On this day: 05-02-1918
GM buys Chevrolet
General Motors Corporation (GM), which would become the world´s largest automotive firm, acquires Chevrolet Motor Company. GM had been founded a decade earlier by William C. "Billy" Durant, a former carriage maker from Flint, Michigan, whose Durant-Dort Carriage Company had taken control of the ailing Buick Motor Company. On September 16, 1908, Durant incorporated Buick into a new entity, General Motors, which by the end of that decade had welcomed other leading auto manufacturers--including Oldsmobile, Cadillac and Oakland--into its fold. In 1910, with GM struggling financially, stockholders blamed Durant´s aggressive expansionism and forced him out of the company he founded. In November 1911, he launched Chevrolet Motor Company, named for his partner, the Swiss race car driver Louis Chevrolet.