GM Has Shed Pontiac after 83 Years, Cutting 21,000 Jobs
Somewhere, the original KITT and the Firebird from Smokey & The Bandit are huddled in a corner crying. Today is a sad day, as this morning GM announced after over 8 decades in business they will be slashing Pontiac. Assembly lines across North America will cut upwards of 21,000 jobs this May (that includes both white and blue collar workers) – and 50% of GM stock (in the form of bond holders) will be Government influenced. Looks like General Motors is going socialist! It also looks like 3 more plants will close by the end of 2010. Yikes. GM CEO Fritz “The Slasher” Henderson also stated in a press conference earlier today that bankruptcy is still highly probable.
According to Detroit News: General Motors says it will cut 21,000 U.S. factory jobs by next year and phase out its storied Pontiac brand as part of a major restructuring effort needed to get more government aid.
General Motors Corp. launched its bond exchange offer this morning to its holders of $28 billion in unsecured debt, offering them 10 percent of the equity in the company and accrued interest — in an effort to avoid a bankruptcy filing before the end of May.
GM also confirmed the morning it plans to phase out its 83-year-old Pontiac brand by 2010, while it plans a final resolution for its Hummer, Saab and Saturn brands this year.
Apr 27th, 2009 at 8:09 am
[...] This is one of the most moving (yes, moving) video tributes I have ever seen, well on Youtube at least. Thanks to YouStoleIt for making this video (or stealing it, apparently). It’s a breathtaking tribute to the Pontiac Firebird, making us shed a tear as today GM announced it will cut Pontiac after 83 years. [...]
Apr 28th, 2009 at 11:08 am
[...] Car line. The Pontiac Coupe (shown above) was the first in an 80-plus year reign that has been put to an end thanks to America’s automotive financial [...]