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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.
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.
Before NUMMI, the site was the former Fremont Assembly that General Motors operated between 1962 and 1982. [1] [2] [3] Employees at the Fremont plant [4] were "considered the worst workforce in the automobile industry in the United States," according to a later recounting by a leader of the workers' own union, the United Auto Workers (UAW).
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.
June 19, 2009: Deadline for filing all objections to the sale of General Motors. June 22, 2009: Deadline for making competing bids in the auction of General Motors' assets. June 25, 2009: Final hearing on the bankruptcy loan. July 10, 2009: Deadline for completion of the sale, requested by the U.S. Treasury and General Motors. [9] [10]
The factory originally opened as General Motors' Fremont Assembly in 1962, and then was operated by New United Motor Manufacturing, Inc. (NUMMI), a joint venture of GM and Toyota from 1984. [1] The joint venture ended when GM entered bankruptcy in 2009. In 2010, Toyota agreed to sell the plant to Tesla at a significant discount.
Operated as GM plant from 1963 to 1982, then became the site of NUMMI, GM's joint venture with Toyota and the only major auto assembly plant remaining in California. Closed April 1, 2010, partially reopening as the Tesla Factory , an automobile assembly plant for Tesla Motors