General Motors | Corporate Information | GM

GENERAL MOTORS
(1908-2009)
General Motors (GM) was founded in 1908, in Flint, Michigan, as a holding company for Buick, then controlled by William C. Durant. It acquired Oldsmobile later that year. In 1909, Durant brought in Cadillac, Elmore, Oakland (later known as Pontiac) and several others.
William Durant (December 8, 1861-March 18, 1947) was a leading pioneer of the United States automobile industry, the founder of General Motors and Chevrolet who created the system of multi-brand holding companies with different lines of cars.Born in Boston, Massachusetts, he was the grandson of Michigan governor Henry H. Crapo.
In 1909, General Motors also acquired the Reliance Motor Truck Company of Owosso, Michigan, and the Rapid Motor Vehicle Company of Pontiac, Michigan, the predecessors of GMC Truck. Durant lost control of GM in 1910 to a bankers' trust, because of the large amount of debt taken on in its acquisitions coupled with a collapse in new vehicle sales. A few years later, Durant started the Chevrolet Motor car company and through this he secretly purchased a controlling interest in GM.
Durant took back con- trol of the company after one of the most dramatic proxy wars in American business history. Shortly after, he again lost control, this time for good, after the new vehicle market collapsed. Alfred Sloan was picked to take charge of the corporation and led it to its post war global dominance. This unprecedented growth of GM would last into the early 1980s when it employed 349,000 workers and 150 assembly plants.
In late 2008 GM, along with Chrysler, received loans from the American, Canadian, and Ontario governments to avoid bankruptcy resulting from the late-2000s recession, record oil prices, mismanagement, and fierce competition . On February 20, 2009, GM's Saab division filed for reorganization in a Swedish court after being denied loans from the Swedish government. On April 27, 2009, amid ongoing financial problems and restructuring efforts, GM announced that it would phase out the Pontiac brand by the end of 2010.































