Not that it means anything beyond bragging rights, but if you're fixated on the positions of domestic automakers on the annual Fortune 500 list, both General Motors and Ford are still on it but they've slipped a couple of notches. The list ranks American companies and they're ordered solely by revenue. GM, fifth last year, came in seventh, while Ford fell from ninth to tenth even though both companies saw small gains in annual revenue.
If you're a blue-blooded American capitalist, there's nothing better than leading your company to the top of the Fortune 500 – except for making billions of dollars in profits, that is. But thankfully those two objectives tend to go hand-in-hand, as proven by these two men.
By nearly all accounts, things are starting to look up at General Motors. The company has shed dead weight, cut down its debt and slimmed its dealer network in order to be a more healthy business, but those moves have officially knocked The General from the top 10 of Fortune Magazine's fabled 500 list. It's the first time in 101 years GM hasn't been one of the top 10 businesses on the list.
Wal-Mart has been booming since the recession began, and with 2008 sales of $406 billion dollars, the retail giant had its best year ever. That didn't stop Wal-Mart from losing its grip on first place in the Fortune 500, though, as Exxon Mobil smoked all comers with $443 billion in sales last year. Exxon Mobil also topped all companies in profits last year, tallying a cool $45 billion in revenue.
General Motors has fallen once again on the Fortune 500 list of America's top-grossers. The General had once stood strong atop the rankings, having fallen from the top spot in 2001 at which time Wal-Mart took over. For the last few years, Exxon-Mobil and the big box retailer have battled for the first two positions on the list with GM claiming third place. This year, soaring demands for energy have allowed Chevron to nudge past GM on its way to a third place finish. General Motors, at number fou