century-old GM faces bankruptcy: Shares have fallen 99% in 9 years

Xinhua Beijing, May 31, according to CCTV "China News" column news, with a century-old General Motors has been occupying the global automotive industry in the past 80 years as the "Boss" status, but also the United States car luxury, wide, comfortable and other characteristics of the classic representative.　　Now let's take a look at this "Hundred Years old Shop". GM was founded on September 16, 1908 and was created by William Durante, America's largest wagon maker, headquartered in Detroit.　　For more than 100 years, GM has joined or merged with Buick, Cadillac, Chevrolet, Ponti Jacques and other companies, and has a stake in Suzuki, Isuzu and Subaru, forming a rich product line. At present, GM in 35 countries and regions in the world to establish a car manufacturing business, employs 260,000.　　In 2007, GM sold nearly 9.37 million cars and trucks worldwide and ranked fifth in the turnover of Fortune 500 companies. GM has been the world's biggest car company since 1927, but since 2005 GM has been losing money almost all the time. By the second quarter of 2008, GM announced that its poor sales of pickups and SUVs due to oil prices led to GM's quarterly loss of $15.5 billion trillion, the world record for quarterly corporate losses.　　Toyota overtook GM as the world's largest carmaker in 2008. In the face of bankruptcy this May 29, GM's shares tumbled 33% to 75 cents at a record low.　　GM's share price has fallen 99% per cent in April 2000 compared with $94.63 a share. To get out of trouble, GM had to sell its brand. In addition to the sold Opel, Hummer, Saturn, Pontiac and other brands will also disappear from GM's camp.