It lost $4.8 billion in 2004 and nearly $750 million in the first half of 2005 leading to its bankruptcy. This separation was not smooth as while no longer part of General Motors, the now independent company brought with it the high labor costs and pensions that it had while part of General Motors. While this separated Delphi from GM, they were still in a way connected at the hip as Delphi still provided parts to GM products. General Motors sold $3.8 billion worth of preferred shares in Delphi. Delphi was a part of General Motors and was spun off as an independent company on May 31, 1999.
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