End of the road for GMs Pontiac, Saab, Hummer & Saturn?
The Detroit Free Press is reporting that GM is considering shedding up to four brands as it prepares a plan for the US Congress on how it will apply money from a potential government bail-out to stave off bankruptcy.
“In his last visit to Capitol Hill, GM Chairman Rick Wagoner’s explanation of how the company would use the government loan took one page of an 11-page presentation, with seven bullet points offering no specific numbers,” reports the Free Press. “GM’s new presentation on how it will use up to $12 billion of the $25-billion pool could run close to 100 pages for lawmakers, with a shorter summary for public viewing.”
GM is reportedly considering shedding its Pontiac, Saab, Hummer & Saturn brands. The shuttering in 2001 of the Oldsmobile brand reportedly cost GM $2 billion.