Posts Tagged ‘GM’

GM Futurama, 1939 World’s Fair: ‘To New Horizons’

August 6, 2016

The General Motors Futurama exhibit shows the wonders-to-be of 1960 to Depression-era audiences at the 1939-1940 World’s Fair, held at NYC’s Flushing Meadows. The future sure ain’t what it used to be.

More:

“I have seen the future:” Norman Bel Geddes and the General Motors Futurama,” Lindsay Turley,  MCNY Collections Blog

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Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

US sells GM

December 10, 2013

US Sells GM

1953: GM President Charles Erwin Wilson tells the Senate Armed Services Committee “for years I thought what was good for the country was good for General Motors and vice versa.”

2009: The United States Government takes 60 percent ownership of General Motors, 912 million shares.

2012: GM buys back 200 million shares of its own stock from the government for $5.5 billion; company execs are now allowed to use corporate jets again.

June 2013: The U.S. Treasury sells off 30 million shares in GM.

December 2013: The Federal government sells off its remaining shares in General Motors, leaving taxpayers with a net $10.5 billion loss on the total $49.5 billion bailout.  The Canadian government still owns $4.2 billion in GM preferred shares and the United Auto Workers union owns $5.4 billion in GM stock.

Related:

“With The Government Gone, GM Can Now Start Paying Its Execs Big Bucks,” Aaron Foley, Jalopnik

“New study estimates the effect on the U.S. economy of successful restructuring of General Motors” (press release), Center for Automotive Research

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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Hummers for The People!

June 10, 2009

Hummers for The People!

Comrades, start your engines! Sichuan Tengzhong Heavy Industrial Machinery Company, Ltd. of the People’s Republic of China bought the Hummer division of General Motors at Detroit’s big bankruptcy sale.

This year Tengzhong will build Hummers where labor is cheap and compliant — Louisiana —  but the firm is located in Chengdu, the capital of Sichuan Province in southwestern China. Tengzhong makes construction equipment, not cars, and local firms make low-speed, three-wheeled farm vehicles (a Hummer could haul a half dozen of them).

While dealmakers talk up the agreement, there are naysayers on both continents. Nationalistic Americans may be reluctant to purchase Hummers; thrifty Chinese motorists may shun the notorious gas-guzzlers. Some notes on the Hummer deal:

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The Ink is Red

June 2, 2009

The Ink is Red

However much the reactionaries try to hold back the wheel of history, sooner or later revolution will take place and will inevitably triumph. — Mao Zedong, November 6, 1957

The General Motors Corporation has agreed to sell it’s Hummer division to Sichuan Tengzhong Heavy Industrial Machinery Company Ltd. of the People’s Republic of China. Terms have not been released, but the sale should be closed by the end of September.

Diligence and frugality should be practised in running factories and shops …. — Mao Zedong, 1955

GM filed for bankruptcy protection Monday morning, and needs the money. Essentially, the company has been nationalized, as the U.S. government now owns sixty percent of General Motors. Sichuan Tengzhong, based in Chengdu, is a private corporation.

 Factories can only be built one by one. — Mao Zedong, November 18, 1957

Some GM plants in the U.S. will continue building Hummers — for Sichuan Tengzhong — for a least a year.

 

Note: Military Humvees are built by AM General, not GM; quotations are from the new Hummer Owner’s Manual; the title of this post alludes to a Chinese folk song that became a patriotic march and then an anthem associated with the Cultural Revolution.

Image (Hum-Mao) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not obscene. Comments may be edited for clarity and length.