GM emerges from top 10 of Fortune 500

Article by Christian A., on August 27, 2010

Fortune Magazine's annual Fortune 500 list of top-grossing companies in the US has gotten its share of surprises while there were some that merely needed to be confirmed.

Taking top place was Wal-Mart this year, after having gotten second place last year. General Motors could not be seen on the top 10 for the first time in its 101-year-old history.

GM fell from number 6 to number 15. The company recorded revenues of USD104.58 billion, but the profit is missing from the list. Fortune Magazine looks at 2009 as a tornado for General Motors.

For the past year, the company had a tumultuous run with three CEOs, four divested car brands and a bankruptcy reorganization that ended with the US government being its largest shareholders.

GM also had to face the issues related to 2,300 eliminated dealers, 10 closed plants and 21,000 layoffs. But things are looking up for GM.

Sources close to GM's CEO, Ed Whitacre, said that the USD5.8 billion in loans secured from the US and Canada last year for its Chapter 11 proceedings will be repaid in full this week.

On the other hand, Ford stayed in the top 10, dropping from No. 7 to No. 8, with revenues of USD118.3 billion and a profit of USD2.7 billion. Chrysler is nowhere on the list after having had to deal with a bankruptcy and reorganization. [via mlive]

Topics: gm, united states

If you liked the article, share on:

Pin It

Comments

Recommended

South Korean car company SsangYong recently revealed sketches of their upcoming SUV. We’re not always impressed by Korean car designs, but this one looks quite promising. Yup, it is the...
by - March 26, 2017
Twenty-eight years after the company was first launched by Toyota, which was initially targeted to the United States market only, Lexus has already made its way to over 70 countries....
by - March 26, 2017
Last year was probably Porsche’s best year ever in terms of sales. Their factory in Stuttgart delivered 237,778 cars in total, which represents a six percent increase compared to the...
by - March 26, 2017
Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries