Wednesday, April 29, 2009

Pontiac is done by end of 2010

From AutoWeek:

By Greg Migliore
Pontiac--the brand famous for the GTO, the Firebird, the Star Chief and most recently, the Solstice--is dead. It will be phased out by the end of 2010 as part of sweeping cuts announced Monday by General Motors as it tries to remake itself into a smaller company with fewer plants, workers and dealers.
GM said it will concentrate on four U.S. brands--Chevrolet, Cadillac, Buick and GMC--and that it expects to resolve the fates of Hummer, Saab and Saturn by the end of 2009. It also announced that it will offer stock to its debt holders in an effort to reduce its large debt load. GM warned that it expects to file for Chapter 11 bankruptcy if it does not get enough tenders for the exchange by June 1, but the automaker maintained that it prefers to not have to go into bankruptcy.

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