The reason why GM went broke is due to many years of significant market share drops, mounting losses and a heavy burden of legacy costs including pensions for retired workers and healthcare costs which were also made worse by the economic recession of 2008.
The economic recession of 2008 lead to a cash crisis where the GM company was projected to run out of money without any government intervention which forced them to restructure and to shed several of their brands including the Hummer, Saturn and Pontiac to regain their financial stability.
The US government bought General Motors after the bailouts in 2008 and was a majority shareholder of General Motors until 2010.
However now the top individual shareholders of General Motors are Dan Ammann, Mark Reuss and Mary Barra.
General Motors filed for bankruptcy during the 2009 financial crisis and then became largely owned by the U.S. government.
However GM eventually recovered and then relaunched in 2010 with an initial public offering of new GM stocks.
GMC is still American owned and is owned by General Motors which is an American automotive manufacturer.
General Motors or GMC is headquartered in Detroit, Michigan.
The 4 brands of GM that are left are the Cadillac, GMC, Buick and Chevrolet.
Chevrolet is GM's most successful brand and the Chevrolet Equinox is the best selling SUV in the US.
GMC stands for General Motors Company.
General Motors Company is the division of General Motors which makes SUVs and trucks.
GMC is also one of the several subsidiaries of General Motors and also owns Cadillac, Buick and Chevrolet.
The history of GMC dates back to the early 20th century which is when GMC was originally owned by the Grabowsky Motor Vehicle Company.
And in the year 1909, William Durant bought the company and then made it a subsidiary of General Motors.
The company was then renamed to General Motors Truck Company and they begin using the GMC logo on their trucks in the year 1912.