GM General Motors Company (NYSE: GM) was founded in 1897 and headquartered in Detroit, Michigan, full-time employees 164,000 people, the United States is the world’s largest auto sales company (2008 sales by Toyota Motor over, after It surpassed again in 2011).
General Motors (GM):
General Motors (General Motors, commonly known as GM), is an American automobile manufacturing company headquartered in Detroit, Michigan, with manufacturing plants in 30 states in the United States and 32 countries in the world. It owns Chevrolet, Buick, GMC, Cadillac, Baojun, Holden, and Jiyou brands. Among them, Chevrolet and the GMC division manufacture trucks and passenger cars, other brands such as ACDelco became independent as Delphi auto parts , and in 1997 the Hughes Aircraft Company, a subsidiary of the company, was resold to Raytheon . Retired the OsMobil brand in 2004. In 2009 due to the bankruptcy crisis, Pontiac, Saturn, and Hummer were announced to cancel their brands, and Saab was sold . General Motors’ electric vehicle division also produces electric diesel hybrid vehicles.
General Motors is the world’s largest automobile manufacturer, with 853,000 employees worldwide in 1979. GM sold 8.5 million vehicles in 2001. In 2002, GM sold 15% of the world’s total cars and trucks. In 2007, General Motors sold 9.37 million vehicles worldwide, and its sales volume is still the world champion, and it is also the global car sales champion for 77 consecutive years . In 2008, Toyota ‘s global sales volume was surpassed to become the second place , but the sales volume in the US market has remained the first. In 2011, GM’s sales volume returned to number one in the world.
General Motors also once owned Electronic Data Systems Corporation (EDS, a global information technology service company in the United States), and General Motors Financial Services (GMAC), a subsidiary of General Motors, is the world’s leading financial services company. Global customers provide services such as auto and commercial loans, mortgage financing, and insurance. General Motors Onstar is an industry leader in automotive safety and information services.
2009 subprime crisis triggered by the financial crisis, financial severely impact of General Motors for the sake of the United States federal government aid declared bankruptcy reorganization, let the old General Motors bankruptcy stock under the city , and a judge agreed to immediately sell the remaining assets to the newly established The new General Motors Company of New General Motors, and then transferred most of the shares of New General Motors to the US government to become a state-owned enterprise in exchange for US government aid funds. Chevrolet, Cadillac, Buick, and GMC were declared to be retained in the US market after the reorganization. In November 2010, General Motors re-listed . schedule:
- On June 1, 2009, General Motors filed for bankruptcy protection.
- On July 10, 2009, New General Motors Co., Ltd. was established, ending bankruptcy protection.
- On August 19, 2009, General Motors confirmed that it had signed a share transfer agreement with Koenigsegg Group for the sale of 100% of Saab’s shares, but the transaction ultimately failed. In mid-December, General Motors sold some of its assets under the Saab brand to China’s BAIC (Beijing Automotive Holdings).
- In January 2010, General Motors confirmed that it had signed a share transfer agreement with Spyker Motors for the sale of 100% of Saab Motors, and the new company Saab Spyker will be established soon. On November 1, Pontiac, a brand under General Motors, announced its formal bankruptcy on October 31 due to the expiration of the contract between General Motors and Pontiac dealers.
- In order to save the century-old American brand and the glory of the former empire, the US federal government injects capital and holds a 60.8% stake in GM to rescue GM. The new company logo remains unchanged, only “Chevrolet”, “Cadillac” and “Buick” “And “GMC” 4 core car brands.
- On November 18, 2010, General Motors successfully listed on the New York Stock Exchange, issuing 478 million common shares at $33 per share, raising $15.77 billion. If the underwriter exercises the over-allotment right to issue 71.7 million additional shares, the total offering of common stock will reach 18.1 billion U.S. dollars, 87 million statutory convertible secondary preferred stocks, and the stock value is 4.35 billion U.S. dollars. A total of approximately 23.1 billion U.S. dollars will be raised.
- On December 9, 2013, the US government cleared the last batch of General Motors (GM) holdings and finally left the market at a loss of $10.5 billion, putting an end to the historic rescue of one of the country’s most famous companies.
General Motors (GM) History:
- William C. Durant founded General Motors in 1908, originally owned the Buick brand, and later in the same year acquired Oldsmobile.
- In the 1920s and 1930s, GM bought all the property rights of the bus company Yellow Coach. Helped it establish long-distance bus routes, replacing rail transportation between cities. It also established a subsidiary to buy out trams and replace them with buses.
- In 1930, GM bought the Electro-Motive Corporation Urban Rail Transit Company and its engine supplier Winton Engine, merged and renamed the General Motors Electric Vehicle Division. In the following 20 years, diesel-powered vehicles and trains were basically manufactured by GM, which replaced other forms of locomotives on American railroads to a greater extent.
- In 1923, Alfred P. Sloan, the famous new president of General Motors, planned the brand strategy of General Motors, with Cadillac as the brand with the highest price. This brand strategy basically continues to this day, and adopts installment, annual The introduction of new models and other strategies. In 1926, Ford Motor was forced to adopt the same strategy to launch new models and new models. In 1927, General Motors had a market share of 45%, and Ford had 15% remaining. Ford therefore abandoned the best-selling Model T and introduced the A model. car. Sloan also laid out GM’s management system and paid attention to financial performance.
- In the first half of the 20th century, GM’s famous designer Harley J. Earl (GM’s vice president in charge of automobile design) established the magnificent dream style of American cars. The sleek and streamlined Buick Y-Job designed in 1939 was the world’s first The concept car, the large fin-shaped rear fin of the Cadillac designed in 1948, has an air diversion function and is very dreamy. It drove the popularity of various car manufacturers at that time and became the image feature of American big cars.
- On December 31, 1955, General Motors became the first company in American history to pay more than 1 billion taxes.
- General Motors was once the largest company in American history, and its fiscal revenue can be measured by GDP. In the 1950s, General Motors President Charles E. Wilson declared: To be good for GM is to be good to the United States; many senior managers of GM started from the grassroots. For example, in the 1980s, Group Chairman Roger Smith was gradually promoted from the position of accountant and cashier to Chairman and CEO. At that time, General Motors was one of the companies with the most employees in the world, and only the Soviet state-owned industries had more employees.
- On June 5, 1998, a worker strike occurred at General Motors’ Flint, Michigan plant, and it quickly spread to five other assembly plants for seven weeks.
- The patented technology of variable valve lift was developed in the 1970s; the five-seater two-door coupe Calibra launched and sold in 1989 by Opel, a German subsidiary of General Motors, set a record of 0.26 for the lowest coefficient of drag on the market and maintained it This record is ten years old. In the early 1990s, the 4L80-E automatic gearbox used by General Motors small trucks was also selected by high-priced cars such as Rolls-Royce , Bentley, Jaguar, Aston Martin as the original automatic transmission .
- In 1994, General Motors’ Oldsmobile Aurora and 1995 Mercedes-Benz W210 E-Class were the world’s strongest cars (body structure vibration frequency up to 25Hz) (P.49, Car and Driver, US edition, February 1997). The durability of the car, according to the General Motors advertising statement, stated that its Chevrolet trucks that will be used by heavy loads from 1981 to 2007 have the longest service life (license registration record of the U.S. automobile supervision unit).
- In the mid-1990s, GM was generally equipped with 100,000-mile replacement-free platinum spark plugs in cheap cars, which could be used for self-draining transmission fluids that can be used until the vehicle is scrapped. In 1999, the Cadillac DTS was the world’s first car with a thermal imaging night vision system (thermal imaging night vision system), which can display images in dark areas where the windshield projection light is not enough, and computer control The electromagnetic suspension system technology that can quickly adjust the softness and hardness automatically according to the road conditions is the fastest suspension system in the world. The Italian Ferrari 599 GTB sports car also uses this suspension system.
- In 2000, GM launched the low-pollution concept car GM Precept (using fuel cell or diesel/battery Hybrid car), with a drag coefficient of only 0.16. It is currently the world’s most streamlined five-seater car and the world’s first car that can run 80 per gallon of diesel. Miles of cars.
- In the late 1990s, General Motors optional OnStar smart communication system in some U.S. models with satellite navigation and digital radio functions. In the event of a car accident, the system will automatically report the incident to the police. If necessary, the original factory can wirelessly connect to the car’s engine computer to find out. When the car owner forgets to take the car key out of the car, the car owner can contact OnStar to help the car owner open the car door remotely through the mobile phone.
- In 2007, General Motors has developed a reliable unmanned self-driving car in automotive technology, which can automatically complete roadside parking actions, and can be unmanned and unmanned remotely controlled by the computer to determine the road conditions and complete the long-distance route to reach the target. It is to participate in the test The only unmanned self-driving vehicle that meets the autopilot standards among the depots was selected by the US Department of Defense as the future battlefield.
- General Motors used to sell vehicles to car rental companies in the U.S. for a long time. Originally, car rental companies were willing to buy a lot of cars that represented good quality and low maintenance costs. However, car rental companies auctioned off a large number of long-mile cars at regular intervals, resulting in the same brand. The price of used cars has dropped significantly. The news spread on the Internet has attracted many complaints from individual car owners. Starting in 2007, General Motors and the two other major U.S. automakers have decided not to sell cars in large quantities to car rental companies, so as not to be used by their opponents for second-hand car prices. The article misleads customers to the illusion of quality problems .
- In 2007, JD Power investigated the durability of new cars after three years of use. General Motors’ Buick and Lexus were tied for first place. Buick has repeatedly surpassed Toyota in this quality survey. GM’s Opel mid-size sedan Insignia was selected as the 2009 European Car of the Year by European automotive media.
- In 2011, General Motors’ Chevrolet Cruze was the first car to score full marks in both the front and side impact tests of the European Euro NCAP vehicle. GM’s new electric car Chevrolet Volt is the 2012 European Car of the Year.
- General Motors sold 9.03 million vehicles worldwide in 2011, an increase of 7.6% over 2010, surpassing the 8.15 million vehicles of Volkswagen of Germany and the 7.9 million vehicles of Toyota of Japan , regaining its position as the world’s largest automaker. Among them, GM’s sales in the North American market reached 2.9 million vehicles, an increase of 11.4%, sales in Europe increased by 4.4%, and sales in South America increased by 3.9%.
- On November 22, 2012, GM Finance, a subsidiary of General Motors, agreed to purchase Ally’s European and South American auto financing business for US$4.2 billion (approximately HK$32.7 billion). Ally was originally GM’s auto financing arm GMAC, but GM sold its controlling interest in the business to Cerberus, a private equity fund in 2006. After the 2008 financial turmoil, GMAC was provided by the U.S. government with a rescue loan of $17 billion, and changed its name to continue its auto financing business.
- On September 24, 2013, General Motors will spend approximately US$3.2 billion to repurchase 120 million preferred shares from the UAW Retirees Healthcare Trust Fund VEBA at a price of 27 yuan per share.
- On December 9, 2013, the US government cleared the last batch of General Motors (GM) holdings and finally left the market with a loss of US$10.5 billion (approximately HK$81.9 billion), marking a historic rescue of one of the country’s most famous companies. period.
- On March 11, 2016, GM announced the acquisition of Cruise Automation, a Silicon Valley startup company, to accelerate its development of autonomous driving technology. The purchase price is reported to be approximately US$1 billion (a 900% premium). The transaction is expected to be completed in the second quarter of 2016 . In the past year, GM has been accelerating its development in electric vehicles and driverless technology, and plans to equip its new Cadillac CT6 models with an autonomous driving system next year.
- On March 7, 2017, PSA , the parent company of French Peugeot Motors , agreed to acquire 50% equity in European auto financing services of Opel, Fohe Automobile and GM from General Motors of the United States for 2.2 billion euros as a transaction consideration. In one part, GM obtained a call option for 4.2% of Peugeot’s share capital, but it could not exercise it within 5 years after the option was issued.
- On April 20, 2017, GM announced that the Venezuelan government had confiscated the GM Venezuelan plant in Valencia.
- On May 10, 2018, General Motors and Korea Development Bank (KDB) will inject US$6.4 billion and US$750 million into GM’s South Korea business, respectively. According to the agreement, GM’s Asia Pacific headquarters will be located in South Korea and the new Asia Pacific headquarters will be managed. Production, sales, and technology development in the Asia-Pacific region, but excluding China. After the share reorganization, GM holds 77% of GM Korea, Korea Development Bank holds 17%, and SAIC holds the remaining 6%.
- On October 4, 2018, Honda Motor and General Motors reached an agreement to jointly develop driverless cars. Honda will inject 750 million U.S. dollars in GM’s unmanned car company Cruise Automation, and Honda will also invest 2 billion U.S. dollars in Cruise before 2030. This means that Honda will invest a total of US$2.75 billion in Cruise.