when did the government bailout the auto industry
Automotive industry crisis of 2008–10 In September 2008, the Big Three asked for $50 billion to pay for health care expenses and avoid bankruptcy and ensuing layoffs, and Congress worked out a $25 billion loan.[87] By December, President Bush had agreed to an emergency bailout of $17.4 billion to be distributed by the next administration in January and February.[88] In early 2009, the prospect of avoiding bankruptcy by General Motors and Chrysler continued to wane as new financial information about the scale of the 2008 losses came in. Ultimately, poor management and business practices forced Chrysler and General Motors into bankruptcy. Chrysler filed for chapter 11 bankruptcy protection on May 1, 2009[89] followed by General Motors a month later.[90]
Chevrolet On November 3, 1911, Swiss race car driver and automotive engineer Louis Chevrolet co-founded the Chevrolet Motor Company in Detroit with William C. Durant and investment partners William Little (maker of the Little automobile), former Buick owner James H. Whiting, [6] Dr. Edwin R. Campbell (son-in-law of Durant) and in 1912 R. S. McLaughlin CEO of General Motors in Canada.