June, July 2009 timeline: Beginning of recovery

Dan Akerson


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.)

June 5

Penske Automotive Group agrees to buy Saturn from GM. (The deal would later collapse.)

June 8

GM says it will close its medium-duty truck business after a 4-year search failed to produce a buyer.

June 9

Former AT&T CEO Ed Whitacre is selected to be GM's new chairman after bankruptcy.

June 10

Chrysler emerges from bankruptcy protection as part of an alliance with Fiat S.p.A., and with a new CEO, Sergio Marchionne.

June 16

GM reaches a deal to sell Saab to Sweden's Koenigsegg Group. (The deal would later collapse.)

June 29

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.

July 10

GM exits bankruptcy protection 40 days after its Chapter 11 filing with the U.S. Treasury Department holding a 60% stake.

July 14

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.

July 23

GM announces 5 new board members, including Dan Akerson.

July 24

Terms of the cash for clunkers program are finalized, allowing sales to begin in much larger numbers.

July 29

GM says it will resume leasing on a limited basis after a 1-year hiatus.

July 30

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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