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General Motors was financially vulnerable before the automotive industry crisis of 2008–2010. In 2005, the company posted a loss of US$10.6 billion (~$15.9 billion in 2023). [ 17 ] In 2006, its attempts to obtain U.S. government financing to support its pension liabilities and also to form commercial alliances with Nissan and Renault failed.
On November 19, 2008, there was a United States Senate hearing on the automotive crisis in the presence of the heads of Chrysler, Ford and General Motors. The auto manufacturers explained that they would need financial aid of $25 billion if they were to avoid bankruptcy. The Senate was divided on the issue.
General Motors did not meet two specific requirements — torque required and vibration environment — for the ignition switch. The torque, or rotational power that prevents the ignition switch from changing modes, was required to be between 10 N·cm and 20 N·cm (Newton centimeters).
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(Reuters) - General Motors Co's (GM.N) ongoing safety crisis over deadly ignition switches deepened on Monday with the recall of 8.23 million mostly older cars linked by the U.S. automaker to ...
Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of ...
Ten years ago, amidst the worst financial crises since the Great Depression, the American auto industry almost died. The "Big Three" U.S. car companies of General Motors, Chrysler, and Ford faced ...
The 2008–2010 automotive industry crisis formed part of the 2007–2008 financial crisis and the resulting Great Recession. The crisis affected European and Asian automobile manufacturers, but it was primarily felt in the American automobile manufacturing industry .