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GM directly employs 123,000 in all of North America. An estimated two million people relied on the industry for health care and 775,000 retirees collect auto-industry pensions. Hourly wages and benefits. Gary Burtless of the Brookings Institution argued that hourly wages were similar between the Big Three and the transplants.
Due to the declining residual value of their vehicles, Chrysler and GM stopped offering leases on most of their vehicles in 2008. In September 2008, the Big Three asked for $50 billion to pay for health care expenses and avoid bankruptcy and ensuing layoffs, and Congress worked out a $25 billion loan.
General Motors' rising retiree health care costs and Other Post Employment Benefit (OPEB) fund deficit prompted the company to enact a broad restructuring plan. Although GM had already taken action to fully fund its pension plan, its OPEB fund became an issue for its corporate bond ratings.
GM confirmed to the Detroit Free Press on Tuesday that the automaker will provide consumers with $7,500 off the price of any of the EVs that are ineligible for the government's credits under the...
GM launched the Chevrolet Bolt EV in 2015, using batteries made by LG as part of a strategic partnership between the two companies. GM started issuing recalls in 2020 after it faced numerous ...
GM filed for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court on June 1, 2009, at approximately 8:00 am EDT. June 1, 2009, was the deadline to supply an acceptable viability plan to the U.S. Treasury. The filing reported US$82.29 billion in assets and US$172.81 billion in debt.