[Richard]

By June 1, the Detroit-based automaker, which has already received $15.4 billion in federal loans, must gain significant concessions from stakeholders to continue to receive aid.

Under the outlines announced yesterday, the federal government would take an equity stake of at least 50 percent, the United Auto Workers would take as much as 39 percent, the company's bondholders would get 10 percent and the existing shareholders 1 percent.

In addition, the company said that they do not expect to make Hummers, Saabs or Saturns after this year.

http://www.washingtonpost.com/wp-dy...04/27/AR2009042700872.html?wprss=rss_business

 

[04DetroitLS]

Saab will still be around, there's already interested buyers...Saturn is a crap shoot, wether or not GM kills it or sells it off
Hummer is gone w/ GMC to follow...

 

[cbmikey]

I don't think GM will get rid of GMC yet...

No, they won't but they should. It's beyond obvious that all GMC's are simply rebranded Chevy trucks. Or the other way around, however you want to look at it.

It absolutely sickens me what our coward socialist president is doing to the auto industry and the rest of the country.

Don't be surprised when Chrysler announces the same thing next week. I've already heard rumors that the UAW is going to own at least 35% of Chrysler. Whether they buy it or the government gives it to them, I dunno.

Grr...

 

[Manoogia86]

No, they won't but they should. It's beyond obvious that all GMC's are simply rebranded Chevy trucks. Or the other way around, however you want to look at it.

I agree but I think this is what allows the GMC brand to be profitable. GM is obviously cutting out the brands that are not making them profit... The majority of us will agree that the G8 looks like a smoking ride and we all would love to have one, but cars like that have a minimal profit margin. GMC trucks not only have a wide customer base, but they are also very profitable because of their shared platforms.

What GM is doing is not what is best for us consumers, but it is what is best for their longevity. Just my opinion.

 

[cbmikey]

I agree but I think this is what allows the GMC brand to be profitable. GM is obviously cutting out the brands that are not making them profit... The majority of us will agree that the G8 looks like a smoking ride and we all would love to have one, but cars like that have a minimal profit margin. GMC trucks not only have a wide customer base, but they are also very profitable because of their shared platforms.

What GM is doing is not what is best for us consumers, but it is what is best for their longevity. Just my opinion.

I agree but I wonder too how much of this is coming from the White House and how much is actually GM.

Ahh yes, the G8 is an awesome piece of automobile. I would give my left nut for one!

 

[Manoogia86]

Yeah I agree that the white house has their hands in GM's pockets right now, but that is almost justifiable given that their pockets are filled with taxpayer money. GM has to provide a plan for how they will restructure, and I think that this is part of THEIR plan.

The problem is that brands like Saturn and Pontiac have filled their showrooms with low profit, eye catching cars (the Solstice, G8, Skky, etc) to try and market the more conservative cars (like the ion, Aura, G6, etc). Some would call it a marketing ploy to generate brand interest, but the fact of the matter is that people are not going to by a Saturn Aura just because it was made by the same company that makes the Skky. I feel that GM has made some legitimatley bad moves in the past decade and a half which has paved their own fate. I have been a Chevy man all my life and am hoping that they pull through just like the rest of you, but I feel that this restructuring will do GM a world of good. It all depends on how people react to it.

 

[kortex]

This really sucks for people that own pontiacs. Like me.

 

[capricewiz]

I think GMC should stay the way it is, and Chevy should just be cars.