[Updated] Pontiac Officially Dead in 2010 as of 04/27/2009

[SAmadei]

Indeed, the classic car fear borders on hysteria. They aren't going anywhere, and the "cash for clunkers" thing is an intensive, not a mandate.

So what I could do s get a beat to $h! Escort, and then trade it in for 5k toward a Fiesta? I am so there!

Then you can add $5K to line 10 of your 1040EZ form next year (tax due). There isn't any free lunch here.

[SAmadei]

The problem with CAFE is that it fails - miserably.

It is not an approach that works, yet we still have it.

Exactly. All CAFE did was make the relatively efficient large car nearly extinct, and chased their buyers into inefficient SUVs.

I already have seen the 35mpg CAFE future. Topkick/Kodiak based SUVs. There are two _really_ big pickups that prow around here... a Topkick/Kodiak with a pickup truck bed on the back and a bright yellow International Harvester with a pickup truck bed that comes around during the summer.

These get, what, 3 mpg. They make a Hummer H1 look like a Prius.

[!!!TED!!!]

This won't be a happy morning.

[Robert Hall]

This is a press release for today from GM Media Online..got it from their tweet. Says Pontiac will be phased out by end of '10. 34 nameplates in '10, reduction of 29 percent.

GM Press Release

[Dragon]

General Motors

FOR RELEASE: 2009-04-27

GM Accelerates its Reinvention as a Leaner, More Viable Company

Updated Viability Plan Speeds, Deepens Restructuring of U.S. Operations

DETROIT -- General Motors (NYSE: GM) today presented an updated Viability Plan that will speed the reinvention of GM's U.S. operations into a leaner, more customer-focused, and more cost-competitive automaker.

The Viability Plan is included in an exchange offer whereby GM is offering certain bondholders shares of GM common stock and accrued interest in exchange for certain outstanding notes.

Revised Viability Plan goes further and faster

The Viability Plan announced today builds on the February 17 Viability Plan submitted to the U.S. Treasury.

http://media.gm.com/servlet/GatewayServlet...amp;docid=52168. The revised Plan accelerates the timeline for a number of important actions and makes deeper cuts in several key areas of GM's operations, with the objective to make us a leaner, faster, and more customer-focused organization going forward.

Significant changes include:

• A focus on four core brands in the U.S. - Chevrolet, Cadillac, Buick and GMC - with fewer nameplates and a more competitive level of marketing support per brand.
• A more aggressive restructuring of GM's U.S. dealer organization to better focus dealer resources for improved sales and customer service.
• Improved U.S. capacity utilization through accelerated idling and closures of powertrain, stamping, and assembly plants.
• Lower structural costs, which GM North America (GMNA) projects will enable it to breakeven (on an adjusted EBIT basis) at a U.S. total industry volume of approximately 10 million vehicles, based on the pricing and share assumptions in the plan. This rate is substantially below the 15 to 17 million annual vehicle sales rates recorded from 1995 through 2007.

"We are taking tough but necessary actions that are critical to GM's long-term viability," said Fritz Henderson, GM president and CEO. "Our responsibility is clear - to secure GM's future - and we intend to succeed. At the same time, we also understand the impact these actions will have on our employees, dealers, unions, suppliers, shareholders, bondholders, and communities, and we will do whatever we can to mitigate the effects on the extended GM team."

Fewer U.S. brands, nameplates, and dealers

As part of the revised Viability Plan and the need to move faster and further, GM in the U.S. will focus its resources on four core brands, Chevrolet, Cadillac, Buick and GMC. The Pontiac brand will be phased out by the end of 2010. GM will offer a total of 34 nameplates in 2010, a reduction of 29 percent from 48 nameplates in 2008, reflecting both the reduction in brands and continued emphasis on fewer and stronger entries. This four-brand strategy will enable GM to better focus its new product development programs and provide more competitive levels of market support.

The revised plan moves up the resolution of Saab, Saturn, and Hummer to the end of 2009, at the latest. Updates on these brands will be provided as these initiatives progress.

Working with its dealers, GM anticipates reducing its U.S. dealer count from 6,246 in 2008 to 3,605 by the end of 2010, a reduction of 42 percent. This is a further reduction of 500 dealers, and four years sooner, than in the February 17 Plan. The goal is to accomplish this reduction in an orderly, cost-effective, and customer-focused way. This reduction in U.S. dealers will allow for a more competitive dealer network and higher sales effectiveness in all markets. More details on these initiatives will be provided in May.

Sales volume and market share projections

The Viability Plan anticipates improved financial results despite more conservative U.S. sales volume expectations going forward. The lower volume expectations are the result of managing the business with fewer nameplates and dealers, leaner inventories, and reduced market share. To address the inventory issue, GM on April 23 announced U.S. production schedule reductions of approximately 190,000 vehicles during the second and early third quarters of 2009.

The Viability Plan also reduces GM's market share projections to adjust for the impact of the brand and dealer consolidation, as well as for the short-term impact of speculation regarding a GM bankruptcy. The plan assumes a 19.5 percent share in 2009, with share stabilizing in the 18.4 to 18.9 percent range in subsequent years.

"We have strong new product coming for our four core brands: the Chevrolet Camaro, Equinox, Cruze and Volt; Buick LaCrosse; GMC Terrain; and Cadillac SRX and CTS Sport Wagon and Coupe," said Henderson. "A tighter focus by GM and its dealers will help give these products the capital investment, marketing and advertising support they need to be truly successful."

Lower structural costs, lower breakeven point

The Viability Plan also lowers GMNA's breakeven volume to a U.S. annual industry volume of 10 million total vehicles, based on the pricing and share assumptions in the plan. This lower breakeven point (at an adjusted EBIT level) better positions GM to generate positive cash flow and earn an adequate return on capital over the course of a normal business cycle, a requirement set forth by the U.S. Treasury in its March 30 viability plan assessment.

GM will lower its breakeven point by cutting its structural costs faster and deeper than had previously been planned:

• Manufacturing: Consistent with the mandate to accelerate restructuring, we plan to reduce the total number of assembly, powertrain, and stamping plants in the U.S. from 47 in 2008 to 34 by the end of 2010, a reduction of 28 percent, and to 31 by 2012. This would reflect the acceleration of six plant idling/closures from the February 17 plan, and one additional plant idling. Throughout this transition, GM will continue to implement its flexible global manufacturing strategy (GMS), which allows multiple body styles and architectures to be built in one plant. This enables GM to use its capital more efficiently, increase capacity utilization, and respond more quickly to market shifts.
• Employment: U.S. hourly employment levels are projected to be reduced from about 61,000 in 2008 to 40,000 in 2010, a 34 percent reduction, and level off at about 38,000 starting in 2011. This further planned reduction of an additional 7,000 to 8,000 employees from the February 17 Plan is primarily the result of the previously discussed operational efficiencies, nameplate reductions, and plant closings. GM also anticipates a further decline in salaried and executive employment as it continues to assess its structure and execute the Viability Plan. More details will be announced as soon as they are finalized with the various stakeholders.
• Labor costs: The Viability Plan assumes a reduction of U.S. hourly labor costs from $7.6 billion in 2008 to $5 billion in 2010, a 34 percent reduction. GM will continue to work with its UAW partners to accomplish this through a reduction in total U.S. hourly employment as well as through modifications in the collective bargaining agreement.

As a result of these and other actions, GMNA's structural costs are projected to decline 25 percent, from $30.8 billion in 2008 to $23.2 billion in 2010, a further decline of $1.8 billion by 2010 versus the February 17 Plan.

Strengthening GM's balance sheet

Another key element of GM's restructuring will be taking the necessary actions to strengthen its balance sheet. GM today took an important step in improving its balance sheet by launching a bond exchange offer for approximately $27 billion of its unsecured public debt. If successful, the bond exchange would result in the conversion of a large majority of this debt to equity.

"A stronger balance sheet would free the company to invest in the products and technologies of the future," Henderson said. "It will also help provide stability and security to our customers, our dealers, our employees, and our suppliers."

Another important part of improving the balance sheet will be the ongoing discussions with the UAW to modify the terms of the Voluntary Employee Benefit Association (VEBA), and with the U.S. Treasury regarding possible conversion of its debt to equity. The current bond exchange offer is conditioned on the converting to equity of at least 50 percent of GM's outstanding U.S. Treasury debt at June 1, 2009, and at least 50 percent of GM's future financial obligations to the new VEBA. GM expects a debt reduction of at least $20 billion between the two actions.

In total, the U.S. Treasury debt conversion, VEBA modification and bond exchange could result in at least $44 billion in debt reduction.

Throughout the Plan, GM will continue to make significant investment in future products and new technologies, with an investment of $5.4 billion in 2009, and investments ranging from $5.3 to $6.7 billion from 2010 to 2014. Very importantly, development and testing of the Chevy Volt extended-range electric car remains on track for start of production by the end of 2010 and arrival in Chevrolet dealer showrooms soon thereafter.

"The Viability Plan reflects the direction of President Obama and the U.S. Treasury that GM should go further and faster on our restructuring," Henderson said. "We appreciate their support and direction. This stronger, leaner business model will enable GM to keep doing what it does best - provide great new cars, trucks and crossovers to our customers, and continue to develop new advanced propulsion technologies that are vital for our country's economy and environment."

# # #

About GM - General Motors Corp. (NYSE: GM), one of the world's largest automakers, was founded in 1908, and today manufactures cars and trucks in 34 countries. With its global headquarters in Detroit, GM employs 243,000 people in every major region of the world, and sells and services vehicles in some 140 countries. In 2008, GM sold 8.35 million cars and trucks globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on GM can be found at www.gm.com.

Forward-Looking Statements - In this press release and in related comments by our management, our use of the words "plan," "expect," "anticipate," "ensure," "promote," "believe," "improve," "intend," "enable," "continue," "will," "may," "would," "could," "should," "project," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to comply with the requirements of our credit agreement with the U.S. Treasury; our ability to execute the restructuring plans that we have disclosed, our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; the ability of our foreign subsidiaries to restructure and receive financial support from their local governments or other sources; our ability to restore consumers' confidence in our viability and to continue to attract customers, particularly for our new products; our ability to sell, spin-off or phase out some of our brands, to manage the distribution channels for our products, and to complete other planned asset sales; and the overall strength and stability of general economic conditions and of the automotive industry, both in the U.S. and globally.

Our most recent reports on SEC Forms 10-K, 10-Q and 8-K provide information about these and other factors, which may be revised or supplemented in future reports to the SEC on those forms.

Edited April 27, 2009 by smallchevy

[Dragon]

http://www.media.gm.com/servlet/GatewaySer...amp;docid=53944

GM Launches Exchange Offers and Consent Solicitations for Outstanding Notes

* Common stock plus accrued interest in cash offered for $27 billion of outstanding public debt

* Successful exchange to result in at least $44 billion reduction in total liabilities from bondholders, U.S. Treasury and VEBA

* Bondholders to own 10 percent of GM after successful exchange offer

* Exchange contingent on VEBA modifications and U.S. Treasury debt conversion conditions resulting in at least $20 billion reduction in liabilities

* Expect to seek bankruptcy relief if the exchange offers are not consummated

DETROIT - General Motors announced today that it is commencing public exchange offers for $27 billion of its unsecured public notes. The exchange offers are a vital component of GM's overall restructuring plan to achieve and sustain long-term viability and the successful consummation of the exchange offers will allow GM to restructure out of bankruptcy court.

GM is offering to exchange 225 shares of GM common stock for each 1,000 U.S. dollar equivalent of principal amount (or accreted value as of the settlement date, if applicable) of outstanding notes of each series set forth in the table below and is offering to pay, in cash, accrued interest on the GM notes from the most recent interest payment date to the settlement date. In respect of the exchange offers for the GM Nova Scotia notes, General Motors Nova Scotia Finance Company is jointly making the exchange offers with GM.

GM believes its restructuring plan and the successful consummation of the exchange offers will provide the best path for the future success of the company while enabling it to continue operating its business without the negative impacts of a bankruptcy and reducing the risk of a potentially precipitous decline in revenues in a bankruptcy.

In the event that GM does not receive prior to June 1, 2009 enough tenders of notes to consummate the exchange offers, GM currently expects to seek relief under the U.S. Bankruptcy Code. GM is considering its alternatives in seeking bankruptcy relief in consultation with the U.S. Treasury, GM's largest lender. If GM seeks bankruptcy relief, noteholders may receive consideration that is less than what is being offered in the exchange offers and it is possible that such holders may receive no consideration at all for their notes.

Concurrently with the exchange offers, GM is soliciting consents from noteholders to amend the terms of the debt instruments that govern each series of notes and insert a call option to redeem the non-USD notes.

Each of the exchange offers and consent solicitations will expire at 11:59 p.m. New York City time on Tuesday, May 26, 2009, unless extended. Tendered notes may be validly withdrawn at any time prior to 11:59 p.m. New York City time on Tuesday, May 26, 2009, subject to certain circumstances where we may extend or reinstate withdrawal rights.

Consummation of the exchange offers is conditioned upon the satisfaction or waiver of several conditions including the following:

* U.S. Treasury Condition: the results of the exchange offers shall be satisfactory to the U.S. Treasury, including in respect of the overall level of participation by noteholders in the exchange offers and in respect of the level of participation by holders of the Series D notes in the exchange offers. GM believes that at least 90 percent of the aggregate principal amount of outstanding notes, including at least 90 percent of the aggregate principal amount of the outstanding Series D notes due June 1, 2009, will need to be tendered in the exchange offers or called for redemption pursuant to the call option (in the case of non-USD notes) in order to satisfy the U.S. Treasury condition. Whether this level of participation in the exchange offers will be required (or sufficient) to satisfy the U.S. Treasury condition will ultimately be determined by the U.S. Treasury.

* Completion of the U.S. Treasury Debt Conversion: the U.S. Treasury (or its designee) shall have been issued at least 50 percent of the pro forma common stock of GM in exchange for (a) the full satisfaction and cancellation of at least 50 percent of GM's outstanding U.S. Treasury debt at June 1, 2009 (such 50 percent currently estimated to be approximately $10.0 billion) and (b) full satisfaction and cancellation of GM's obligations under the warrant issued to the U.S. Treasury as part of one of the U.S. Treasury loan agreements.

* Evidence of the U.S. Treasury Financing Commitment: the U.S. Treasury having provided commercially reasonable evidence of its commitment to provide GM an additional $11.6 billion of funding that GM currently forecasts it will require after May 1, 2009.

* Binding agreements in respect of the VEBA Modifications and U.S. Treasury approval thereof: GM is engaged in ongoing negotiations regarding modifications required by the terms of one of the U.S. Treasury loan agreements to a new voluntary employee benefit association (the new VEBA) established as part of a settlement with The International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the UAW) and the class of UAW GM retirees. A condition to the consummation of the exchange offers is that (a) at least 50 percent (or approximately $10 billion) of GM's future financial obligations to the new VEBA will be extinguished in exchange for GM common stock and (b) cash installments will be paid over a period of time toward the remaining amount of GM's financial obligations to the new VEBA. It is also a condition to the exchange offers that the terms of the VEBA modifications shall be satisfactory to the U.S. Treasury.

* The aggregate number of shares of GM common stock issued or agreed to be issued pursuant to the U.S. Treasury Debt Conversion and the VEBA Modifications shall not exceed 89% of the pro forma outstanding GM common stock (assuming full participation by holders of old notes in the exchange offers).

* Binding agreements regarding labor modifications required under one of GM's U.S. Treasury loan agreements, on such terms as shall be satisfactory to the U.S. Treasury.

GM will use its best efforts to enter into the agreements listed above, however, GM has not reached any agreements with respect to any of the conditions to the exchange offers, and there is no assurance that any agreements will be reached on the terms described above or at all. GM will disclose the terms of any agreement reached with respect to either the U.S. Treasury debt conversion or the VEBA modifications and currently expects to be able to do so prior to the withdrawal deadline of the exchange offers.

The aggregate amount of GM common stock to be issued to the U.S. Treasury (or its designee) pursuant to the U.S. Treasury debt conversion and to the new VEBA pursuant to the VEBA modifications would represent approximately 89 percent of the pro forma GM common stock (assuming full participation in the exchange offers), with the final allocation between the U.S. Treasury (or its designee) and the new VEBA to be determined in the future. Of the remaining pro forma outstanding GM common stock, noteholders would represent approximately 10 percent, and existing GM common stockholders would represent approximately 1 percent. We determined the foregoing GM common stock allocations following discussions with the U.S. Treasury where the U.S. Treasury indicated that it would not be supportive of higher allocations to the holders of notes or to existing GM common stockholders.

The exchange offers have not commenced outside the United States and will not commence until the requisite approvals are obtained from the appropriate jurisdictions.

Morgan Stanley & Co. Incorporated and Banc of America Securities LLC are serving as global coordinators in connection with the exchange offers.

Series of Notes

CUSIP

/ISIN

Outstanding

Principal Amount

Title of Notes to be Tendered

Applicable Debt Instrument

Shares of GM Common Stock Offered per 1,000 U.S. Dollar Equivalent

Accrued Interest per 1,000 U.S. Dollar Equivalent as of June 30, 2009 (3)

USD Notes

370442691

USD 1,001,600,875

1.50% Series D Convertible Senior Debentures due June 1, 2009 (2)

1995 Indenture

225

$7.50 (4)

370442BB0

USD 1,500,000,000

7.20% Notes due January 15, 2011

1995 Indenture

225

$33.00

37045EAS7

USD 48,175,000

9.45% Medium-Term Notes due November 1, 2011

1990 Indenture

225

$11.81

370442BS3

USD 1,000,000,000

7.125% Senior Notes due July 15, 2013

1995 Indenture

225

$32.66

370442AU9

USD 500,000,000

7.70% Debentures due April 15, 2016

1995 Indenture

225

$16.04

370442AJ4

USD 524,795,000

8.80% Notes due March 1, 2021

1990 Indenture

225

$29.09

37045EAG3

USD 15,000,000

9.4% Medium-Term Notes due July 15, 2021

1990 Indenture

225

$11.75

370442AN5

USD 299,795,000

9.40% Debentures due July 15, 2021

1990 Indenture

225

$43.08

370442BW4

USD 1,250,000,000

8.25% Senior Debentures due July 15, 2023

1995 Indenture

225

$37.81

370442AV7

USD 400,000,000

8.10% Debentures due June 15, 2024

1995 Indenture

225

$43.88 (5)

370442AR6

USD 500,000,000

7.40% Debentures due September 1, 2025

1990 Indenture

225

$24.46

370442AZ8

USD 600,000,000

6 3/4% Debentures due May 1, 2028

1995 Indenture

225

$11.06

370442741

USD 39,422,775

4.50% Series A Convertible Senior Debentures due March 6, 2032 (2)

1995 Indenture

225

$14.88

370442733

USD 2,600,000,000

5.25% Series B Convertible Senior Debentures due March 6, 2032 (2)

1995 Indenture

225

$17.35

370442717

USD 4,300,000,000

6.25% Series C Convertible Senior Debentures due July 15, 2033 (2)

1995 Indenture

225

$28.65

370442BT1

USD 3,000,000,000

8.375% Senior Debentures due July 15, 2033

1995 Indenture

225

$38.39

370442AT2

USD 377,377,000 (1)

7.75% Discount Debentures due March 15, 2036

1995 Indenture

225

n/a

370442816

USD 575,000,000

7.25% Quarterly Interest Bonds due April 15, 2041

1995 Indenture

225

$15.10

370442774

USD 718,750,000

7.25% Senior Notes due July 15, 2041

1995 Indenture

225

$15.10

370442121

USD 720,000,000

7.5% Senior Notes due July 1, 2044

1995 Indenture

225

$18.54

370442725

USD 1,115,000,000

7.375% Senior Notes due May 15, 2048

1995 Indenture

225

$9.22

370442BQ7

USD 425,000,000

7.375% Senior Notes due May 23, 2048

1995 Indenture

225

$7.58

370442766

USD 690,000,000

7.375% Senior Notes due October 1, 2051

1995 Indenture

225

$18.23

370442758

USD 875,000,000

7.25% Senior Notes due February 15, 2052

1995 Indenture

225

$9.06

Euro Notes

XS0171942757

EUR 1,000,000,000

7.25% Notes due July 3, 2013

July 3, 2003 FPAA

225

$71.81

XS0171943649

EUR 1,500,000,000

8.375% Notes due July 5, 2033

July 3, 2003 FPAA

225

$82.49

GM Nova Scotia Notes

XS0171922643

GBP 350,000,000

8.375% Guaranteed Notes due December 7, 2015

July 10, 2003 FPAA

225

$47.02

XS0171908063

GBP 250,000,000

8.875% Guaranteed Notes due July 10, 2023

July 10, 2003 FPAA

225

$86.20

1 Represents the principal amount at maturity. The exchange consideration offered to holders of discount notes will be based on the accreted value thereof as of the settlement date. As of June 30, 2009, the accreted value of the discount notes will be $568.94 per $1,000 principal amount at maturity thereof.

2 Denotes convertible notes.

3 For illustrative purposes only. The amount of accrued interest payable on the settlement date in respect of tendered notes, other than the discount notes, will be the amount of accrued interest on such notes from and including the most recent interest payment date to, but not including, the settlement date. We do not expect to consummate the exchange offers prior to June 30, 2009 because the satisfaction of certain conditions to the exchange offers is expected to require a significant period of time.

4 Represents accrued interest per $1,000 principal amount as of June 1, 2009.

5 Represents accrued interest on such notes from and including December 15, 2008. Such amount does not reflect, and has not been reduced for, the interest payment scheduled for June 15, 2009.

For More Information Regarding the Exchange Offer

The exchange offers and consent solicitations are being made to holders of notes (as set forth in the table above titled Series of Notes) solely upon the terms and subject to the conditions set forth in the Registration Statement on Form S-4 dated April 27, 2009, which includes a combined prospectus and proxy statement and information in accordance with the disclosure requirements of the tender offer rules of the Securities and Exchange Commission (SEC), and the related letter of transmittal (or form of electronic instruction notice, in the case of notes held through Euroclear or Clearstream), as each may be amended from time to time (collectively, the Prospectus Documents). GM strongly encourages you to carefully read the Prospectus Documents, together with the Schedule TO relating to the exchange offers (including all amendments and supplements thereto), that have been filed (or will be filed) with the SEC, because they contain important information regarding the proposed transaction. Noteholders can access free copies of the Prospectus Documents and the Schedule TO at the SEC's website (at www.sec.gov), and at GM's website (at http://www.gm.com/corporate/investor_information). Any requests for paper copies of the Prospectus Documents and/or the Schedule TO should be directed to the D.F. King & Co. by mail at 48 Wall Street, 22nd floor, New York, NY 10005, and by telephone at (800) 769-7666.

GM and its directors and executive officers and other members of management and employees may be deemed participants in the solicitation of proxies with respect to the consent solicitations. Information regarding the interests of these directors and executive officers in the consent solicitations will be included in the documents described above. Additional information, including information regarding GM's directors and executive officers, is available in GM's Annual Report on Form 10-K, which was filed with the SEC on March 5, 2009 and can be obtained without charge at www.sec.gov.

Cautionary Statement

A registration statement relating to the securities offered in the exchange offers has been filed with the SEC but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The exchange offers and consent solicitations are not being made to (nor will tenders be accepted from or on behalf of) holders of notes in any jurisdiction where the offers or the acceptance thereof would not be in compliance with the securities or other laws of such jurisdiction, including Japan and Hong Kong.

Offers to holders in the United Kingdom, Austria, Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Spain and. Switzerland will be made only following the approval of a separate prospectus approved by the United Kingdom Listing Authority as competent authority under EU Directive 2003/71/EC, which will indicate on the front cover thereof that it can be used for such offers. Outside of these jurisdictions (and the United States) only non U.S. qualified offerees are authorized to participate in the exchange offers and consent solicitations. If you are outside of the above jurisdictions (and the United States and Canada), you are only authorized to receive the EU Approved Prospectus. If you are in Canada you are only authorized to receive and review a separate Canadian offering memorandum prepared in accordance with applicable Canadian securities laws. The exchange offers in Italy are subject to clearance by CONSOB pursuant to Article 102 onwards of Legislative Decree No. 58 of February 24, 1998. Therefore, the exchange offer period in Italy will only commence following such clearance.

[!!!TED!!!]

LIVE FEED!

http://www.theautochannel.com/news/2009/04/26/458326.html

[!!!TED!!!]

Fritz said it. Pontiac is officialy dead.

[Dragon]

Pontiac models won't move to other brands according to Fritz.

So with the Solstice dying and Lightening/Sky being sold off, Kappa is history

[!!!TED!!!]

Pontiac models won't move to other brands according to Fritz.

So with the Solstice dying and Lightening/Sky being sold off, Kappa is history

Vibe may be extended through '10.

But, this will be the last year to get a G8. SO SAD....

[Dragon]

Vibe may be extended through '10.

ya. he mentioned something about talks with Toyo over NUMMI

Also, this will be the last model year for the G8. SO SAD....

Edited April 27, 2009 by Dragon

[Lamar]

Welp, until I enter the market for a Cadillac for either me (doubtful, if the STS replacement ends up a rebodied LaCrosse) or the wife (if she likes the CTS), it's most likely no more GM for me for a while.

I still don't get how GM intends to increase market share by alienating its markets.

[!!!TED!!!]

In case you missed it:

[Drew Dowdell]

still don't get how GM intends to increase market share by alienating its markets.

[wildcat]

"We just didn't have a strategy that we were satisfied with that could allow us to win with the Pontiac brand," Fritz Henderson said during a morning news conference Monday at GM headquarters in Detroit. "We could not provide the marketing muscle behind the brand," said Henderson, who said the decision was "tough" because "the brand has a considerable heritage within our company."

[Z-06]

I still don't get how GM intends to increase market share by alienating its markets.

Using the power of THIS.

[cletus8269]

Fritz said it. Pontiac is officialy dead.

and with that, just like Pilate, i wash my hands.

[wildcat]

I still don't get how GM intends to increase market share by alienating its markets.

I share with you my sadness over the closure of Pontiac. If I understand GM, it's by having a better and wider selection of its Chevrolet, GMC, Buick, and Cadillac brands. In the case of Pontiac, I think it will fall heaviest on Chevrolet to retain those customers. Also, market share, as a number, may not be the only goal; it would be profitability, too.

[Camino LS6]

Well, thats it then.

I'm done with all of this.

[gm4life]

Well then my question becomes... G8, G6 G5, G3, and Solstice all dead by the end of this year? The Vibe might live on into 2010. Get your hands on a G8 GT or GXP while you still can, same goes for the Solstice Targa! Well a sad day in automotive history.

[gm4life]

and with that, just like Pilate, i wash my hands.

Yup, exactly.

[Camino LS6]

As of this point GM is dead to me.

Off to something else.

[toesuf94]

Well then my question becomes... G8, G6 G5, G3, and Solstice all dead by the end of this year? The Vibe might live on into 2010. Get your hands on a G8 GT or GXP while you still can, same goes for the Solstice Targa! Well a sad day in automotive history.

Yeah! A Solstice Targa and a G8 GT/GXP should be instantly collectable!

I am holding out hope for the G8 to move to Chevrolet as a Lumina SS or Caprice.

I am really saddened by today's announcement. I had hoped to see Pontiac become a poor man's BMW and the G8 was the beginning of that. Now, it's all gone.

Guess I waited too long to get my Trans Am, cause prices are going to explode now.

[wildcat]

"The objective here is not to survive, the objective is to develop an operating plan that helps us win," said Fritz Henderson, GM's president and chief executive in a morning conference call. "It's a difficult period, it's a challenging period, it's a very painful period."

[gm4life]

This settles it my next car coming this spring or summer will be a Pontiac.

[wildcat]

This settles it my next car coming this spring or summer will be a Pontiac.

I hope you get just the one you want! To my eyes, the Pontiac G8 is a really hot car!

[Camino LS6]

The G8 will be ended before the end of this year, the last boatload of 1200 are already on their way. Holden will lose 750 million because of this.

Hey Fritz!

Bite me!

Enjoy your slide to oblivion.

[Daryl Z71]

Well thats the end of that...

[wildcat]

From Fritz Henderson via the GM Fastlane Blog:

"The actions we’re announcing today position us for sustainable success by establishing stronger brands, fewer nameplates, and a world-class dealer network. They will also allow us to significantly increase our North American structural-cost reduction and dramatically reduce our U.S. breakeven volume, enabling the company to be profitable at today’s very low industry-sales volumes . . . The reinvented GM will unleash our talented work force to work within a cost structure unrivaled in the industry. Our product line will be offered within sharply focused brands that lead in design, technology, quality and fuel efficiency. Our dealer organization will be resized to compete in today’s world with a volume and profitability to provide a great customer experience. Our world-class supplier lineup will be capable of providing leading-edge innovation and quality. Our balance sheet will give us the stability and flexibility to move quickly on new products, technologies and marketplace initiatives. And at the same time, we’ll listen and respond to the people who matter most - our customers. Today’s announcements continue the reinvention of GM. I have every confidence that we will achieve our goal."

[cletus8269]

Guess I waited too long to get my Trans Am, cause prices are going to explode now.

naaa, maybe the Special Editions like the black hawks and formulas and firehawks. the 3rd gen movement on f-bodies are just starting to gain ground. will people selling use this as a get-em-while-they-last bid to raise prices? sure but it'll calm down. take the buick GN's for example. Highly popular still affordable if you be patient.

[Daryl Z71]

From Fritz Henderson via the GM Fastlane Blog:

"The actions we’re announcing today position us for sustainable success by establishing stronger brands, fewer nameplates, and a world-class dealer network. They will also allow us to significantly increase our North American structural-cost reduction and dramatically reduce our U.S. breakeven volume, enabling the company to be profitable at today’s very low industry-sales volumes . . . The reinvented GM will unleash our talented work force to work within a cost structure unrivaled in the industry. Our product line will be offered within sharply focused brands that lead in design, technology, quality and fuel efficiency. Our dealer organization will be resized to compete in today’s world with a volume and profitability to provide a great customer experience. Our world-class supplier lineup will be capable of providing leading-edge innovation and quality. Our balance sheet will give us the stability and flexibility to move quickly on new products, technologies and marketplace initiatives. And at the same time, we’ll listen and respond to the people who matter most - our customers. Today’s announcements continue the reinvention of GM. I have every confidence that we will achieve our goal."

I hope hes not talking out his ass when it comes to this.

[z28luvr01]

"We just didn't have a strategy that we were satisfied with that could allow us to win with the Pontiac brand,"

Bull$h!. Only the first six words of that sentence are correct. You saved pennies by killing a brand that consisted of essentially free cars. Alienating American customers and taking out GM-H in the process is a pretty piss poor strategy. But what the hell do I know?

I hope all the guys who $h! in every Pontiac thread are enjoying themselves. You think this is what GM needs to be successful? You're dead ass wrong.

[vonVeezelsnider]

Well then my question becomes... G8, G6 G5, G3, and Solstice all dead by the end of this year? The Vibe might live on into 2010. Get your hands on a G8 GT or GXP while you still can, same goes for the Solstice Targa! Well a sad day in automotive history.

All Pontiacs except Vibe ending MY2009... Vibe Ending MY2010. PCS, K.C. and caddcruiser are three lucky bastards is all I'm going to say.

[SoCalCTS]

Car is dead (apparently)

Whatever...

I'm over it... I've watched GM f@#k everything up my entire life... Looks like the "new GM" will be no different.

Anyone want to take bets as to how long Buick lasts or how long until Obama and his minions assassinate GMC?

Obama has been in office like 100 days. I blame the lame cars GM built for the last 20 years, the lack of government protection of our vital national industries, the lack of a national healthcare system that has bankrupted American corporations and saddled them with huge healthcare costs but mostly I blame all the people who urged GM to stay true to some stupid 60's big muscle car past that was more fantasy than reality.

[traumadog]

Dunno if GM-H will take that bad of a hit on this. I mean, the Federalization is already done. Just swap the Middle-Eastern chevy logos on to the G8, and call it the new Impala. The rest of the line is pretty much expendable - as the only Pontiac-specific model left that isn't seen elsewhere in GM is the G6 coupe/convertible and the Vibe (and the Solstice, if Saturn's gone - but GM said it wasn't redoing that one already).

[Robert Hall]

Dunno if GM-H will take that bad of a hit on this. I mean, the Federalization is already done. Just swap the Middle-Eastern chevy logos on to the G8, and call it the new Impala.

They would to lameify it though, to sell it as an Impala--change the engine choice to a pushrod V6 and 4spd automatic so it's closer to the current model. And add a bench seat and column shifter.

[Camino LS6]

Bull$h!. Only the first six words of that sentence are correct. You saved pennies by killing a brand that consisted of essentially free cars. Alienating American customers and taking out GM-H in the process is a pretty piss poor strategy. But what the hell do I know?

I hope all the guys who $h! in every Pontiac thread are enjoying themselves. You think this is what GM needs to be successful? You're dead ass wrong.

100% correct.

[GMTruckGuy74]

This settles it my next car coming this spring or summer will be a Pontiac.

I'm going to pray that I get employment soon after July 1 so that I too can make this statement. The wife and I were talking about this on Saturday and she said that she'd like a new Vibe GT but will also test drive a G5 GT (she'd get the new, smaller car and I'd take the G6). What's stopping me right now is (1) no pull-ahead offer yet from GMAC to get out of my lease, and (2) no job after July 1.

I went to an All-GM classic car show yesterday in Macungie, Pennsylvania (GM on Display show, all GM vehicles of all years were welcomed). Many of the classic car owners could be overheard talking about GM's latest news, and many Pontiac owners were talking about how much they love Pontiac and are saddened by the news that was leaking out on Friday.

If I have my way, a new 2009 Pontiac will grace my driveway by fall and for a while that's all GM will be getting out of me. If that plan doesn't work, after fall of 2009 who knows where my new car shopping will go???

[Diehard GrandPrix Fan]

This isn't news at all. I am not a bit surpriced at all. Many people already knew this would happen and it did. So, get over it. My mind have already left GM after I bought 08 Grand Prix, and that is a definate last GM car that i'll be owning, nurturing, maintaining and enjoy. Well, I thought Pontiac will close from today, but at least they have another year, so if you have the money and want to still support your favorite brand before it phase away in history never to return, I suggest you to run to your local Pontiac Dealer right now and get yourself one, and let them know that you are still a Pontiac customer and that you care about the brand that you don't want it to die. I would if I have the money(I spent all of my earnings to my current dream car), but I just don't have money to spend on another car now, and aside from the Solstice targa, and maybe a G6 sedan, they currently offer nothing that interests me, for all others are either a Chevy rebadge or an import.

For those of you who might be speculating that the Pontiac brand may return, since it isn't being offered for sale like Saab, Hummer, or Saturn is, but being killed, you can dream it, but it won't become reality. I don't hear anything about the revival of Oldsmobile anytime soon, do you? I think, once a make gets killed, it's killed forever. Camaro is different though, since it is just a model, not the brand itself. If the brand exist, posibilities of a model returning is always opened, but if the brand don't exist anymore, that closes the door with it as well.

I guess, since they will be around for another year, I may get to see them displayed at the Auto Show one final time next year, but I guess that's it for Pontiac and GM for me, as I have said several times, no Pontiac, no business from me for GM.

In close, I just want to Thank Pontiac for giving me what I want and serving me with their great products for 17 years of my driving experience, and my hat is off to them for their excellent contribution to the automotive industry for their 84 years(counting next year, their last year) of business.

Farewell, old friend.

You've been a great companion and I won't forget you, ever.

----

REST IN PEACE.

Here Lies:

OAKLAND/PONTIAC MOTORS

1907/1926 - 2010

In loving memories of:

Die hard, dedicated Pontiac from from 1992 to present.

----

[Delta Force79]

Pontiac's demise comes as really no surprise to me, and not so much because of the current crisis at hand. I learned a very hard lesson when GM killed Oldsmobile, nothing is sacred. At the time that Olds died, GM was in a far healthier state. I'm saddened to see another classic American brand being killed off by bean counters who have no vision of a brighter tomorrow because it involves actually working to get there. There WAS hope in Pontiac, the G8 was the first step towards the light at the end of the tunnel. Granted sales aren't through the roof, but the old saying 'Rome wasn't built in a day' applies here as well. There is no excuse for this, kill Hummer, stop wasting time trying to get a buyer for a company who's entire line up is gas guzzling bricks. The shift from truck based SUV's to CUV's has been gaining ground for some time now, it's time to wake up and smell the roses GM. Going back to Olds for a moment, the mere fact that Oldsmobile was killed, only to have Saturn "take it's place" and have that fail in less than a decade just goes to show you, when you alienate your core customer base ( which for Olds was very different than that of the original Saturn's) you are destined to fail. History has repeated itself with Pontiac and the outcome is the same. However IMO Pontiac was been raked over the coals for many years and truly has suffered the most long painful death. And what a f@#king disgrace, the Vibe will be the last Pontiac, a damn Toyota in disguise. What a slap in the face to Pontiac's history, GM is a joke. That is why if I were to buy a new car today, it would be a Challenger, because even in the face of death Chrysler had the balls to say this is our history, we're proud of it, and if we're going out, we're going out fighting.

So long Pontiac, rest in peace.

[Lamar]

I share with you my sadness over the closure of Pontiac. If I understand GM, it's by having a better and wider selection of its Chevrolet, GMC, Buick, and Cadillac brands. In the case of Pontiac, I think it will fall heaviest on Chevrolet to retain those customers. Also, market share, as a number, may not be the only goal; it would be profitability, too.

I get profitability.

However, Buick (too soft overall) and Cadillac (too expensive) won't be able to capture Pontiac's market. GMC will never sell a "car" car.

If GM were moving the most Pontiac-ish models (G8 and Solstice, of course) to the other brands (Chevy), then we'd not have a problem here. But reports indicate that the models won't be going anywhere else, so there goes that idea. The only Chevy model that may capture potential Pontiac buyers is the Camaro, but then again, not everyone wants a 2dr, myself included.

[vonVeezelsnider]

Notice they said the Solstice won't be moving to Chevrolet, but they didn't say anything about the Sky... maybe that might happen.

[FAPTurbo]

I better start checking out my options, and somehow find a way to bag a G8.

[Drew Dowdell]

I understand this is an emotional issue, but I ask everyone here to put this into some perspective.

The MSM keeps toying with the news of an economic recovery. "Green shoots" they call them.

They are lying or dumb or both.

Look at Pontiac's closure with these other news stories in mind:

New residential homes sales showed a 30% y/y decline and a 75% drop in sales from the peak.

US manufacturing forgot to take part in the rally as durable output fell 0.8% in March. New 1st quarter orders were down 27% y/y.

The Jobless rate in CA is 11%, NY is 8%, FL is 9.8%, NV is 10.2%, OR is 12.1%, NC is 10.9%, Il is 9.1%, SC is 11.4%...look at the trend line. Which way is the momentum pushing?

Buried in all of the other noise.... mortgage default for prime loans in California hit a record. California is such a trend setter.

A total of 135,431 default notices were sent out during the January- to-March period. That was up 80.0 percent from 75,230 for the prior quarter and up 19.0 percent from 113,809 in first quarter 2008, according to MDA DataQuick.

Let all of that sink in for a moment...... and then read this:

Housing by itself accounted for almost one-third of the growth of GDP and close to half of the increase in employment in the years 2001-2005.

(source link)

Pontiac closing is small potatoes for what's to come.

- Auditors report that nearly one-quarter of publicly traded companies may not live out the year.

[Northstar]

If GM was actually smart, they'd reduce themselves to Chevy and Cadillac right now. As soon as gas hits $3 a gallon GMC is going to be useless, and Buick will never be successful having to make sure it doesn't step on Cadillac's toes. Both of those brands are doomed. The only chance GMC has is if gas stays at the level it currently is at and if Buick somehow can essentially be GM's Acura.

[Drew Dowdell]

If GM was actually smart, they'd reduce themselves to Chevy and Cadillac right now. As soon as gas hits $3 a gallon GMC is going to be useless, and Buick will never be successful having to make sure it doesn't step on Cadillac's toes. Both of those brands are doomed. The only chance GMC has is if gas stays at the level it currently is or we have a biofuel revolution and if Buick somehow can essentially be GM's Acura.

+1

[G. David Felt]

Death of Pontiac while sad is not unexpected. It would be very possible for the G8 to be moved over to Buick so that it becomes the New Grand Natioanl. just a thought.

But at least they still have the right 3 step selling of Chevy, step up to Buick/GMC step up to Cadillac. love all that is left still.

[Camino LS6]

G8 and Solstice are simply being killed, they won't be moved to another brand.

per Fritz the Dim

[Daryl Z71]

G8 and Solstice are simply being killed, they won't be moved to another brand.

per Fritz the Dim

Yea GM is to interested in just axing products, not trying to improve them and let them live.

[G. David Felt]

G8 and Solstice are simply being killed, they won't be moved to another brand.

per Fritz the Dim

Yea GM is to interested in just axing products, not trying to improve them and let them live.

Sad but true that they will probably axe these product when a rebadge on the G8 could very easily bring excitement to the Buick label and give people that step up from a FWD Monte Carlo to a RWD Grand National auto.

Too bad the auto Zars are not listening more to the public as I think the public is all for saving American companies and there are plenty of good Ideas out there for them to use.