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Welcome to NewAgeGTO.com - a website dedicated to all things Pontiac GTO. We have many features on this website to make your experience here more enjoyable. The first step would be to REGISTER for free so you can take advantage of all the features we have to offer.
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Pontiac To Offer the Vibe (and Nothing Else) in 2010 |
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Jun 10, 2009 - 10:38 AM - by Administrator
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The 2010 model lineup for the soon-to-be-terminated Pontiac brand will consist of just one model - the Vibe.
Recently GM interim CEO Fritz Henderson reiterated the company's position that the G8 would not carry on as either a Buick, Chevy or Cadillac. The G3 and G5 will also cease production this year, while the G6 will only be made available to government, corporate and rental car fleets.
There has been no word lately on the Solstice model. GM had made it known that it would consider offers for the Solstice (as well as the Saturn Sky and Opel GT) as a separate entity, but with the sale of Saturn to Penske, that now seems unlikely.
In an effort to spice up sales of the final run of the Vibe, Pontiac will offer the car with air conditioning standard, and make it available in a new color - Ignition Orange.
GM's official line is that it wants to work with Toyota on a new vehicle to build at the joint GM-Toyota NUMI plant in California where sister cars the Vibe and Martix are produced, but our sources have indicated that GM wants out.
While the Vibe is a great car, we hope the sad irony of a vehicle built for utilitarian purposes being the last one offered by the company's performance brand is not lost on the folks at GM.
More: Pontiac To Offer the Vibe (and Nothing Else) in 2010 on AutoGuide.com
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2 Replies | 110 Views
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General Motors Bankruptcy Official |
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Jun 01, 2009 - 9:21 AM - by Administrator
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While President Obama and General Motors CEO Fritz Henderson are both expected to hold press conferences today, officially GM has already filed for Chapter 11 Bankruptcy Protection.
Once the world's largest automaker and a symbol of the success of free market economics, GM is now a symbol of failure. In the 1950s it employed over 500,000 people and produced more than half of all the vehicles sold in the United States. Now it also holds the dubious title of the world's third-largest bankruptcy - and the largest bankruptcy for a manufacturing company.
General Motors, backed by yet another government loan from the U.S. Treasury is expected to get the same fast-tracked bankruptcy proceedings as the smaller U.S. automaker Chrysler - which filed for Chapter 11 just one month ago and which already appears to be emerging. Just yesterday a judge approved the sale of Chrysler's assets to a group comprised of Fiat, the U.S. government and the UAW. The Chrysler Chapter 11 proceedings were seen by many as a practice for the much larger General Motors corporation.
As a part of the Chapter 11 filing GM will receive $30 billion from the Obama administration, giving it a 60 percent stake in the once-great automaker. The Canadian government will take a 12 percent stake by providing an additonal $9.5 billion, while the UAW gets a 17.5 percent share and bondholders get 10 percent.
The Chapter 11 proceedings are expected to take anywhere from 60 to 90 days but the future of General Motors is anything but certain. In the short term the automaker will most likely push ahead, but the big question mark is if it can become financially viable and build cars that people want to buy - something which is further complicated by the government's involvement.
While the Obama Administration was reluctant to get involved it almost had no choice as without government help both General Motors and Chrysler were doomed to failure - at a time when the U.S. economy already has enough troubles. But now that the government is involved it doesn't appear to be willing to part with its economic engine. Even when GM and Chrysler emerge from bankruptcy, the government's Autos Task Force will continue to be involved in the future of both companies.
With a 60 percent stake in General Motors and a political agenda, will the Obama Administration work with GM and Chrysler to ensure both companies build cars people want - or build cars it wants people to want?
More: General Motors Bankruptcy Official on AutoGuide.com
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0 Replies | 91 Views
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Pontiac Dealer Wants to Buy Brand, GM Not Interested |
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May 05, 2009 - 10:20 AM - by Administrator
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Jim Waldron, the owner of a Pontiac dealership in Michigan has revealed that he and a group of investors submitted an offer to buy the scheduled-for-termination Pontiac brand from GM. Waldron made the announcement on ABC's local WJRT station and said that he expects to hear back from the company this week.
GM representatives, including Communications VP Tom Pyden, have said that the brand is not for sale and that as a part of the company's new Viability Plan submitted to the U.S. government, Pontiac must be phased-out.
Waldron said that it is possible the communications team does not know of the offer.
As the terms of the offer (and, therefore, the price) are private, it is not clear if the offer is reasonable one. Waldron did say that if the offer is accepted his team would look into purchasing vacant plants and hiring a workforce to start manufacturing Pontiacs.
More: Pontiac Dealer Wants to Buy Brand, GM Not Interested on AutoGuide.com
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2 Replies | 214 Views
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R.I.P. Pontiac: General Motors Kills Iconic Brand |
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Apr 28, 2009 - 9:54 AM - by Administrator
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As we reported last week, General Motors has indeed made the decision to kill the Pontiac brand. The news comes as a part of a new viability plan (yes… another one) submitted to the federal government today.
The new plan will see Pontiac eliminated by the end of 2010, but that's not all… not by a long shot. Also included in the new proposal is a long list of drastic and sweeping changes that General Motors says are much needed in order to stay in business. Among the list of big changes is the fast-track dissolution of Saturn. Originally scheduled to be dismantled by the end of 2010, the plan now states that the niche brand will be eliminated by the end of this year.
Also on the chopping block are half of all current U.S. General Motors dealerships. Not surprisingly, GM's previous viability plan wasn't pessimistic enough, calling for 34 percent of the current 6,246 dealerships to close. That number is now a solid 50 percent.
Other major cuts include the closing of three plants and the loss of 7,000 more hourly workers. This would put the number of hourly workers at 40,000 - 7,000 less than the last viability plan said there would be and 21,000 less than there were in 2008.
In total GM will cut 14 models from its lineup, with just 34 different vehicles being offered in 2010.
Most importantly, however, is that General Motors will offer current debt holders stock in order to reduce the company's debt. But if too few debt holders cash in, then GM will go bankrupt. And that is looking quite likely as GM says it needs approximately 90 percent of its unsecured debt covered or else it believe the U.S. Treasury will not see the company as viable.
General Motors still faces the likelihood of filing for Chapter 11 but in the mean time it will run with its new viability plan and concentrate on its core brands: Chevy, Buick, Cadillac and GMC. With just over a month to go before the Obama Administration's June 1st deadline, however, nothing is really certain. Maybe there will be another viability plan? Maybe more will be cut…
More: R.I.P. Pontiac: General Motors Kills Iconic Brand on AutoGuide.com
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1 Reply | 172 Views
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