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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). [ 17 ] 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.
The 2008–2010 automotive industry crisis formed part of the 2007–2008 financial crisis and the resulting Great Recession. The crisis affected European and Asian automobile manufacturers, but it was primarily felt in the American automobile manufacturing industry .
On February 18, 2009, General Motors and Chrysler again approached the U.S. government, in regard to obtaining a second bridging loan of $21.6 billion (£15.2 billion). $16.6 billion of this would go to General Motors, while Chrysler would take $5 billion. General Motors agreed to shed 47,000 jobs, close five plants, and axe 12 car models.
Ford only asked for a line of credit but will not be participating in the bailout. [8] The CAW negotiated a cost-cutting deal with General Motors Canada on March 8, 2009. The deal would extend the current contract for an additional year to September 2012, and preserves the current average assembly-worker base pay of about $34 an hour.
Owners may contact GM customer service at 1-888-988-7267, Chevrolet customer service at 1-800-222-1020 or GMC customer service at 1-800-462-8782. GM's number for this recall is N242471620. GM ...
As part of the 2009 bankruptcy and restructuring of General Motors, [3] Wilmington Assembly ceased automotive production on Tuesday, July 28, 2009. Its final product was a Pontiac Solstice convertible. [4] The closure of the Wilmington plant, for the time being, marks the end of large-scale automotive production in the Northeastern United ...
General Motors has already left most competitors in the dust this year, but here's why its stock price could go even higher. ... revenue from digital automotive services is forecast to grow 25% ...
The NHTSA recently announced recalls for 86,193 vehicles. This includes Ram, Dodge, Alfa Romeo Tonale, Harley-Davidson, Kia, General Motors, and Hyundai.