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On February 18, 2009, General Motors and Chrysler again approached the U.S. government, in regard to obtaining a second bridging loan of $21.6 billion (£15.2 billion). $16.6 billion of this would go to General Motors, while Chrysler would take $5 billion. General Motors agreed to shed 47,000 jobs, close five plants, and axe 12 car models.
Chrysler filed for chapter 11 bankruptcy protection on May 1, 2009 [94] followed by General Motors a month later. [95] On June 2, General Motors announced the sale of the Hummer brand of off-road vehicles to Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., a machinery company in western China, a deal which later fell through.
June 19, 2009: Deadline for filing all objections to the sale of General Motors. June 22, 2009: Deadline for making competing bids in the auction of General Motors' assets. June 25, 2009: Final hearing on the bankruptcy loan. July 10, 2009: Deadline for completion of the sale, requested by the U.S. Treasury and General Motors. [9] [10]
General Motors is recalling nearly 820,000 pickup trucks over a potential safety issue involving tailgates.. The automaker says that the electronic latch mechanism used to open the gate of some ...
In 2008, General Motors committed to engineering half of its manufacturing plants to be landfill-free by recycling or reusing waste in the manufacturing process. [107] Continuing their environmental-conscious development, GM started to offer the 2-mode hybrid system in the Chevrolet Tahoe, GMC Yukon, Cadillac Escalade, and pickup trucks. [108]
The poor performance of General Motors' Chinese joint ventures is forcing the company to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter of ...