General Motors

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General Motors

General Motors
History
General Motors (also known as GM), is the world’s second largest car manufacturer based on annual sales. GM was founded on September 16, 1908, in Flint, Michigan, as a holding company for Buick, operated by William C. Durant. Later during that year, they established Oldsmobile. The following year, Durant brought Cadillac, Elmore, Oakland and several others. In 1910, William Durant lost control of GM to a bankers’ trust, because of the large amount of debt taken in the previous year. Years later, Durant started Chevrolet Motor Car Company and through this he secretly purchased a controlling interest in GM. Once ownership was reclaimed by Durant, he then reorganized General Motors Company into General Motors Corporation. Shortly after, Durant again lost control after the collapsed of the new of vehicle. In 1916, Alfred P. Sloan was chosen to take charge of the corporation and led it to its post global dominance. GM growth lasted to the early 1980s.
In the 1980s, GM employed 349,000 workers and operated 150 assembly plants. They led in global sales for 77 consecutive years from 1931 to 2007, longer than any other automaker. Now in 2009, General Motors employs approximately 244,500 people around the world. GMs’ global headquarters is the Renaissance Center located in Detroit, Michigan. Last year, GM sold 8.35 million cars and trucks globally. GM is the majority shareholders in GM Daewoo Auto & Technology Co. of South Korea and had collaborations with Shanghai Automotive Industry Corporation of China, AvtoVAZ of Russia, and most recently, UzAvtosanoa of Uzbekistan.

Financial
On General Motors financial statement shown in Appendix A, General Motors Corporation has been consistently showing a growth in revenue earnings. Total revenues of
General Motors Corporation as on 31st December, 2006 was $204,467.00 million.…...

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