Key events in the fall and rise of General Motors
- Article by: The Associated Press
- Associated Press
- January 4, 2013 - 10:09 AM
A timeline of key events in the fall and revival of General Motors Co.
Nov. 18 — The CEOs of GM, Ford and Chrysler ask for aid from Congress, citing the weak economy, plummeting sales and the collapse of the U.S. banking system.
Dec. 19 — President Bush approves $17.4 billion in loans for GM and Chrysler, citing an imminent collapse of the industry. President Obama eventually approves another $44.6 billion in aid for the companies.
March 30 — GM CEO Rick Wagoner is forced to resign by the government.
April 30 — Chrysler files for bankruptcy protection.
June 1 — GM files for bankruptcy protection. Orion Assembly Plant is on a list of 12 plants it plans to close or idle.
June 11 — Chrysler leaves bankruptcy in a new partnership with Italian automaker Fiat SpA.
June 26 — GM says Orion will stay open and build a new small car that was originally scheduled to be built in China.
July 10 — GM emerges from bankruptcy protection. Becomes a private company with U.S. government as largest shareholder. Former AT&T head Ed Whitacre becomes board chairman.
Nov. 16 — GM reports a $1.2 billion loss from July bankruptcy exit through Sept. 30.
Dec. 1 — GM CEO Fritz Henderson is forced out after just eight months. Whitacre becomes CEO.
Dec. 31 — U.S. annual auto sales drop to 10.4 million, a 30-year low.
Jan. 28 — Ford reports a $2.7 billion profit for 2009, its first annual profit in four years. Ford didn't take government bailout money but funded restructuring with a $26 billion loan.
April 21 — GM repays $8.1 billion of loans to U.S. and Canadian governments.
May 17 — GM reports first-quarter earnings of $865 million, its first quarterly profit since 2007.
Aug. 12 — Whitacre steps down. Board member Daniel Akerson becomes CEO.
Aug. 18 — GM files initial paperwork to sell its stock to the public, its first step toward ending government ownership.
Nov. 10 — Reports a third-quarter profit of $2 billion.
Nov. 18 — GM sells shares for $33 in an initial public offering. The government recoups $13.5 billion of its $50 billion in loans but retains a 26.5 percent stake in the company.
Dec. 15 — GM buys $2.1 billion of its preferred stock from the government.
Dec. 31 — U.S. annual auto sales rise 11 percent to 11.6 million.
Feb. 24 — GM reports earnings of $4.7 billion for 2010, its first annual profit in six years.
May 2 — Chrysler earns $116 million in the first quarter, its first profitable quarter in five years.
Aug. 1 — Orion Assembly begins building the Chevrolet Sonic.
Oct. 14 — President Obama tours Orion Assembly with South Korean President Lee Myung-bak.
Dec. 1 — Chevrolet Sonic overtakes the Hyundai Accent and Honda Fit as the best-selling subcompact in the U.S.
Dec. 31 — U.S. annual auto sales rise 10 percent to 12.8 million.
Feb. 16 — GM reports its highest annual profit ever — $7.6 billion — for 2011.
Oct. 31 — GM earns $1.48 billion in third quarter; 11th straight profitable quarter since bankruptcy. Total earnings since bankruptcy are $16 billion.
Dec. 3 — Industry reports strong Nov. U.S. sales; GM sales up only 3 percent. Industry grows 14 percent in first 11 months. GM up 3.5.
Dec. 19 — GM reaches deal to buy back 200 million shares from U.S. government for $5.5 billion. Government agrees to sell remaining 300 million shares by early 2014.
Jan. 3 — GM says it sold 81,247 Sonics in the U.S. in 2012, making it the best-selling subcompact in the country.
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