WORLD> Industrial Shake-up
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WORLD> Industrial Shake-up
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GM to cut 21,000 US factory jobs, shed Pontiac
(Agencies)
Updated: 2009-04-28 11:51
The company said it would phase out its storied Pontiac brand no later than next year, and the futures of Hummer, Saturn and Saab will be resolved by the end of this year by either selling them or phasing them out. For Pontiac, the decision means the death of a brand known for its muscle cars including the Trans Am made famous in movies and the GTO, the subject of a nostalgic song by Ronny and the Daytonas. Henderson said in a news conference that the company was spread too thin to make Pontiac work. "We didn't think we had the resources to get this done from a product perspective," or marketing, he said. He said the decision was very tough for many at GM because of the 83-year-old brand's heritage. Henderson said talks continue with potential parties to buy a stake in Opel and are expected to continue through the end of May. He said the company would continue to have a presence in Europe as a stakeholder. He said Chevrolet is one of the fast-growing car segments in Eastern Europe and Russia. One of the conditions to get aid from Germany is to have a private investor take a stake in Opel, he said. |
