An Overview of Gm
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An Overview of General Motors
General Motors Corporation, also known as GM is traditionally the worlds largest car manufacturer based on annual sales, although exceeded by Toyota for the first quarter of 2007 for the first time. Founded in 1908, in Flint, Michigan, GM employs approximately 284,000 people around the world. With global headquarters at the Renaissance Center in Detroit, Michigan, GM manufactures its cars and trucks in 33 countries. Their European headquarters is based in Zurich, Switzerland. In 2005, 9.17 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, Daewoo, GMC, Saab Holden, Hummer, Pontiac, Saab, Saturn and Vauxhall.
GM is the majority shareholder in GM Daewoo Auto & Technology Co. of South Korea and has product collaborations with Suzuki Motor Corporation, Toyota Motor Corporation and Isuzu Motors Ltd. of Japan. GM also has advanced technology collaborations with Toyota Motor Corporation of Japan, DaimlerChrysler AG and BMW AG of Germany and vehicle manufacturing ventures with Shanghai Automotive Industry Corporation of China, AutoVAZ and Avtotor of Russia and Renault of France.
GM Parts and accessories are sold under the GM, GM Performance Parts, GM Goodwrench and ACDelco brands through GM Service and Parts Operations, which supplies GM dealerships and distributors worldwide. GM engines and transmissions are marketed through GM Powertrain. GMs largest national market is the United States, followed by China, Canada, the United Kingdom, and Germany. GM operates a finance company, GMAC Financial Services, which offers automotive, residential and commercial financing and insurance. GMs OnStar subsidiary is a vehicle safety, security and information service provider.
The History of GM
General Motors was founded on Wednesday, September 16, 1908 in Flint, Michigan, as a holding company for Buick, it was then controlled by William C. Durant, and acquired Oldsmobile later that year. The next year, Durant brought in Cadillac, Elmore, Oakland (later known as Pontiac) and several others. In 1909, General Motors acquired the Reliance Motor Truck Company of Owosso, Michigan, and the Rapid Motor Vehicle Company of Pontiac, Michigan, the predecessors of GMC Truck. A Rapid became the first truck to conquer Pikes Peak in 1909. Durant lost control of GM in 1910 to a bankers trust, because of the large amount of debt taken on in its acquisitions around 1.0 million dollars.
Durant left the firm and helped establish the Chevrolet Motor Company in 1911 with brothers Gaston and Louis Chevrolet. After a brilliant stock buy back campaign, he returned to head GM in 1916, with the backing of Pierre S. du Pont. Chevrolet entered the General Motors fold in 1917; its first GM car was 1918s Chevrolet 490. Du Pont removed Durant from management in 1920, and various Du Pont interests held large or controlling share holdings