General Motors Corporation (GM) (NYSE: GM), is a global automaker founded in 1908 with headquarters in Detroit, Michigan. It is the world's second-largest automaker after Toyota, ranked by 2008 global unit sales.[3] GM was formerly the global sales leader for 77 consecutive calendar years from 1931 to 2007. It manufactures cars and trucks in 34 countries. GM employs 244,500 people around the world, and sells and services vehicles in some 140 countries. In 2008, 18.35 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.[4]
In late 2008 GM, along with Chrysler, became and continues to be dependent on government loans from the United States, Canada, and the Canadian province of Ontario[5] to avoid bankruptcy due to falling sales (especially of sport utility vehicles and other large vehicles) resulting from the late 2000s recession, record oil prices peaking in the summer of 2008, and fierce competition. (See also automotive industry crisis of 2008–2009). On February 20, 2009, GM's Saab division filed for reorganization in a Swedish court after being denied loans from the Swedish government.
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