End of an Era General Motors

Bankruptcy General Motors became the fourth-largest ever U.S. corporate history and the largest in the history of U.S. industrial companies. Problems at GM began several years ago. In 2001, the automaker gave the palm of leadership Japanese and Korean automakers. 77 years General Motors managed to hold first place in the production of machines. The company employed more than a quarter million people. From its headquarters in Detroit dealer network stretches in 192 countries. The company owned the brands Buick, Cadillac, Chevrolet, GMC, Hummer, Pontiac, SATURN, Opel and Saab. Plus - Brand: Holden, Vauxhall. General Motors - one of the largest shareholders of the Korean Daewoo. Japanese Isuzu developed for overseas colleagues diesel engines. With the Italian Fiat changing technology fuel systems. The turning point was 2007. Expensive fuel, the decline in sales worldwide. To move quickly on the issue of the increasingly popular small car failed. By year-end net loss of close to 39 billion dollars. Toyota GM drops from the pedestal of the world's leading auto industry. In 2008, the leadership of General Motors has to ask for money from the state. After lengthy negotiations, the Congress of literally knock $ 9.5 billion initially, and then another $ 10 billion. Almost immediately, the company says, to another 16-odd billion. Congressmen demand a clear anti-crisis plan. And its something the company has not. Executive Director Rick Wagoner goes down. By June this year from General Motors laid off about a hundred thousand people. Closed 13 plants in the U.S.. GM loses Opel - he leaves Russia's Sberbank and the Canadian Magna. June 1, President Barack Obama personally declare bankruptcy of the corporation. 60% of its shares will pass to the ownership of the U.S. government. 12% - Canadian. The remaining sections of trade unions and the largest creditors of the concern. Instead, the company will receive about $ 40 billion. General Motors torn in two. The first will include unprofitable divisions, and the second profitable, including Chevrolet and Cadillac. Pontiac division will be closed. Saab claims to the Swedish Koenigsegg, Italy's Fiat and Ira Rennert American businessman, owner of the industrial corporation Renco. Another tidbit - the brand Saturn - is ready to take the Japanese Mitsubishi. Hummer leaves the Chinese. Unclear the fate of Russian troops. The joint venture with "Avtotor" in Kaliningrad can go to the "Sichuan Tinchzhun." The factory in St. Petersburg, with pipelines that go Chevrolet Captiva and Opel Antara, will share the lenders. "GM-AvtoVAZ" reportedly preparing to buy the Volga car. Rumors are likely to have merit. Under the law, "AvtoVAZ" has every right to do. In this case, the Chevrolet Niva will continue to produce under the label already Lada. Save on royalties will reduce the cost of the car. However, bankruptcy does not mean elimination of General Motors. Moreover, the company nurtures new production plans. This month will start selling crossover Cadillac SRX. New to compete with Lexus, Acura and BWW. Price in the base - from 34 thousand dollars.