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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 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.
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 .
General Motors Number of jobs cut since recession began: 107,357 The entire auto industry felt the pain of the recession -- U.S. car sales dropped from an average 16 million a year in 2005 to 11 ...
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 ...
According to an April 2014 report of the Special Inspector General of the Troubled Asset Relief Program, the U.S. government had lost $11.2 billion (~$14.2 billion in 2023) in its rescue of General Motors. The U.S. government spent $50 billion to bail out GM, meaning it recovered 77.6 percent of its investment amount. [7]
Chrysler was impacted by the automotive industry crisis of 2008–2010 which had contributed the Chapter 11 reorganisation. At the time, Chrysler was controlled by the private investment company, Cerberus Capital Management, which, along with other investors, purchased a majority stake in 2007. [3]
In late 2008 GM, along with Chrysler, received loans from the American, Canadian, and Ontarian governments to bridge the late-2000s recession, record oil prices, and a severe global automotive sales decline (see also automotive industry crisis of 2008–2009) due to the global financial crisis of 2008–2009.