May 2, 1918 – GM buys Chevrolet

On this day in 1918 General Motors (GM) purchased the Chevrolet Motor Company. In a bit of irony, William C. Durant, founder of Chevrolet, had had also founded GM several years earlier. When profits began to fall at GM, stockholders blamed the issue on Durant and forced him out of the company in 1910, a just a year later Chevrolet was up and running. While the companies that Durant founded flourished, it wasn’t generally under his watch. After regaining control of GM in the sale of Chevrolet, he was quickly pushed out by Pierre S. Dupont. Durant had acquired quite a bit of debt and Dupont offered to pay it off as long as he left the General Motors Corporation. He did, and he went on to found Durant Motors in 1921, which failed with the onset of the Great Depression, effectively ending Durant’s career in the auto industry. 1918 Chevrolet

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