|Legal Name:||General Motors Company|
|Headquarters Regions:||Detroit, Michigan, United States|
|Founded Date:||16 September 1908|
|Founders:||Charles Stewart Mott and William C. Durant|
|Number of Employees:||175000+|
|Area served:||United States of America and world|
|Products of Company:||designs, manufactures, markets, and distributes vehicles and vehicle parts, and sells financial services|
|Net Worth in 2023:||$150 Billion|
General Motors is an automobile manufacturing company which is based in America. The company designs manufacture and also markets as well as distributes vehicle parts and vehicles. Besides, this company offers financial services and its global headquarters is in Renaissance Center, Detroit. General Motors was formerly known as General Motors Corporation and was founded in September 1908.
From 1931 to 2007, it was ranked as the largest automobile manufacturer in the world. Currently, the company is ranked at number 18 in the rankings of the largest American corporations by revenue. General Motors has four major automobile brands which include Cadillac, Chevrolet, GMC, and Buick. The company also has shares in some foreign brands like Jiefang, Holden, and Wuling.
Well, how well do you know about General Motors? If not much, we have compiled all you need to know about General Motors’s net worth in 2023, wiki and complete details. Well, if you’re all set, here is what we know about General Motors to date.
The company was founded by William C. Durant in partnership with Charles Stewart Mott in 1908 and their very first acquisition was Durant’s Buick. Durant then acquired several other companies but he was removed from the company by the board of directors in 1910. He made a comeback the following year when he co-founded Chevrolet Motor Company. In 2009 General Motors Corporation sold its assets to the new General Motors following the chapter 11 reorganization.
The US Treasury was the first one to invest in General Motors where they invested$49.5 billion, only to sell their shares in December 2013 for$10.3 billion. Then treasury did not give up and they went ahead and invested again in the company and this time they were able to make a profit of$2.4 billion.
Since its inception, General Motors has evolved to become one of the largest automobile companies in the world. In 2009 alone, the company sold 6.5 million cars in the whole world. The number increased the following year where they sold 8.39 million cars. The total number of units produced in 2011 was 9.025 million and this made General Motors top the list of the most sold automobiles in the world.
Although the company is headquartered in Detroit, it is operational in the whole world. They have subsidiaries in different parts like North America and South America. They introduced the Chevrolet brand in Europe in 2005, but they phased it out after 10 years and were replaced by Opel/Vauxhall. General Motors European market did not impress much because they recorded a loss of more than$ 15 billion in 16 years. In March 2017 they sold out Opel/Vauxhall to PSA Group for$ 2.3 billion.
In the Asian market, General Motors manufactures most of its vehicles in the China market locally. Their automobiles are in big demand in China and this amounts to greater growth in the company. In 2009, the China market accounted for 13.4% of the company’s total market. This rose to 28.8% in 2010 where they sold over 2.3 million units.
Unlike the company’s success in the Chinese market, the Indian market was a flop. They had entered the market in 1996, but they exited in 2017. The company also experienced big losses in the South Korean market, leading to the sale of their plant at Rayong to the company by the name of Great Wall Motors.
In Africa, the company has been operational in Egypt since the 1920s. In Nigeria, General Motors bought Federated Motors Industry in 1999. The largest assembler of commercial vehicles for the company is located in Nairobi, Kenya and it goes by the name of General Motors East Africa (GMEA). In Australia, the company entered the market in 1926 but unfortunately, they exited in 2020.
Awards & Achievements
General Motors has been in the market for several decades now and during that time, they have managed to scoop numerous awards. Some of the most recent ones are the EPA Green Power Leadership Award and the Brandon Hall Group Gold Award. In 2018, the company was named the ‘Best Place to Work for LGBTQ Equality just to mention but a few.
Net Worth & Earnings of General Motors in 2023
Over the years, General Motors has expanded a lot to become one of the largest automobile companies in the world today. They have sold millions and millions of units around the globe through the subsidiaries they have acquired over the years. It, therefore, does not come as a surprise to know that their net value is estimated to be $150 billion as of 2023. They also have several assemble units globally and this has greatly contributed to their net worth today.
Durant and his partner Charles founded General Motors in the early 1900s with only a dream that it would become a multinational company. Many years down the line, the company is ranked among the largest and most prosperous automobile companies in the world. The company has branches in all corners of the world and this has greatly helped in their growth.