Breaking News: GM to Focus on Core Brands, "Explore Alternatives" with Saturn

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General Motors presented a restructuring plan to Congress earlier this afternoon with hopes of receiving $12 billion in term loans that it believes will help ensure liquidity through the end of 2009. As part of the plan, General Motors revealed that it intends to focus on its "core brands" - Chevrolet, Cadillac, GMC, and Buick. Pontiac will become a "specialty" brand that sells niche vehicles. Saturn, Saab, and Hummer will be closed or sold. GM says its goal is to create a "leaner, more competitive" company that is "profitable and self-sustaining for the long term."

An excerpt of General Motors' press release is quoted below. More information will be posted at SaturnFans.com throughout the evening and as it becomes available.

In the U.S., GM will focus its product development and marketing efforts on four core brands – Chevrolet, Cadillac, Buick and GMC. Pontiac will be a specialty brand with reduced product offerings within the Buick-Pontiac-GMC channel. Hummer has recently been put under strategic review, which includes the possible sale of the brand, and GM will immediately undertake a global strategic review of the Saab brand. As part of the plan, the company also will accelerate discussions with the Saturn retailers, consistent with their unique relationship, to explore alternatives for the Saturn brand.

Source: General Motors

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