June, July 2009 timeline: Beginning of recovery
A day after GM's bankruptcy filing, automakers report a 34% decline in May U.S. sales. China's Sichuan Tengzhong Heavy Industrial Machinery agrees to buy GM's Hummer brand. (The deal would later collapse.)
Penske Automotive Group agrees to buy Saturn from GM. (The deal would later collapse.)
GM says it will close its medium-duty truck business after a 4-year search failed to produce a buyer.
Former AT&T CEO Ed Whitacre is selected to be GM's new chairman after bankruptcy.
Chrysler emerges from bankruptcy protection as part of an alliance with Fiat S.p.A., and with a new CEO, Sergio Marchionne.
GM reaches a deal to sell Saab to Sweden's Koenigsegg Group. (The deal would later collapse.)
GM says it will pull out of its carmaking joint venture with Toyota in Fremont, Calif.
Automakers report that U.S. sales fell 28% in June, the smallest drop in 9 months. The Car Allowance Rebate System, or cash for clunkers, begins, allowing consumers to get as much as $4,500 by trading an older vehicle for a new, more fuel efficient one.
GM exits bankruptcy protection 40 days after its Chapter 11 filing with the U.S. Treasury Department holding a 60% stake.
Steve Rattner leaves as head of the auto task force as a corruption probe of the private-equity firm he co-founded intensifies. Chrysler Financial repays the $1.5 billion in loans it received.
GM announces 5 new board members, including Dan Akerson.
Terms of the cash for clunkers program are finalized, allowing sales to begin in much larger numbers.
GM says it will resume leasing on a limited basis after a 1-year hiatus.
GM names Mary Barra, vice president of global manufacturing engineering, as vice president of global human resources and Mark Reuss, the head of Holden in Australia, as vice president of global vehicle engineering.
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