In 1992, GM's revenue was $132 billion on sales of 7.7 million vehicles, with a net loss of $23.5 billion; in 2007, revenue was $181.1 billion on sales of 9.37 million vehicles with a net loss of $38.7 billion. In other words, the company was selling millions more cars and losing more money.
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For The Record
Los Angeles Times Wednesday, June 03, 2009 Home Edition Main News Part A Page 4 National Desk 1 inches; 41 words Type of Material: Correction
GM history: A timeline on the history of General Motors and an accompanying photo caption in Monday's Section A said that Cadillac introduced the first car with air conditioning in 1953. The first car with air conditioning was a 1940-model Packard.
For The Record
Los Angeles Times Saturday, June 13, 2009 Home Edition Main News Part A Page 4 National Desk 1 inches; 37 words Type of Material: Correction
Vintage car photo: In the June 1 Section A, a photo caption that accompanied a column by Dan Neil about General Motors' history identified a car as a 1958 Cadillac Eldorado. The car's model year is 1957.
Large and mature, capital-intensive corporations can achieve a lot, but none ever downsizes gracefully. GM didn't, and Toyota won't when its time comes.
It will be painful, it will be ugly and there will be many losers, but GM will emerge out of bankruptcy, in all likelihood before the end of 2009. When it does, it will have shed many of its historical burdens and will still possess a talented workforce, significant physical assets and some of the best minds in the car business. A restructured GM will be a force to reckon with. If I worked for Ford or Toyota, I might be getting a little insomnia by now.
This could still be a great company, the company of Harley Earl and Bill Mitchell, of Olds Rocket 88s and Pink Cadillacs and Little Red Corvettes, the company that put a car on the moon, that killed and then resurrected the electric car. The post-imperial GM will be smaller, leaner, smarter and hungrier. I hope. Bankruptcy's purifying fire will burn away debt and, as important, a legacy of comfortable arrogance. And it will be truer than ever: What's good for GM is good for America.
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dan.neil@latimes.com
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(BEGINTEXT OF INFOBOX)
General Motors: a 101-year timeline
Sept. 16, 1908: William C. Durant, owner of the 5-year-old Buick Motor Co., founds General Motors Co. Two months later, GM buys Oldsmobile.
1909: GM acquires Cadillac, AC Spark Plug and Rapid Motor Vehicle Co., now known as GMC. It also buys a half-interest in Oakland Motor Co., today's Pontiac.
1910: With GM facing bankruptcy, bankers oust Durant.
1916: Durant regains control of the company, bringing in Chevrolet, an automaker he founded in 1911.
1920: Durant resigns under pressure from lenders.
1924: Chief Executive Alfred P. Sloan describes GM's marketing strategy as "a car for every purse and purpose."
1936-37: Violent sit-down strikes at a GM plant in Flint, Mich., lead to the formation of the United Auto Workers union.
1942-45: Because of World War II, all GM production is devoted to military vehicles.
1948: The first tail fins debut, on a Cadillac.
