April 25, 2009
GM to eliminate iconic Pontiac brand
U.S. automaker General Motors will kill off its venerable Pontiac brand as part of a government-supervised restructuring plan, sources say.
Citing unnamed sources familiar with the plan, The Detroit News reported Saturday that GM has already notified Pontiac dealers that the 83-year-old brand will be discontinued as part of a restructuring effort. The struggling auto giant will also close plants, cut jobs and negotiate with bondholders to cut $28 billion in debt, the News said.
The loss of Pontiac will mean the end of an iconic brand that symbolized fast-driving, V-8-powered muscle cars in the 1950s, 1960s and 1970s. The News said Pontiac sales fell 25 percent last year to 267,348, down from its late 1970s peak of about 900,000.
Its elimination will leave GM with four core brands: Chevrolet, Cadillac, Buick and GMC.