How General Motors Was Founded?

General Motors, the American automotive giant, has carved its place in the history of the global automotive industry with a history spanning over a century. The company was founded by William Durant on September 16, 1908. At that time, the company only included Buick Motor Company. General Motors, 21 years after its establishment, acquired German Opel, Cadillac, Oldsmobile, and later Oakland, which would be known as Pontiac.

During these years, General Motors rapidly expanded with the motto of providing cars for every desire and every budget. The company's first concept car model developed was the Buick Y Job. This model set a precedent in the industry and encouraged other car manufacturers to produce concept vehicles to better understand consumer needs.

Challenging Times for General Motors

In the 1930s, the United Auto Workers, a newly forming union in the American automotive sector, launched a strike in December 1936 that would put the company in a difficult situation. This strike was the largest in General Motors' history and only ended on February 11, 1937, when the company accepted the union's demands.

With the end of this strike, General Motors' golden age continued to approach rapidly. After the strike, the company experienced rapid growth. By 1950, General Motors had become the largest automotive manufacturer in the United States. The company's most popular car model during these years was the Cadillac, known for its shark-fin tailfins.

By 1964, General Motors introduced the Pontiac GTO, which paved the way for the legendary Pontiac Firebird. Although the Pontiac brand achieved success with these models, due to economic downturns, General Motors decided to discontinue Pontiac by 2010.

The Chevrolet Corvette, General Motors' first sports car, was introduced in 1953. This vehicle garnered immense admiration in the automotive industry and the market. In fact, in 2003, thousands of Corvette enthusiasts celebrated the car's 50th birthday in Nashville.

The year 1995 marked a turning point for General Motors. That year, the company achieved the unprecedented feat of selling over 3 million vehicles within a year in North America for the first time in its history. In the same year, GM also entered the Chinese market. By 2001, the company began producing Chevrolet Blazer model vehicles in Jinbei, China.

The 1990s were a period in which General Motors focused on producing SUV model vehicles. While this strategy was successful in terms of sales, the 2008 oil crisis resulted in a 30% drop in SUV sales. This significant setback led General Motors, which was celebrating its 100th anniversary, to file for bankruptcy. In the same year, General Motors borrowed $20 billion from the U.S. government. The company began selling off its European brands one by one. Less than a year after borrowing $20 billion from the U.S. government, the company filed for bankruptcy protection. General Motors, after a century and a year since its founding, became the third-largest bankruptcy in the history of U.S. corporations.