General Motors is one of the oldest car companies in the world, formed in 1908 under William C. Durant in Flint, Michigan. Originally, GM acted as a holding company for the Buick and McLaughlin Car Company of Canada Limited. After selling its European brand to PSA in March 2017, GM holds nine automobile brands in total today, and owns several of the oldest U.S.-built car brands including Buick, Chevrolet, and Cadillac. In its 2016 fiscal year, General Motors generated some 166 billion U.S. dollars in revenue. In that fiscal year,GM sold almost 10 million vehicles in almost 40 countries around the world under its various brand. Chevrolet is GM's most successful brand.
Chevrolet’s share of the worldwide automobile market reached 4.5 percent in 2016. The automaker produces most of its cars in the United States, although GM also manufactures a large percentage of its cars in Asia: Most of GM’s cars dedicated to the Chinese market are produced locally, and a Buick was the first car to be produced in Shanghai’s GM plant in 1998.
During the automotive industry crisis in 2008 and 2009, GM became vulnerable to the market recession. In 2009, the company was able to re-emerge due to a Chapter 11 reorganization backed by the government, allowing a “new GM” to purchase operational assets from the “old GM”. It is estimated that the U.S. government laid out over 11 billion U.S. dollars for the bailout. Since the company’s IPO in 2010, GM’s revenue has steadily increased, and General Motors is still considered one of the leading car brands in the United States.
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