Word: gm
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...deal, the price of which has not been disclosed, comes a day after GM filed for Chapter 11 bankruptcy protection. The U.S. automaker says the sale of Hummer, which GM valued at $500 million, should allow it to preserve more than 3,000 American jobs. Tengzhong says it plans to maintain Hummer's existing senior management team and will enter into long-term assembly and supply agreements with GM. (Read "China's Auto Bailout Takes a Different Route...
...European automakers has encouraged Chinese companies - buoyed by China's ranking as the world's largest car market in the first quarter of 2009 - to hunt for buyout candidates overseas. "It's definitely a good time to buy Hummer," says Liu Chang of Sinomind Management Consulting in Beijing. "GM wouldn't sell it if it was in better shape." But China's previous results from acquisitions of foreign automakers have been poor. In 2004, Shanghai Automotive Industry Corp. paid $500 million for a 49% stake in South Korea's Ssangyong Motors, which declared bankruptcy in January...
...Hummer, which was based on the humvee vehicle produced for the U.S. military by AM General, was first sold as a civilian vehicle in 1992. GM bought the line in 1999 and later introduced the smaller H2 and H3 models. After the SUVs became a rolling symbol of hip-hop bling and celebrity excess, Hummer in 2006 registered peak sales of 71,524 for all models. But with higher gas prices and the onset of recession, sales plunged...
Willow Run is always trotted out as Exhibit A in the transformation of lower Michigan into the world's arsenal of democracy. It's a great story, and it's a true one; in 1942, GM took just two months to convert its Cadillac assembly line to one that could turn out tanks. The University of Michigan at Ann Arbor buzzed with boffins working on government contracts, and in 1948, the campus had 21,000 students enrolled - or a fifth of the total number of students at every university in France. Two years earlier, a veteran editor of the Detroit...
...Detroit's golden age was very short-lived. Willow Run was never a massive success in peacetime. Henry Kaiser, who wanted to rival the Big Three, bought the plant, and in 1947 he employed 15,000 people there. But by 1953, when the plant was sold to GM, the number had dropped to 3,000. The city was already on its way to being the epitome of the Rust Belt basket case. In 1950, Detroit had a population of nearly 1.85 million; by 1990, it had fallen to just over 1 million...