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The first use of the term "golden parachute" is credited to a 1961 attempt by creditors to oust Howard Hughes from control of Trans World Airlines.The creditors provided Charles C. Tillinghast Jr. an employment contract that included a clause that would pay him money if he lost his job.
GM recruited a new executive team to turn itself from near bankruptcy in the early 2000s. Among the new strategists at GM was Lutz, who understood the importance of passion in product design. Lutz's new thinking at GM incorporated the systems and structures that originated from American Motors's lean and focused operations. [154]
OnStar was formed in 1996 as a collaboration between GM, Electronic Data Systems and Hughes Electronics Corporation.Each of the founding companies brought a specific area of expertise to the enterprise: GM brought vehicle design and integration and a distribution system of millions of vehicles, EDS brought much of the systems development and information management and customer service ...
According to GM, the Edition 1 production electric pickup truck will feature 1,000 horsepower, hit 60 mph in 3 seconds and is scheduled to launch in late 2021. The new Hummer EV was revealed on October 20, 2020. In 2022, the GMC brand was introduced in South Korea as a subsidiary of GM Korea. [13]
GM stated that it invested $2 billion converting the plant to a state of the art EV manufacturing facility. [18] Canadian Prime Minister Justin Trudeau and Ontario Premier Doug Ford attended the opening of the plant in December, 2022. [19] In March 2023, BrightDrop shipped the first 500+ Zevo 600s built at the CAMI Assembly facility. [20]
The Ford–GM 10-speed automatic transmission is part of a joint venture between Ford Motor Company and General Motors to design and engineer two transmissions: a longitudinal 10-speed transmission and a transverse 9-speed trans-axle. Each company manufactures its own unique version of the transmissions in its own factories.