General Motors’ road to becoming a multibillion-dollar business

General Motors (GM) is an automobile manufacturing company that makes Chevrolet, GMC, Cadillac and Buick vehicles.

General Motors has a long history, dating to the days of horse-drawn carriages. 

Below is a look at the history of General Motors, beginning with its foundation. 

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1. When was General Motors founded?
2. What is the story behind General Motors?
3. How many brands does General Motors own?

1. When was General Motors founded?

General Motors incorporated Sept. 16, 1908, in Flint, Michigan, before relocating to Detroit. 

Upon its founding, the company had a mission “to manufacture, purchase, sell, hire, let, use, repair, maintain, care for and deal in cars, carriages, wagons, boats, flying-machines and vehicles of every sort or description for the transportation of passengers or goods, whether the same be propelled by motors engines, machines or other contrivances operated by means of steam, electricity, gasoline, kerosene, alcohol, or other forms of power now known, or which may hereafter be discovered,” the company’s website states. 

General Motors was founded by businessman William Durant. 

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2. What is the story behind General Motors?

Before General Motors came many years of research and exploration by Durant. 

Durant dropped out of school at 17, worked piling lumber and later sold cigars in Flint, according to General Motors’ website. This marked the beginning of his career as a businessman. 

Before getting into the business of vehicles in 1886, he was a partner at an insurance company. 

Before cars filled the roads, horse-drawn carriages were the way to get around, and this business was Durant’s first investment. 

With $2,000 of borrowed cash, he bought a small horse cart company that came with two carts and a design patent, General Motors’ website explains. 

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Durant spent many years in the carriage business, becoming a millionaire by the time he was 40 years old. 

When horseless carriages first entered the U.S. transportation scene, Durant’s interest was limited because he thought they were “noisy, dangerous contraptions that frightened people and horses,” according to General Motors. 

This thought didn’t last long. Durant took over management of Buick in 1904. 

This led to the foundation of General Motors in 1908. When the company was founded, its initial holdings included just Buick, with Oldsmobile later joining. 

Durant quickly began to build the General Motors brand, purchasing 22 companies after 16 months in operation, according to GM’s website. 

Notable brands acquired during the early years included Buick, Cadillac, Oakland (Pontiac), Oldsmobile, McLaughlin (GM Canada) and GMC.

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With all the success of General Motors also came financial woes. In 1910, Durant lost control of the company due to a $15 million debt, according to the Detroit Historical Society. 

During this time, he partnered with race car driver Louis Chevrolet, with whom he established Cheverlot Motor Company in 1911. 

In 1916, Durant returned to General Motors but was forced out of the company again in 1920 and soon after created Durant Motors, which was liquidated in 1933, according to General Motors’ website.  

3. How many brands does General Motors own?

To date, there are ten different brands that fall under General Motors’ umbrella. 

This includes four automobile brands — Chevrolet, Buick, GMC and Cadillac. 

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Additionally, General Motors owns OnStar, GM Parts, GM Financial, Ultium, GM Envolve and GM Energy.