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General Motors

General Motors
TypePublic (NYSE: GM)
Founded1908
Founder(s)William C. Durant
HeadquartersDetroit, Michigan, USA
Area servedWorldwide
Key peopleG. Richard Wagoner, Jr. (Chairman and CEO)
Frederick A. Henderson (President and COO)
Robert A. Lutz (Vice-Chairman)
Ray Young (CFO and EVP)
IndustryAutomotive
ProductsAutomobiles
Engines
ServicesFinancial services
Revenue▼ US$ 148.979 billion (2008)[1]
Operating income▼ US$ −21.284 billion (2008)[1]
Net income▲ US$ −30.860 Billion (2008)[1]
Total assets▼ US$ 91.047 billion (2008)[1]
Total equity▼ US$ −86.154 billion (2008)[1]
Employees243,000 (2008)[1]
DivisionsGeneral Motors Canada
General Motors Europe
SubsidiariesBuick, Cadillac, Chevrolet, GM Daewoo, GMC, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall, and Wuling
WebsiteGM.com

General Motors Corporation (GM) (NYSE: GM), founded in 1908, is the world's second-largest automaker after Toyota, ranked by 2008 global unit sales.[2] GM was the global sales leader for 77 consecutive calendar years from 1931 to 2008. It manufactures cars and trucks in 34 countries. With global headquarters in Detroit, Michigan, GM employs 266,000 people[3] around the world, and sells and services vehicles in some 140 countries. In 2008, 8.35 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.[4]

In late 2008 GM, along with Chrysler, became and continues to be dependent on government finance to avoid bankruptcy.

On March 5, 2009, GM's own auditors stated that they are "doubtful" that their company will survive, even with government assistance. After the auditors' announcement was made, it was reported the same day that General Motors may be forced to file for Chapter 11 bankruptcy.

On March 12, 2009, GM's CFO Ray Young said that it would not need the requested $2B in March noting that the cost-cutting measures are starting to take hold.[5]

 

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