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The Journal Gazette

Saturday, January 05, 2013 10:13 am

Key events in the fall and rise of General Motors

By The Associated Press

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.