GENERAL MOTORS COMPANY
General Motors Corporation
“Engineered without compromise”
1. General Presentation of the company
One of the world’s largest automakers, GMC has it’s roots traced back to 1908. Also known as GM, this company is a United States-based automaker with its headquarters in Detroit, Michigan. After the General Motors Company was founded, it soon became known as one of the largest car manufacturers in the world. In 1909, the Grabowsky Rapid Motor Vehicle Company (GMC) joined with GM. The trade name GMC Trucks was first exhibited in 1912 at the New York Auto Show and registered with the U.S. Patent Office eight months later. The company manufactures cars and trucks in 34 countries, GM employs 205,000 people in every major region of the world and sells and services vehicles in over 157 countries worldwide.
The General Motors Company ranked as the largest U.S. automaker and the world’s second-largest for 2008, having the 3rd-highest 2008 global revenues among automakers on the Fortune Global 500. For most of the 20th century, GM was the biggest company in the most important industry in the world. It not only led in automotive innovations, but helped define the new breed of massive, bureaucratic multinational corporations that shaped the post-war economy. It was the world’s largest car maker from 1931-2008, when it was surpassed by Toyota.
In 2009, the company filed for Chapter 11 bankruptcy, which helped reorganize itself as a new entity that acquired the most valuable assets. GM became temporarily majority owned by the U.S. Treasury and, to a smaller extent, The Canada Development Investment Corporation, due to the United States government investment aid of 57..6 billion dollars under the Troubled Asset Relief Program. On Dec. 31, 2008, GM entered into a loan agreement with the U.S. Department of Treasury (UST) for funding of $13.4 billion, payable in three installments. The initial installment of $4.0 billion was provided to GM on Dec. 31, 2008, followed by subsequent installments of $5.4 billion and $4.0 billion on Jan. 21, 2009 and Feb. 17, 2009, respectively. The company may seek more money from the federal government this year.
GM is a Limited Liability Company (LLC), which is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of U.S. jurisdictions. LLCs do not need to be organized for profit. It has certain characteristics of both a corporation and a partnership or sole proprietorship.
Financing : On October 1, 2010, General Motors Company (GM) acquired AmeriCredit Corp., (NYSE: ACF), which provides auto finance solutions through auto dealers across the United States. AmeriCredit Corp. will be renamed General Motors Financial Company, Inc. (GM Financial) and GM will consider GM Financial to be an affiliate as defined under the GM Privacy Statement.
A. Organizational Geography:
GM has its headquarters in Detroit, Michigan. GM also owns WOSs (Wholly Owned Subsidiaries) in some major countries around the world like Canada, Brazil, Switzerland, India, South Africa, China and Australia. Some of the subsidary brands of GM include Buick, Cadillac, Chevrolet, GM Daewoo, GMC, Holden, Pontiac and Saturn. In the North American continent, which is where GM has its headquarters and a WOS in Canada, are the headquarters of some of the most popular subsidiary brands of GM. The state of Michigan is home to the headquarters of Buick, the only brand before GM was born; and Cadillac, acquired in 1909, both of which produce vehicles in the luxury segment.
Michigan is one of the strategic places of interest for GM because it was the profits from the Buick Motor Company that empowered David Dunbar in the early...