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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]
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.
On 20 February, an administrator was appointed to restructure Saab and assist in it becoming independent of its troubled parent General Motors. General Motors have confirmed their intention to sell their Swedish subsidiary, Saab. [58] Of Sweden's 9 million population, 140,000 work in the car industry and they account for 15% of exports. [57]
Located at 7600 General Motors Blvd. General Motors Blvd. was renamed Antoine Blvd. in 2013. A portion of the complex is now used by Glovis America, a Hyundai Automotive Group subsidiary, for a vehicle logistics and processing center for Hyundai and Kia vehicles.
General Motors Company (GM) [2] is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. [3] The company is most known for owning and manufacturing four automobile brands: Chevrolet , Buick , GMC , and Cadillac , each a separate division of 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 ...
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General Motors Company. 2010-10-07. Archived from the original on 2011-05-06 General Motors will invest $145 million at the Orion Assembly Center, GM North American President Mark Reuss said today. Orion will be the home to Chevrolet's new small car and Buick's future compact sedan – the all-new Verano.