Monday, May 11, 2009

Another one down.......

Old News but thought Id post, its sad to see another one go. Pontiac had an amazing history dating back to their first production vehicles in 1926. Who would have thought some 83 years later such an iconic brand would be no longer producing automobiles....

Pontiac brand to be phased out as part of GM’s more aggressive restructuring efforts
Since its inception in 1926, Pontiac has been known for delivering vehicles with both performance and value. Over the past several years, the brand has been closely associated first with GMC and then with Buick.
Statement attributable to Susan Docherty, GM North American Vice President, Buick- Pontiac-GMC:
“Anyone who has been associated with the Pontiac brand knows that this was a difficult decision. Pontiac has had a rich and storied history, but unfortunately, despite the efforts of all concerned, the brand has been unprofitable over the past several years. We had hoped in our February 17 Viability Plan to convert Pontiac to a niche brand within the Buick-Pontiac-GMC channel.However, the Viability Plan as submitted was not acceptable. GM was further challenged to take more significant restructuring actions which would allow the company to be viable even in these unprecedented market conditions and in any future cyclical market downturns. These restructuring actions require further sacrifice by all stakeholders: GM employees, suppliers, investors and dealers.As part of these renewed restructuring efforts, we spent considerable time formulating Pontiac portfolio scenarios that would allow the brand to be sustainable and profitable long term. Unfortunately after careful evaluation, none of these scenarios proved viable.Therefore, GM is announcing the phase out of the Pontiac brand by year end 2010. This action will allow General Motors to devote its limited capital and other resources to GM’s four core brands: Chevrolet, Cadillac, Buick and GMC.”

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