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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.
Chrysler filed for chapter 11 bankruptcy protection on May 1, 2009 [95] followed by General Motors a month later. [96] On June 2, General Motors announced the sale of the Hummer brand of off-road vehicles to Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., a machinery company in western China, a deal which later fell through.
According to an April 2014 report of the Special Inspector General of the Troubled Asset Relief Program, the U.S. government had lost $11.2 billion (~$14.2 billion in 2023) in its rescue of General Motors. The U.S. government spent $50 billion to bail out GM, meaning it recovered 77.6 percent of its investment amount. [7]
General Motors (GM) is recalling nearly 80,000 vehicles due to a safety issue with the transmission. The recall involves some 2022-2023 Chevrolet Express and GMC Savana vehicles, the National ...
Like many people, Adam Bernard shared the shock of suddenly losing his job one Friday morning on social media. His post on LinkedIn simply stated: “Well, in unexpected news, I was let go from GM ...
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Automotive industry consultant Dennis DesRosiers said that General Motors had missed the chance to slash labour costs, [9] pointing out that bankruptcy was a looming threat, Ottawa and Queen's Park demanded cuts to the labour bill as a condition of the bailout, and that the deficit to the pension fund would prevent the CAW from striking. [2]
General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market November 15, 2024 at 8:53 AM FILE - The Chevrolet logo is seen at a new and used vehicles ...