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When did General Motors buy Chevrolet?
I’ve always been interested in the American automotive industry. While I know that GM owns many of the brands that came out of Detroit, I don’t know the history behind it. When was Chevrolet purchased by General Motors?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
General Motors purchased
Chevrolet
on May 2, 1918, as part of a five-for-one stock deal. According to the terms of the deal, former GM founder and current Chevrolet owner Billy Durant offered five shares of Chevrolet to GM stockholders for just a single share of GM. As a result, GM officially took control of Chevrolet while also giving Durant control of GM once again.Durant was eventually pushed out of the company in 1920 when Pierre DuPont gained a controlling interest in the company. He was pushed out just a few years after that.
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