General Motors

General Motors was founded in September of 1908 by William Durant during a time that there were less than 8,000 in the United States. Durant was already known in Flint, Michigan for his horse drawn vehicles. “At its inception GM held only the Buick Motor Company, but in a matter of years would acquire more than 20 companies including Oldsmobile, Cadillac, and Oakland, today known as Pontiac.”(History & Heritage-Creation,” 2014) General Motors set the tone in the automobile industry with design, production and marketing. “With the philosophy and strategy of “a car for every purse and purpose,” and a series of landmark innovations that changed the automobile itself, GM’s vehicles went beyond transportation, becoming statements and aspirations in their own right.” (“History & Heritage-Acceleration,” 2014) General Motors continued to prosper even through the economical and political during World War II, by being committed to their innovative ways. As time went on General Motors initiated the use of unleaded gas in engines, airbags and catalytic converters. After World War II, General Motors started to decline due to Japan and Germany doing more business with the United States and the cost of fuel rising. GM started to expand internationally by creating more facilities outside of the US. GM also started joint ventures with China, Toyota and Saturn. “However, legacy costs from earlier years continued to weigh on the company, and Japanese, German, and Korean competitors pushed into the lead in most passenger car segments.”(“History & Heritage-Globalization,” 2014) “However, in 2008, a major recession and global credit crisis drove car sales to near depression levels and dried up private sources of capital. GM, critically short of operating cash, received a bridge loan from the U.S. Treasury, under the conditions that the company further accelerate a tough restructuring of its us operations that had been underway for several years.”(“History &