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The annual capacity of the industry is 17 million cars; sales in 2008 dropped to an annual rate of only 10 million vehicles made in the U.S. and Canada. All the automakers and their vast supplier network account for 2.3% of the U.S. economic output, down from 3.1% in 2006 and as much as 5% in the 1990s.
General Motors' plan was to consolidate their portfolio of US brands, concentrating on the Cadillac, Chevrolet, Buick and GMC brands, while phasing out, or possibly selling their Pontiac, Hummer and Saturn brands. On June 2, GM Motors announced the sale of the Hummer brand of off-road vehicles to Sichuan Tengzhong Heavy Industrial Machinery ...
The Saturn Corporation, also known as Saturn LLC, was an American automobile manufacturer, a registered trademark established on January 7, 1985, as a subsidiary of General Motors. [1] The company was an attempt by GM to compete directly with Japanese imports and transplants , initially in the US compact car market.
This company was formed by the United States government with a 60.8% stake, the federal government of Canada and provincial government of Ontario with an 11.7% stake, the United and Canadian Auto Workers unions VEBA fund [2] with a 17.5% stake, and the unsecured bondholders of General Motors with a 10% stake. [47]
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]
5 Used Luxury Cars That Are a Good Investment for Retirees 10 Home Features That Have Decreased the Most in Popularity (And How Much Homes with Them Cost) How Middle-Class Earners Are Quietly ...
He averaged 2.2 points, 2.3 rebounds and 1.0 assist in 26 games (six starts) in 1987-88. Ball transferred again after one season to Cal State Los Angeles, an NCAA Division II school where he met ...
NLPC was a high-profile critic of the bailout of the auto industry by the United States government. NLPC’s spokesman was Mark Modica, a former Saturn dealer business manager and wiped-out GM bondholder. Following a demand by NLPC, General Motors in 2014 recalled 1.3 million vehicles with a steering loss defect uncovered by Modica. [24] [25] [26]