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General Motors relaunches in US
13th July 2009
The new General Motors company has begun operations with a new corporate structure and stronger balance sheet.
An asset sale approved by the bankruptcy court on July 5th resulted in the creation of the firm, which will focus on four core brands in the US.
It has planned a fresh lineup of Chevrolet, Cadillac, Buick and GMC cars, trucks and crossovers as well as a focus on environmentally-friendly technology.
Fritz Henderson, president and chief executive officer of General Motors, said the manufacturer is looking forward to a new era as it rejoins the industry.
"We are deeply appreciative for the support we have received during this historic transformation, and we will work hard to repay this trust by building a successful new General Motors," he added.
The manufacturer's European division recently secured bridge financing from the German government and signed a memorandum of understanding to join forces with Magna International.
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