General Motors

General Motors Company, commonly referred to as GM, was founded on September 16, 1908 by William C. Durant. Initially, General Motors was a holding company for Buick, combined with several other companies over the years, including Oldsmobile and Cadillac. The company played a pivotal role in the automotive industry, particularly in the growth and development of automobile manufacturing in the United States and globally.

In 1918, Chevrolet officially became a part of General Motors. William C. Durant had founded Chevrolet in 1911, and its success allowed Durant to leverage the capital to regain control of GM after being ousted. Chevrolet's integration into GM significantly enhanced the company's product lineup and market share in the growing automotive industry.

In 1927, General Motors surpassed Ford Motor Company in terms of sales, becoming the leading automobile manufacturer in the United States. Under the leadership of Alfred P. Sloan, GM introduced the annual model change, colors, different brands targeting various income levels, and other strategies that allowed it to climb to the top position in the U.S. automotive market.

On June 30, 1953, General Motors launched the Chevrolet Corvette, America's first sports car. The Corvette became an iconic model known for its performance and design. The car was initially designed by Harley Earl, with a fiberglass body and a six-cylinder engine. Despite a slow start in sales, the Corvette eventually became a key part of GM's brand identity and automotive history.

In June 1971, GM announced its ambition to develop electric vehicles. The company experimented with electric models, introducing the Electrovair and Electrovair II concept cars later in the decade. While these early experiments did not reach commercial production, they marked the beginning of GM's long-term interest in electric drive solutions and alternative fuel vehicles, which continues today.

In 1984, General Motors established Saturn Corporation as a subsidiary to compete with Japanese imports in the compact car market. Saturn was intended to innovate manufacturing processes and customer sales experiences, while being free from traditional GM brand constraints. The brand became well-known for its customer-friendly dealership practices and quality vehicles, though it was eventually dissolved in 2010.

On December 5, 1996, General Motors introduced the EV1, its first production electric car. The EV1 was available through lease only and represented a significant milestone in electric vehicle development. However, due to limited range, high production costs, and scant infrastructure, GM discontinued the EV1 program by 2003, imposing controversial decisions on leased vehicles which were recalled and destroyed.

On July 10, 2009, General Motors emerged from Chapter 11 bankruptcy reorganization with the help of a $50 billion bailout from the U.S. government. The bankruptcy was one of the largest industrial failures in U.S. history and was attributed to several factors including the financial crisis, declining sales, and high labor costs. As part of the reorganization, GM shed several brands and streamlined operations.

On November 17, 2010, General Motors made a successful return to the stock market with an initial public offering (IPO) that raised $20.1 billion, one of the largest IPOs at the time. This marked a significant comeback for the company after its 2009 bankruptcy and government bailout. The IPO allowed the U.S. government to begin recovering its investment in GM.

On January 25, 2022, General Motors outlined its plans to become a leading electric vehicle maker, committing $35 billion towards electric and autonomous vehicles through 2025. This investment marks a significant pivot towards sustainability and aims to produce 30 new EV models globally by 2025, with a goal of transitioning to a fully electric lineup by 2035. GM's strategy involves advanced battery technology, competitive pricing and innovation.