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Website: http://www.gm.com Note: General Motors is seeking up to $25 billion in funds from the federal government and has warned it could run out of money by early 2009. General Motors is the world's leading maker of automobiles and trucks but just barely. In 2007, GM sold 9.37 million cars and trucks, only a few thousand more than fast-growing Toyota. GM sells automobiles under the brands Buick, Cadillac, Chevrolet, GMC, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. In some countries, the GM Group distribution network also markets vehicles manufactured by GM Daewoo, Isuzu, Fuji (Subaru) and Suzuki. GM is the majority shareholder in GM Daewoo Auto & Technology Co. of South Korea, and has product, powertrain and purchasing collaborations with Suzuki Motor Corp. and Isuzu Motors Ltd. of Japan. GM also has advanced technology collaborations with DaimlerChrysler AG and BMW AG of Germany, and Toyota Motor Corp. of Japan, and vehicle manufacturing ventures with several automakers around the world, including Toyota, Suzuki, Shanghai Automotive Industry Corp. of China, AVTOVAZ of Russia and Renault SA of France. GM's worldwide vehicle sales increased 3 percent, or 277,000 units, to 9.4 million vehicles in 2007, marking the second best year in units sold in the company's 100-year history. For the third consecutive year, a majority of the company's sales almost 60 percent were outside of the U.S. Record sales performance was achieved in key growth markets throughout Eastern Europe, Latin America and the Asia Pacific. Genuine GM Parts and Accessories are sold under the GM, GM Performance Parts, GM Goodwrench and ACDelco brands through GM Service and Parts Operations, which supplies GM dealerships and distributors worldwide. GM engines and transmissions are marketed through GM Powertrain. GM also has a financing subsidiary GMAC. It sold a 51% stake in GMAC to Cerberus Capital Management for $9 billion in 2006. GM has manufacturing operations in 33 countries, and its vehicles are sold in 192 countries. GM's largest national market is the United States, followed by China, Canada, the United Kingdom and Germany. In 2007, GM said it lost a record $38.7 billion on $205.6 billion in revenue. It was the biggest annual loss reported by an automotive company ever. GM said 19,000 hourly workers have accepted buyouts from the company worth up to $140,000. Hourly workers are members of the United Auto Workers union. Currently, GM unionized employees cost the company about $78.21 per hour in benefits and pay. A new worker would cost $26.65 per hour. GM said it will eliminate 2,000 more jobs and cut shifts at car factories in Lordstown, OH; Orion Township, MI; and Oshawa, Ontario, starting in February due to slowing demand. History GM was originally founded in Sept. 16, 1908 after incorporating as the Buick Motor Company. Its history dates as far back as 1897 with the Olds Motor Vehicle Company, which produced the first Oldsmobile. Olds Motor was sold to GM in 1908. Benefits Most GM workers who work in manufacturing are unionized and enjoy excellent benefits. Salaried workers have a wide variety of healthcare options to choose from, including the Basic Medical Plan, the Enhanced Medical Plan, and where available, a HMO or PPO option. They also receive basic life and disability insurance, a Savings-Stock Purchase 401(k) Program, 14 paid holidays each year, vacation time ranging from two to five weeks, plus the opportunity to buy GM vehicles at a discount for themselves and immediate family members. Updated December 5, 2008 |