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Employee pricing is a selling strategy launched in 2005 by the auto industry to attract customers by using the discounted prices that auto industry employees pay for new cars rather than the sticker price MSRP. The program was first offered that year by General Motors, and later followed by Ford, Chrysler, and some local dealerships.
The program was controversial with dealers, many who didn't want to close their dealership or sell their franchise rights. [23] However, Section 363 of the Federal Bankruptcy Code allowed GM to force thousands of dealerships to forfeit their franchise rights. Dealers accused GM of fraud and theft and formed the Committee to Restore Dealer Rights.
Twelve months later, the first Saturn demonstration vehicle was revealed. On January 7, 1985, the Saturn Corporation was officially founded. Citing full disclosure, Saturn was founded as a private, employee-owned company, by former GM leadership. They remained private until GM bought them out, and effectively "rewrote" company history. [6]
Under GM's "directed share" program, workers and dealers have until Oct. 22 to register to buy an unspecified number of shares in the new company at the IPO price, according to a notice posted online.
In an effort to promote its newest EVs, GM is offering them in its fleet of company cars certain GM employees get to drive. They get other new perks.
SAN FRANCISCO (Reuters) -Cruise, the robo-taxi unit of General Motors, on Thursday suspended the program under which GM buys back employees' shares, following an accident that led to the pause of ...
On May 30, 2009, it was announced that a deal had been reached to transfer New Opel (Opel plus Vauxhall, minus Saab) assets to a separate company majority-owned by a consortium led by Sberbank of Russia (35%), Magna International of Canada (20%), and Opel employees and car dealers (10%). GM was expected to keep a 35% minority stake in the new ...
1918 also saw personnel increase at GM. The number of employees grew from about 49,000 workers to 85,000 workers. Many came from the South of the United States, as well as from Europe, to work at GM Michigan facilities. To accommodate them, GM began to build employee housing with the nearly $2.5 million dollars set aside for the project.
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