The General Motors (GM), established in 1908 is the worlds largest automobile company. The multinational company from the United States has offered secured jobs to millions of people around the world. The GM has its base in nearly 35 advanced countries and manufacture trucks and cars. The cars and trucks are sold under different brand names such as Buick, Cadillac, Chevrolet, GM Daewoo, Hummer, Opal, Pontiac, etc.
The company was established by William Durant in 1902 as an investment firm for Buick. Soon, the same year the company purchased the rights from other companies such as Cadillac, Oakland, and Elmore. The financial crisis and stock market panic in 1907 proved to be the golden opportunity for William Durant. The same year he managed to take over many car companies that built car parts as well as car accessories. This process gave birth to General Motors in 1908. The history of General Motors thus began its journey in automobile market.
The history of General Motors clearly suggests that Durant was genius and was truly responsible for growth of GM worldwide. The period from 1915-1920 is regarded as the successful period in history of General Motors. It is in this period that Cadillac became successful around the world and the Chevrolet Motors created history in automobile world. There were many ups and downs but still GM stood firm in all situations. The GM had a lot of competition from Ford and Chrysler.
The Ford cars became the first choice of the people. The GM had to face great challenge and make certain changes in order to compete with Ford. The genius engineer Alfred Sloan accepted this challenge and was quite successful in his attempt. The attractive colors, excellent features, and comfort brought GM back into the market. Many schemes were launched in interest of the public. The rates were reduced and GM planned to change the looks and features every year. This strategy helped to increase the sale of GM and by now, the people were able to buy car on credits.
The days never remain the same and the financial crisis in 1929 was again a set back in history of General Motors. The stocks fell badly, but still GM managed to bounce back in 1930. They included Electro-Motive Corporation, the internal combustion engine car builder. This step gave birth to diesel and petrol fueled cars that were more efficient and comfortable. The year 1955 is another landmark in the history of General Motors. In this year, GM became the first company to generate more than billion dollars in a year.
