Sal Collaziano
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Filed under: Government/Legal, GM, Pontiac, Earnings/Financials
Rumors from late last week have come home to roost, and as part of its restructuring efforts, General Motors has just announced that Pontiac will be "phased out by the end of 2010." GM will continue to build its accelerated viability plan around four brands: Chevrolet, Cadillac, Buick, and GMC.
As part of its latest announcement, GM also announced that it plans to have "the resolution" of Saab, Saturn, and Hummer by the end of 2009 "at the latest." In total, GM plans to end up with just 34 nameplates for 2010, as compared to 48 for 2008 - a reduction of some 29%. Further, as part of its viability plan tendered to President Obama's Auto Task Force, the automaker's revised viability plan projects that GM's total market share will dip to 18.4 to 18.9% - the plan is banking on a 19.5 percent share for this year.
A media conference call is scheduled for later this morning and we will have more details and analysis following that, but for now, the official press release after the jump.
[Source: General Motors]Continue reading Officially Official: GM kills Pontiac
Officially Official: GM kills Pontiac originally appeared on Autoblog on Mon, 27 Apr 2009 08:50:00 EST. Please see our terms for use of feeds.
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Rumors from late last week have come home to roost, and as part of its restructuring efforts, General Motors has just announced that Pontiac will be "phased out by the end of 2010." GM will continue to build its accelerated viability plan around four brands: Chevrolet, Cadillac, Buick, and GMC.
As part of its latest announcement, GM also announced that it plans to have "the resolution" of Saab, Saturn, and Hummer by the end of 2009 "at the latest." In total, GM plans to end up with just 34 nameplates for 2010, as compared to 48 for 2008 - a reduction of some 29%. Further, as part of its viability plan tendered to President Obama's Auto Task Force, the automaker's revised viability plan projects that GM's total market share will dip to 18.4 to 18.9% - the plan is banking on a 19.5 percent share for this year.
A media conference call is scheduled for later this morning and we will have more details and analysis following that, but for now, the official press release after the jump.
[Source: General Motors]Continue reading Officially Official: GM kills Pontiac
Officially Official: GM kills Pontiac originally appeared on Autoblog on Mon, 27 Apr 2009 08:50:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments
More...