines, including hybrid vehicles and plug-in hybrids by 2035, as part
    of its plan to achieve carbon neutrality by 2040.

  • [175] In March 2019, the company announced that it would begin production of a new EV model in Lake Orion, Michigan.

  • [56] Though fuel cells have existed since the early 1800s, General Motors was the first to use a fuel cell, supplied by Union Carbide, to power the wheels of a vehicle with
    a budget of “millions of dollars”.

  • This was the first time that GM produced a subcompact car in the United States since the Chevrolet Chevette ended production in 1986.

  • [176] In May 2019, General Motors received pushback on its plan to release a fleet of up to 2,500 modified Chevrolet Bolt electric vehicles.

  • The same year, GM acquired Electronic Data Systems for $2.5 billion from Ross Perot as part of a strategy by CEO Roger Smith to derive at least 10% of its annual worldwide
    revenue from non-automotive sources.

  • [57][58][59] An advertisement for the 1969 Chevrolet Nova using the advertising slogan “Putting you first, keeps us first” In the 1960s, GM was the first to use turbochargers
    and was an early proponent of V6 engines, but quickly lost interest as the popularity of muscle cars increased.

  • [43] GM established Detroit Diesel the next year.

  • [2] GM also owns the BrightDrop delivery vehicle manufacturer,[7] a namesake Defense vehicles division which produces military vehicles for the United States government and
    military;[8] the vehicle safety, security, and information services provider OnStar;[9] the auto parts company ACDelco, a namesake financial lending service; and majority ownership in the self-driving cars enterprise Cruise LLC.

  • [193] At the January 2021 Consumer Electronics Show, GM launched BrightDrop, its brand for all-electric commercial vehicles.

  • The following year, GM acquired a controlling interest in North American Aviation and merged it with the General Aviation Manufacturing Corporation.

  • [209][210] In October 2022, the company announced the creation of GM Energy, a unit that would provide battery packs, EV chargers, and software to help residential and business
    customers to help with charging and electrical grid disruptions.

  • [168][169] In October 2018, Honda invested $2.75 billion in GM’s self-driving car unit, including an initial investment of $275 million, followed by $2 billion within a year.

  • [190] On January 8, 2021, GM introduced a new logo alongside a tagline “EVerybody in”, with the capitalized “EV” as a nod to the company’s commitment to electric vehicles.

  • The company planned to release these vehicles by Q4 of 2019 as part of initiatives to build a controlled self-driving fleet.

  • [147][148][149] In late 2013, after losing approximately $18 billion over 12 years, GM began phasing out mainstream sales of Chevrolet in Europe and finished by late 2015
    to focus on Opel/Vauxhall.

  • [122] In November 2010, GM again became a public company via an initial public offering that was one of the world’s top five largest IPOs to date.

  • [194] On January 28, 2021, GM announced that it will end production and sales of fossil-fuel vehicles (including hybrids and plug-in hybrids) by 2035 as part of its plan to
    reach carbon neutrality by 2040.

  • GM pushed the marketing of the Chevrolet brand in China in the mid-2000s as well.

  • [159][160] In October 2016, GM began production of the Chevrolet Bolt EV, the first ever mass market all-electric car with a range of more than 200 miles (320 km).

  • GM and Honda are leaders in fuel cell technology, ranking first and second, respectively, in total fuel cell patents filed between 2002 and 2012, with more than 1,200 between
    them according to the Clean Energy Patent Growth Index.

  • [186][187] In September 2020, GM and Honda announced an alliance to cooperate on purchasing, research, and vehicle development.

  • [16] The same year, GM acquired 80% of Opel, which at that time had a 37.5% market share in Europe, for $26 million.

  • [157][158] In March 2016, General Motors acquired Cruise, a San Francisco self-driving vehicle start-up, to develop self-driving cars that could be used in ride-sharing fleets.

  • [145][146] On July 2, 2013, GM and Honda announced a partnership to develop fuel cell systems and hydrogen storage technologies for the 2020 time frame.

  • [136] In October 2011, GM introduced the Chevrolet Spark EV, an all-electric car version of the third generation Chevrolet Spark, the first all-electric passenger car marketed
    by General Motors in the U.S. since the General Motors EV1 was discontinued in 1999.

  • [200] In April 2021, GM announced a joint venture with LG, to build a $2.3 billion plant to build batteries for electric vehicles.

  • [78] In 1989, GM acquired half of Saab Automobile’s car operations for $600 million.

  • [16] Durant formed the General Motors Company in 1908 as a holding company, with partner Charles Stewart Mott, borrowing a naming convention from General Electric.

  • In 1999–2002, GM ceased production of the vehicles and started to not renew the leases, disappointing many people, allegedly because the program would not be profitable and
    would cannibalize its existing business.

  • [87][88][89][90] In February 2000, Rick Wagoner was named CEO, succeeding John F. Smith Jr.[91][92] The next month, GM gave 5.1% of its common stock, worth $2.4 billion, to
    acquire a 20% share of Fiat.

  • [203][204] It also announced an investment of $154 million into its Western New York Lockport Components plant.

  • The Shanghai GM plant was officially opened on December 15, 1998, when the first Chinese-built Buick came off the assembly line.

  • [199] in April 2021, after being criticized for not advertising enough in black-owned businesses, General Motors said that it will spend 2% of 2021’s advertising budget in
    Black-owned media and 4% in 2022 until reaching 8% in 2025.

  • [100][101] In 2005, Edward T. Welburn was promoted to the newly created position of vice president, GM Global Design, making him the first African American to lead a global
    automotive design organization and the highest-ranking African American in the US motor industry at that time.

  • [185] Following fraud allegations from short-seller[citation needed] Hindenburg Research concerning the mechanical capabilities of the Badger pickup truck along with separate
    sexual misconduct allegations involving former CEO Trevor Milton, GM scaled back its investment with Nikola via a smaller revised deal.

  • As part of this push, GM transferred the Buick Sail to that brand as an attempt to appeal to Chinese middle-class buyers looking for small and affordable cars.

  • [167] In October 2017, GM acquired Strobe, a solid state LIDAR company.

  • [28] He also implemented the pricing strategy used by all car companies today.

  • [129] LG Chem’s U.S. 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.

  • The General Motors Company[2] (GM) is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States.

  • [140] In 2011, GM revived one of its idled U.S. factories for the production of a subcompact car in Orion, Michigan, with the creation of 1,500 jobs.

  • Also in 1919, the General Motors Acceptance Corporation (GMAC), which provides financing to automotive customers, was formed.

  • [132] General Motors built a prototype two-seat electric vehicle with Segway Inc. An early prototype of the Personal Urban Mobility and Accessibility vehicle—dubbed Project
    P.U.M.A.

  • [201] In November 2021, GM acquired a 25% stake in Pure Watercraft, a producer of all-electric boats.

  • The Impact was produced as the EV1 for the 1996 model year and was available only via lease from certain dealers in California and Arizona.

  • [81] In 1990, GM debuted the General Motors EV1 (Impact) concept, a battery electric vehicle, at the LA Auto Show.

  • [188][189] In November 2020, GM committed to increased capital investment in electric vehicles to over half of new capital expenditures, totalling $27 billion over five years.

  • [195] In 2021, GM announced plans to establish an automotive battery and battery pack laboratory in Michigan.

  • [180][181][182] In April 2020, the company shut down Maven, a car-sharing service in the United States.

  • However, after the reorganization in 2009, the company no longer added the logo, saying that emphasis on its four core divisions would downplay the GM logo.

  • [152] The 2014 General Motors recall, which was due to faulty ignition switches, and was linked to at least 124 deaths, was estimated to cost the company $1.5 billion.

  • [34] In the late-1920s, Charles Kettering embarked on a program to develop a lightweight two-stroke diesel engine for possible usage in automobiles.

 

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