When General Motors launched operations in September 1908, there was no way for William C. Durant to foresee that the company would go on to claim an astonishing 77-year reign as the world's top-selling auto manufacturer. That dominance finally ended in 2008, when a Japanese automaker seized the lead. The Great Recession hit the manufacturing sector hard, and GM found itself requiring a federal bailout just to stave off bankruptcy. Now, nearly two decades after accepting that government lifeline, the company has emerged as a leader in the electric vehicle space.
History
Running a powerhouse manufacturing operation was nothing new for Durant. He was already at the helm of the Durant-Dort Carriage Company, a business built on producing horse-drawn vehicles. By 1900, his Carriage Company in Flint, Michigan, had grown into the largest of its kind in the United States. Ironically, Durant initially opposed the rise of automobiles, recognizing them as a direct threat to the horse-drawn vehicle industry. But his sharp business instincts won out, and in 1904 he purchased the Buick Motor Company.
Rather than a traditional manufacturer, GM began its life as a holding company — essentially a parent organization overseeing multiple manufacturing operations. Since Durant already had Buick in his portfolio, it naturally became the first brand under the GM umbrella. From there, Durant and his business partner acquired a string of additional automobile manufacturers, among them Oldsmobile, Cadillac, and several other companies whose brands have since disappeared. Some of those brands were truck makers, two of which eventually merged to create GMC after Durant had established the holding company. He would also go on to found his own automobile company, Chevrolet, which became a direct rival to Ford's.