92-518: Duramax is a brand of turbocharged diesel engines marketed by General Motors . It may refer to: Duramax V8 engine , a 6.6L V8 engine designed and built by General Motors Duramax I6 engine , a 3.0L inline six-cylinder engine used in the 1500-series GMT T1XX pickup trucks and SUVs Isuzu 6HK1 engine , a 7.8L inline six-cylinder engine, known as "Duramax 7800" in GM medium-duty trucks VM Motori A 428 DOHC ,
184-627: A going concern ". A qualified going concern audit letter like this is only issued by the auditors when the company is in extreme financial distress and it is likely that it may file for bankruptcy protection. March 12, 2009: GM's CFO Ray Young said that it would not need the requested $ 2B (~$ 2.76 billion in 2023) in March noting that the cost-cutting measures are starting to take hold. March 29, 2009: GM's Chairman and CEO , Rick Wagoner , agreed to immediately resign his position as part of an Obama administration automotive restructuring plan. Wagoner
276-529: A 15% stake in AeroVironment . In 1989, GM acquired half of Saab Automobile 's car operations for $ 600 million. In August 1990, Robert Stempel became CEO of the company, succeeding Roger Smith . GM cut output significantly and suffered losses that year due to the early 1990s recession . In 1990, GM debuted the General Motors EV1 (Impact) concept, a battery electric vehicle , at
368-651: A 17.5% stake, and the unsecured bondholders of General Motors with a 10% stake. The selling company was Motors Liquidation Company ("Old GM") (see below ). A creditor meeting, at the New York Hilton Hotel , held by the United States Trustee Program , was scheduled for June 3, 2009. On June 1, 2009, GM announced that the Hummer brand would be discontinued. On October 9, they reached an agreement to sell their entire stake in
460-556: A 2.8L inline four-cylinder engine that was used in GM's mid-size pickup trucks and full-size vans from 2016 to 2022 Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title Duramax . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Duramax&oldid=1213412504 " Category : Disambiguation pages Hidden categories: Short description
552-530: A British producer of high-performance sports cars . In 1987, in conjunction with AeroVironment , GM 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 General Motors EV1 . In 1988, GM acquired
644-509: A beneficial financial payout, on credit default swaps held by these creditors. Due to a lack of transparency, there was no way to find out who the CDS protection buyers and protection writers were, and they were subsequently left out of the negotiation process. On March 29, 2009, the U.S Treasury committed to fund a government guarantee of General Motors' warranty liabilities, up to US$ 360.6 million (~$ 498 million in 2023). On May 27, 2009,
736-510: A breakthrough in heat treating still in use today as ASTM A255. GM established Detroit Diesel the next year. In 1939, the company founded Motors Insurance Corporation and entered the vehicle insurance market. The same year, GM introduced the Hydramatic , the first affordable and successful automatic transmission , for the 1940 Oldsmobile. During World War II , GM produced vast quantities of armaments, vehicles, and aircraft for
828-421: A broader response to the increasing urgency of GM's own cash flow problems. That was a result of Chrysler's senior bank debt currently trading at less than 50 cents on the dollar and because Chrysler's other owner – Daimler, formerly DaimlerChrysler – recently revalued its 19.9% Chrysler stake down to zero, which may or may not reflect its value in a potential sale. December 12, 2008: General Motors stated that it
920-666: A congressional hearing in Washington D.C. All three companies were unsuccessful in their attempts to obtain legislation to authorize U.S. government aid, and were invited to draft a new action plan for the sustainability of the industry. On December 2, 2008, General Motors submitted its "Restructuring Plan for Long-Term Viability" to the Senate Banking Committee and House of Representatives Financial Services Committee. Congress declined to act, but in December 2008
1012-482: A continuation of its diversification plans, GMAC formed GMAC Mortgage and acquired Colonial Mortgage as well as the servicing arm of Norwest Mortgage in 1985. This acquisition included an $ 11 billion mortgage portfolio. The same year, GM acquired the Hughes Aircraft Company for $ 5 billion in cash and stock and merged it into Delco Electronics . The following year, GM acquired 59.7% of Lotus Cars ,
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#17327832183881104-957: A controlling interest in North American Aviation and merged it with the General Aviation Manufacturing Corporation . The GM labor force participated in the formation of the United Auto Workers labor union in 1935, and in 1936 the UAW organized the Flint Sit-Down Strike , which initially idled two key plants in Flint, Michigan, and later spread to 6 other plants including those in Janesville, Wisconsin and Fort Wayne, Indiana . In Flint, police attempted to enter
1196-575: A deal with the Renault Group for vehicle replacements in 2012, but since that deal fell through Penske cancelled the planned sale. GM has said that the Saturn brand will be phased out by the 2010 model year, and the brand was declared defunct on October 31, 2010. On June 16, 2009, it was announced that the Swedish firm Koenigsegg Automotive AB and a group of Norwegian investors planned to acquire
1288-513: A federal Manhattan court in New York on June 1, 2009, at approximately 8:00 am, planning to re-emerge as a less debt-burdened organization. The filing reported US$ 82.29 billion in assets. The case was assigned to U.S. Bankruptcy Judge Robert Gerber , who had previously presided over another high-profile bankruptcy case of Adelphia Communications Corp. Shortly after the Chapter 11 filing, it
1380-560: 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 is 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. As ranked by total assets,
1472-509: A plan that would assemble all of their viable assets, including some U.S. brands and international operations, into a new company. Less than a week later, its Saab subsidiary filed for bankruptcy protection in Sweden. March 5, 2009: GM's independent public accounting firm ( Deloitte & Touche ) issued a qualified opinion as part of GM's 2008 annual report that stated "[these conditions] raise substantial doubt about its ability to continue as
1564-542: A program to develop a lightweight two-stroke diesel engine for possible usage in automobiles. Soon after, GM acquired Electro-Motive Company and the Winton Engine Co. , and in 1941, it expanded EMC's realm to locomotive engine manufacturing. In 1932, GM acquired Packard Electric (not to be confused with the Packard car company, which merged with Studebaker years later). The following year, GM acquired
1656-406: A similar financial situation, warned that it, too, was nearly out of cash and might not survive much longer. December 18, 2008: President Bush announced that an "orderly" bankruptcy was one option being considered for both General Motors and Cerberus -owned Chrysler LLC . Sources said that setting up this type of "orderly" bankruptcy would be complicated because it would not only involve talks with
1748-422: A strategy by CEO Roger Smith to derive at least 10% of its annual worldwide revenue from non-automotive sources. GM also intended to have EDS handle its bookkeeping, help computerize factories, and integrate GM's computer systems. The transaction made Ross Perot the largest shareholder of GM; however, disagreements with Roger Smith led the company to buy all shares held by Ross Perot for $ 750 million in 1986. In
1840-497: Is different from Wikidata All article disambiguation pages All disambiguation pages General Motors General Motors Company ( GM ) is an American multinational automotive manufacturing company headquartered in Detroit , Michigan, United States. The company is most known for owning and manufacturing four automobile brands: Chevrolet , Buick , GMC , and Cadillac . By total sales, it has continuously been
1932-625: The Fortune 500 and 50th on the Fortune Global 500 . In 2023, the company was ranked 70th in the Forbes Global 2000 . In 2021, GM announced its intent to end production of vehicles using internal combustion engines by 2035, as part of its plan to achieve carbon neutrality by 2040. By 1900, William C. Durant 's Durant-Dort Carriage Company of Flint, Michigan , had become the largest manufacturer of horse-drawn vehicles in
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#17327832183882024-528: The 2-mode hybrid system in the Chevrolet Tahoe , GMC Yukon , Cadillac Escalade , and pickup trucks . General Motors Chapter 11 reorganization The 2009 General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through Chapter 11, Title 11, United States Code in the United States bankruptcy court for
2116-848: The Allies of World War II . In 1940, GM's William S. Knudsen served as head of U.S. wartime production for President Franklin Roosevelt , and by 1942, all of GM's production was to support the war. GM's Vauxhall Motors manufactured the Churchill tank series for the Allies, instrumental in the North African campaign . However, its Opel division, based in Germany, supplied the Wehrmacht with vehicles. Politically, Sloan, as head of GM at
2208-453: The Bush administration provided a "bridge loan" to General Motors with the requirement of a revised business plan. It said it needed $ 4.6 billion in loans within weeks, from the $ 18 billion it had already requested, and an additional $ 12 billion in financial support in order to stave off bankruptcy. On February 26, 2009, General Motors announced that its cash reserves were down to $ 14 billion at
2300-522: The Cadillac V8-6-4 variable-cylinder engines. GM sold Frigidaire in 1979. Although Frigidaire had between $ 450 million and $ 500 million in annual revenues, it was losing money. Robert Lee of GM invented the neodymium magnet , which was fabricated by rapid solidification, in 1984. This magnet is commonly used in products like a computer hard disk. The same year, GM acquired Electronic Data Systems for $ 2.5 billion from Ross Perot as part of
2392-499: The Carlyle Group ), David Bonderman (of TPG Capital ), Robert D. Krebs (a former railroad executive), Patricia F. Russo (the former CEO of Alcatel-Lucent ), Ed Whitacre (GM Chairman) and Fritz Henderson (GM CEO). In addition to selling off brands and killing brands like Pontiac and Goodwrench, General Motors Company restructured its brand architecture and adopted a new corporate identity. The practice of putting
2484-599: The Dow Jones Industrial Average and replaced by Cisco Systems . From Tuesday June 2, old GM stock has traded Over the Counter ( Pink Sheets / OTCBB ), initially under the symbol GMGMQ and subsequently under the symbol MTLQQ. On July 10, 2009, a new entity completed the purchase of continuing operations, assets and trademarks of GM as a part of the 'pre-packaged' Chapter 11 reorganization. As ranked by total assets, GM's bankruptcy marks one of
2576-520: The General Motors Acceptance Corporation (GMAC), which provides financing to automotive customers, was formed. In 1920, du Pont orchestrated the removal of Durant once again and replaced him with Alfred P. Sloan . 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 . He also implemented
2668-682: The LA Auto Show . It was the first car with zero emissions marketed in the US in over three decades. 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. 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. All of
2760-567: The Rapid Motor Vehicle Company of Pontiac, Michigan , and the Reliance Motor Car Company of Detroit, Michigan (predecessors of GMC ) in 1909. Durant, with the board's approval, also tried acquiring Ford Motor Company , but needed an additional $ 2 million. Durant over- leveraged GM in making acquisitions, and was removed by the board of directors in 1910 at the order of the bankers who backed
2852-605: The Saab brand from General Motors . GM would have continued to supply architecture and powertrain technology for an unspecified amount of time. On November 24, 2009, it was announced that the sale of Saab to the Koenigsegg Group had collapsed. "We're obviously very disappointed with the decision to pull out of the Saab purchase," said GM CEO Fritz Henderson in a statement. "Given the sudden change in direction, we will take
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2944-681: The Southern District of New York . The United States government-endorsed sale enabled the NGMCO Inc. ("New GM") to purchase the continuing operational assets of the old GM. Normal operations, including employee compensation , warranties , and other customer services were uninterrupted during the bankruptcy proceedings. Operations outside of the United States were not included in the court filing. The company received $ 33 billion in debtor-in-possession financing to complete
3036-565: The United States Bankruptcy Court for the Southern District of New York , its preferred court. Normally, a company would file for bankruptcy in the courts located either in the state where the company is incorporated (which for GM was Delaware ), or where it conducts operations (which would have been Michigan , where the company was headquartered). General Motors' attorneys, however, preferred to file in
3128-765: 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. In 1926, the company introduced the Pontiac brand and established the General Motors Group Insurance Program to provide life insurance to its employees. The following year, after the success of the 1927 model of the Cadillac LaSalle designed by Harley Earl , Sloan created
3220-472: The corporate spin-off of Electronic Data Systems . In 1997, GM sold the military businesses of Hughes Aircraft Company to Raytheon Company for $ 9.5 billion in stock and the assumption of debt. In February 2000, Rick Wagoner was named CEO, succeeding Smith. The next month, GM gave 5.1% of its common stock, worth $ 2.4 billion, to acquire a 20% share of Fiat . In December 2000, GM announced that it would begin phasing out Oldsmobile . The brand
3312-481: The "Art and Color Section" of GM and named Earl as its first director. Earl was the first design executive to be appointed to leadership at a major American corporation. Earl created a system of automobile design that is still practiced today. At the age of 24, Bill Mitchell was recruited by Earl to the design team at GM, and he was later appointed as Chief Designer of Cadillac. After Earl retired in December 1958, Mitchell took over automotive design for GM. Also in 1926
3404-832: The "GM Mark of Excellence" on every car, no matter what the brand, was discontinued in August 2009. The company moved from a 'corporate-endorsed, hybrid-brand' architecture structure (where GM underpinned every brand) to a 'multiple-brand, corporate-invisible' brand architecture structure. The company's familiar square blue "badge" was removed from its website and advertising, in favor of a new, subtle all-text logo treatment. October 10, 2008: GM considered exchanging its remaining 49% stake in GMAC to Cerberus Capital Management for Chrysler LLC , potentially merging two of Detroit's "Big Three" automakers. Acquisition talks involving Chrysler were cancelled, however, before November 7, 2008, as part of
3496-500: The Chapter 11 reorganization of "new GM" from the old is one of the largest successful corporate reorganizations in U.S. history, and the fourth-largest bankruptcy in U.S. history by total assets, following Lehman Brothers Holdings Inc. , Washington Mutual and WorldCom Inc. The same day, GM reported 88,000 U.S. employees, and announced plans to reduce its U.S. workforce to 68,000 by the end of 2009. On July 23, 2009, "new GM" announced its new board of directors: Daniel Akerson (of
3588-462: The Democratic and Republican political parties. Prior to the U.S. Senate's announcement, General Motors announced that it had hired several lawyers to discuss the possibility of filing for bankruptcy , with Chapter 11 bankruptcy being one of the options discussed. GM stated that "all options are on the table" for the company. Chrysler LLC , which is owned by Cerberus Capital Management , in
3680-588: The EV1s were eventually returned to General Motors, and except for around 40 which were donated to museums with their electric powertrains deactivated, all were destroyed. The documentary film Who Killed the Electric Car? covered the EV1 story. In November 1992, John F. Smith Jr. became CEO of the company. In 1993, GM sold Lotus Cars to Bugatti . In 1996, in a return to its automotive basics, GM completed
3772-524: The Hummer brand to China -based Sichuan Tengzhong Heavy Industrial Machinery Company Ltd. and a group of private investors (Mr. Suolang Duoji, a private entrepreneur with holdings that include the Hong Kong-listed thenardite producer Lumena, would have held the remaining 20 percent stake.) The sale would have net GM around $ 150 million. The deal would have included manufacturing to continue in
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3864-548: The U.S. Treasury advanced a secured loan of US$ 360.6 million to GM, and GM issued a note to the Treasury for US$ 360.6 million, plus $ 24.1 million USD as additional compensation for the warranty advance, pursuant to the terms of the Warranty Agreement dated December 31, 2008, between GM and the U.S. Treasury. The loan funded a separate account established by GM Warranty LLC, a new special purpose subsidiary of GM that
3956-435: The U.S. Treasury, Canada, and a labor union, purchased the desirable assets of "old GM" via the bankruptcy process, thus renaming it to "General Motors Company" and forming a "new GM". This marked the emergence of a new operation from the "pre-packaged" Chapter 11 reorganization. The claims of former stakeholders and remaining pre-petition creditors of "old GM" would be handled by the "Motors Liquidation Company", with
4048-476: The U.S. would initially likely become the largest shareholder of the reorganized GM following a bankruptcy filing and re-emergence from bankruptcy. The U.S. government would invest up to $ 50 billion and own 60% of the new GM and the Canadian government would own 12.5%. Some observers also claimed that creditors were encouraged to push GM into bankruptcy protection because it would trigger a credit event, and thus
4140-434: The United States government and military, the vehicle safety, security, and information services provider OnStar , the auto parts company ACDelco , a namesake financial lending service , and majority ownership in the self-driving cars enterprise Cruise LLC . The company originated as a holding company for Buick established on September 16, 1908, by William C. Durant , the largest seller of horse-drawn vehicles at
4232-684: The United States. Durant was averse to automobiles, but fellow Flint businessman James H. Whiting , owner of Flint Wagon Works , sold him the Buick Motor Company in 1904. Durant formed the General Motors Company in 1908 as a holding company , borrowing a naming convention from General Electric . GM's first acquisition was Buick , which Durant already owned, then Olds Motor Works on November 12, 1908. Under Durant, GM went on to acquire Cadillac , Elmore , Welch , Cartercar , Oakland (the predecessor of Pontiac ),
4324-409: The automakers, but also the unions and other stakeholders would have to be involved. December 19, 2008: President Bush approved a bailout plan and gave General Motors and Chrysler $ 13.4 billion in financing from TARP ( Troubled Assets Relief Program ) funds, as well as $ 4 billion to be "withdrawn later". As of February 14, 2009: General Motors was considering filing for Chapter 11 bankruptcy under
4416-452: The bondholders of General Motors Corporation was also represented in court. One of the first motions filed in court was one to void the leases on the seven corporate jets, and corporate aircraft hangar at Detroit Metropolitan Wayne County Airport, for being no longer valuable to the company's business — a lease that the company had, according to its spokesman, found itself unable to escape in 2008 when it had tried to. On June 1, 2009,
4508-452: The company acquired Fisher Body , its supplier of automobile bodies. GM acquired Allison Engine Company and began developing a 1,000 horsepower liquid-cooled aircraft engine in 1929. The same year, GM acquired 80% of Opel , which at that time had a 37.5% market share in Europe, for $ 26 million. It acquired the remaining 20% in 1931. In the late-1920s, Charles Kettering embarked on
4600-432: The company in 1915 after a disagreement with Durant. GM was reincorporated in Detroit in 1916 as General Motors Corporation and became a public company via an initial public offering . By 1917, Chevrolet had become successful enough that Durant, with the backing of Samuel McLaughlin and Pierre S. du Pont , reacquired a controlling interest in GM. The same year, GM acquired Samson Tractor . Chevrolet Motor Company
4692-435: The company's proposals had avoided tough decisions, and that Chapter 11 bankruptcy appeared the most promising way to reduce its debts, by allowing the courts to compel bondholders and trade unions into settlements. GM Chairman and CEO Rick Wagoner was also forced to resign. GM bondholders rejected the government's first offer, but the unions agreed to the preferential terms. A bondholder debt to equity counteroffer
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#17327832183884784-551: The court filing. The General Motors Chapter 11 filing formally was entitled " In re General Motors Corp.", and was case number 09-50026 in the Southern District, Manhattan, New York. General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges. The United States Treasury was represented by the United States Attorneys Office for the Southern District of New York and Cadwalader, Wickersham & Taft LLP. An ad hoc group of
4876-648: The court gave interim approval to GM's request to borrow US$ 15 billion as debtor-in-possession funding, the company only having US$ 2 billion cash in hand. The United States Treasury argued in court that it was the only source of such debtor in possession funding, and that without the money from the loan General Motors would have no option but liquidation . Other motions in the first-day hearing included motions to approve payments to key suppliers and to employees and distributors who are in possession of goods manufactured for General Motors. All motions passed in court without substantial objection. The case schedule laid out by
4968-501: The court is as follows: General Motors auctioned off its assets in a section 363 sale . Because the price of these assets were very high, there was only one bidder in the auction, NGMCO Inc. ("New GM"). This company was formed by the United States government with a 60.8% stake, the federal government of Canada and provincial government of Ontario with an 11.7% stake, the United and Canadian Auto Workers unions VEBA fund with
5060-716: The diesel-hybrid market, the Opel Astra diesel engine hybrid concept vehicle was rolled out in January 2005. Later that year, GM sold its Electro-Motive Diesel locomotive division to private equity firms Berkshire Partners and Greenbriar Equity Group. GM paid $ 2 billion to sever its ties with Fiat in 2005, severing ties with the company due to an increasingly contentious dispute. GM began adding its " Mark of Excellence " emblem on all new vehicles produced and sold in North America in mid-2005. However, after
5152-599: The end no sale could be finalised and Hummer was declared defunct on May 24, 2010. On June 5, 2009, GM announced that the Saturn brand would be sold to the Penske Automotive Group . GM was to continue to build the Aura , Outlook and Vue for Penske for two years, however, as of September 30, 2009, the deal had fallen through. Penske had asked GM to extend the time it was to build Saturns until it could reach
5244-448: The end of 2008. G.M. lost $ 30.9 billion, or $ 53.32 a share, in 2008 and spent $ 19.2 billion of its cash reserves. Mr. Wagoner met with President Obama’s auto task force, and the company said that it could not survive much longer without additional government loans. On the March 30, 2009 deadline, President Barack Obama declined to provide financial aid to General Motors, and requested that General Motors produce credible plans, saying that
5336-622: The federal courts in New York, because those courts have a reputation for expertise in bankruptcy. In a press conference later that day, the GM Chief Executive Officer, Fritz Henderson , stressed that he intended for the bankruptcy process to move quickly. In addition to Mr Henderson's press conference, President of the United States Barack Obama made a speech from the White House after
5428-482: The first hydrogen fuel cell car ever produced. 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". In the 1960s, GM was an early proponent of V6 engines , but quickly lost interest as the popularity of muscle cars increased. GM demonstrated gas turbine vehicles powered by kerosene , an area of interest throughout
5520-430: The former corporation's assets. General Motors was financially vulnerable before the automotive industry crisis of 2008–2010 . In 2005, the company posted a loss of US$ 10.6 billion (~$ 15.9 billion in 2023). In 2006, its attempts to obtain U.S. government financing to support its pension liabilities and also to form commercial alliances with Nissan and Renault failed. For fiscal year 2007, GM's losses for
5612-497: The gasoline was harmful to various biological organisms including humans. Evidence shows that corporate executives understood the health implications of tetraethyllead from the beginning. As an engineer for GM, Midgley also developed chlorofluorocarbons , which have now been banned due to their contribution to climate change . Under the encouragement of GM President Alfred P. Sloan Jr., GM acquired Vauxhall Motors for $ 2.5 million in 1925. The company also acquired an interest in
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#17327832183885704-664: The industry, but abandoned the alternative engine configuration due to the 1973 oil crisis . In partnership with Boeing , GM's Delco Defense Electronics Division designed the Lunar Roving Vehicle , which traversed the surface of the Moon, in 1971. The following year, GM produced the first rear wheel anti-lock braking system for two models: the Toronado and Eldorado. In 1973, the Oldsmobile Toronado
5796-629: The largest corporate Chapter 11 bankruptcies in U.S. history. The Chapter 11 filing was the fourth-largest in U.S. history , following Lehman Brothers , Washington Mutual and WorldCom. A new entity with the backing of the United States Treasury was formed to acquire profitable assets, under section 363 of the Bankruptcy Code, with the new company planning to issue an initial public offering (IPO) of stock in 2010. The remaining pre-petition creditors claims are paid from
5888-492: The largest automaker in the United States, and was the largest in the world for 77 years before losing the top spot to Toyota in 2008. General Motors operates manufacturing plants in eight countries. In addition to its four core brands, GM also holds interests in Chinese brands Baojun and Wuling via SAIC-GM-Wuling Automobile . GM further owns a namesake defense vehicles division which produces military vehicles for
5980-459: The loans to keep GM in business. The action of the bankers was partially influenced by the Panic of 1910–1911 that followed the earlier enforcement of the Sherman Antitrust Act of 1890 . In 1911, Charles F. Kettering of Dayton Engineering Laboratories Company (DELCO) and Henry M. Leland invented and patented the first electric starter in America. In November 1911, Durant co-founded Chevrolet with race car driver Louis Chevrolet , who left
6072-419: The name General Motors Company. The purchase was supported by $ 50 billion in U.S. Treasury loans, giving the U.S. government a 60.8% stake. The Queen of Canada , in right of both Canada and Ontario , held 11.7% and the United Auto Workers , through its health-care trust ( VEBA ), a further 17.5%. The remaining 10% was held by unsecured creditors . In other words, a company called "NGMCO Inc.", financed by
6164-419: The new company planning to issue an initial public offering (IPO) of stock in 2010. The directors of Motors Liquidation Company stated that they believed shares in the "old" GM would eventually have no value since the company had far more debts than assets. 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 ,
6256-447: The next several days to assess the situation and will advise on the next steps next week." On February 23, 2010 GM sold Saab to Spyker Cars , later renamed Swedish Automobile . The Saab brand would collapse under Spyker in 2012 after filing for bankruptcy . As part of a reorganization plan agreed to with the U.S., Canadian and Ontario governments, and the company's unions, General Motors filed for Chapter 11 bankruptcy protection in
6348-433: The plant to arrest strikers, leading to violence; in other cities, the plants were shuttered peacefully. The strike was resolved on February 11, 1937, when GM recognized the UAW as the exclusive bargaining representative for its workers and gave workers a 5% raise and permission to speak in the lunchroom. Walter E. Jominy and A.L. Boegehold of GM invented the Jominy end-quench test for hardenability of carbon steel in 1937,
6440-528: The pricing strategy used by car companies today. The pricing strategy had Chevrolet , Pontiac , Oldsmobile , Buick , and Cadillac priced from least expensive to most, respectively. In 1921, Thomas Midgley Jr. , an engineer for GM, discovered tetraethyllead (leaded gasoline) as an antiknock agent, and GM patented the compound because ethanol could not be patented. This led to the development of higher compression engines resulting in more power and efficiency. The public later realized that lead contained in
6532-408: The process. GM filed for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court on June 1, 2009, at approximately 8:00 am EDT. June 1, 2009, was the deadline to supply an acceptable viability plan to the U.S. Treasury. The filing reported US$ 82.29 billion in assets and US$ 172.81 billion in debt. After the Chapter 11 filing, effective Monday, June 8, 2009, GM was removed from
6624-487: The reorganization in 2009, the company no longer added the logo, saying that emphasis on its four core divisions would downplay the GM logo. 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. On July 1, 2016, he retired from General Motors after 44 years. He
6716-563: The requirements set by the White House, a prepackaged bankruptcy is probable. President Obama reiterated that GM will be part of the future even if bankruptcy is necessary. April 22, 2009: GM stated that it will not be able to make their June 1, 2009, debt payment. April 24, 2009: GM announced that they will be scrapping the Pontiac brand in an effort to invest more money into their major brands (Buick, Cadillac, Chevrolet, and GMC). It
6808-455: The same court by General Motors Corporation (the main GM in Detroit), GM's subsidiary Saturn LLC , and Saturn LLC's subsidiary Saturn Distribution Corporation. All cases were assigned to Judge Robert Gerber . The filing by the dealership declared General Motors to be a debtor in possession . The Manhattan dealership's filing allowed General Motors to file its own bankruptcy petition in
6900-428: The stock symbol was changed to MTLQQ (" Motors Liquidation Company "). Despite these developments, the organization expressed optimism in the future success of a "new GM". On July 10, 2009, after an auction process and approval by Judge Gerber concluded, GM's continuing operational assets and trademarks were transferred to the sole bidder, a primarily government-owned entity called "NGMCO Inc.", which upon sale assumed
6992-504: The time, was an ardent opponent of the New Deal , which bolstered labor unions and public transport . Sloan admired and supported Adolf Hitler . Nazi armaments chief Albert Speer allegedly said in 1977 that Hitler "would never have considered invading Poland" without synthetic fuel technology provided by General Motors. GM was compensated $ 32 million by the U.S. government because its German factories were bombed by U.S. forces during
7084-553: The time. The first half of the 20th century saw the company grow into an automotive behemoth through acquisitions; going into the second half, the company pursued innovation and new offerings to consumers as well as collaborations with NASA to develop the earliest electric vehicles . The current entity was established in 2009 after the General Motors Chapter 11 reorganization . As of 2024 , General Motors ranks 25th by total revenue out of all American companies on
7176-404: The two plants that GM already uses to produce the Hummer trucks through June 2011, with a possible extension until 2012. On February 24, 2010, GM announced that the sale could not be completed with Sichuan Tengzhong and that they would discontinue the brand. They were approached by several other companies interested in purchasing the Hummer brand and began reviewing potential buyers. However, in
7268-518: The war. Effective January 28, 1953, Charles Erwin Wilson , then GM president, was named by Dwight D. Eisenhower as United States Secretary of Defense . In December 1953, GM acquired Euclid Trucks , a manufacturer of heavy equipment for earthmoving , including dump trucks , loaders and wheel tractor-scrapers , which later spawned the Terex brand. Alfred P. Sloan retired as chairman and
7360-441: The year were US$ 38.7 billion, (~$ 54.8 billion in 2023) and sales for the following year dropped by 45%. On November 7, 2008, General Motors reported it had projected it would run out of cash around mid-2009 without a combination of government funding, a merger, or sales of assets. Ten days later General Motors representatives, along with executives from Ford and Chrysler testified about their need for financial aid at
7452-514: Was announced that on Monday, June 8, 2009, GM would be removed from the Dow Jones Industrial Average , and replaced by Cisco Systems . This coincided with the announcement that Citigroup Financial would also be removed and replaced by insurer Travelers Co. $ GM was delisted from the NYSE. Beginning June 2, GM stock traded on the Pink Sheets OTC market under the symbol GMGMQ. On July 15,
7544-490: 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. In 1919, GM acquired Guardian Frigerator Company , part-owned by Durant, which was renamed Frigidaire . Also in 1919,
7636-560: Was eventually discontinued in 2004, seven years after it had become the first American car brand to turn 100. In May 2004, GM delivered the first full-sized pickup truck hybrid vehicles , the 1/2-ton Chevrolet Silverado / GMC Sierra trucks. These mild hybrids did not use electrical energy for propulsion, like GM's later designs. Later, the company debuted another hybrid technology, co-developed with DaimlerChrysler and BMW , in diesel-electric hybrid powertrain manufactured by Allison Transmission for transit buses. Continuing to target
7728-528: Was expected to keep a 35% minority stake in the new company. It was announced on November 3, 2009, that the GM board had decided not to sell off Opel. However, after the reorganization in 2017, Opel and Vauxhall would later be sold to Groupe PSA for $ 2.3 billion (~$ 2.81 billion in 2023). On the morning of June 1, 2009, Chevrolet-Saturn of Harlem , a dealership in Manhattan that is owned by GM itself, filed for bankruptcy protection there, followed in
7820-441: Was formed to operate the warranty program. GM also on May 29, 2009, contributed $ 49.2 million to GM Warranty LLC to fund the program. On May 30, 2009, it was announced that a deal had been reached to transfer New Opel ( Opel plus Vauxhall , minus Saab ) assets to a separate company majority-owned by a consortium led by Sberbank of Russia (35%), Magna International of Canada (20%), and Opel employees and car dealers (10%). GM
7912-431: Was ignored. Efforts to sell General Motors' European operations ran into difficulties, as the corporation was expected to file for bankruptcy protection by June 1, 2009. United States government officials suggested that, if they were satisfied with the company's plans to restructure, the U.S. government would take at least a 50% equity stake and reserve the right to name board members . On May 31, 2009, news broke that
8004-421: Was nearly out of cash, and may not survive past 2009. The U.S. Senate voted and strongly opposed any source of government assistance through a bailout bridge loan (originally worth $ 14 billion in emergency aid) which was aimed toward helping the struggling Big Three automakers financially, despite strong support from President George W. Bush and President-elect Barack Obama , along with some mild support from
8096-634: Was replaced by Fritz Henderson . In announcing that plan, on March 30, 2009, President Obama stated that both GM and Chrysler may need to use "our bankruptcy code as a mechanism to help them restructure quickly and emerge stronger". He also announced that the warranties on cars made by these companies would be guaranteed by the U.S. Government . March 31, 2009: President Barack Obama announced that he would give GM 60 additional days to try and restructure their company and prove their viability. If they succeeded, Washington would provide General Motors with additional bridge loans. However, if GM could not meet
8188-566: Was replaced by Michael Simcoe . In 2006, GM introduced a bright yellow fuel cap on its vehicles to remind drivers that cars can operate using E85 ethanol fuel . They also introduced another hybrid vehicle that year, the Saturn Vue Green Line . In 2008, General Motors committed to engineering half of its manufacturing plants to be landfill-free by recycling or reusing waste in the manufacturing process. Continuing their environmental-conscious development, GM started to offer
8280-608: Was succeeded by Albert Bradley in April 1956. In 1962, GM introduced the first ever turbocharged production car in the world in the Oldsmobile Cutlass Turbo-Jetfire. Two years later, the company introduced its " Mark of Excellence " logo and trademark at the 1964 New York World's Fair . The company used the mark as their main corporate identifier until 2021. GM released the Electrovan in 1966,
8372-558: Was the first retail car sold with a passenger airbag . Thomas Murphy became CEO of the company, succeeding Richard C. Gerstenberg in November 1974. GM installed its first catalytic converters in its 1975 models. From 1978 to 1985, GM pushed the benefits of diesel engines and cylinder deactivation technologies. However, it had disastrous results due to poor durability in the Oldsmobile diesels and drivability issues in
8464-574: Was the second discontinuation of a major GM brand in the 21st century, after Oldsmobile (which ended production in 2004). May 4, 2009: German Economy Minister Karl-Theodor zu Guttenberg said Fiat (among others) might be interested in the GM European unit. June 1, 2009: GM filed for Chapter 11 Bankruptcy , the fourth largest filing in the United States history after Lehman Brothers , Washington Mutual , and Worldcom . On June 29, 2009, General Motors announced that they would discontinue
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