Okay, the economic situation was already pretty serious. Now it is really hitting big companies like General Motors, very hard.
General Motors is preparing to announce the closure of the Pontiac brand. Yes, that is right; there will be no more Pontiac. The announcement will be made as part of an updated viability plan to the U.S. auto task force.
Other automotive news sources have said that GM was considering to phase out the brand instead of sticking with the current plan to have it continue as a niche brand or marquee.
GM is barely holding on to its cash even with the $15.4 billion in U.S. government loans as part of the bailout. Original plans for GM included keeping the brands Buick, Chevrolet, GMC and Cadillac while selling off Hummer, Saturn and Saab.