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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.
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 ...
It’s one of those wild twists at a time when many layoffs are buried in a big number. The TikTok, by the way, got 1.6M views. How a GM layoff email sent to employees triggered a storm on TikTok
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]
GM Components Holdings is an automotive components producer and distributor based in the United States. It is a subsidiary of General Motors. GMCH was created in 2009 as a result of the bankruptcy filings of both Delphi Corporation and General Motors. [2] [3] GMCH consists of four facilities previously owned by Delphi:
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.
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