SAY GOODBYE TO THE HUMMER?…. Rick Wagoner, CEO of General Motors, has a plan on how he’d proceed to help secure a government rescue plan. It includes shedding some GM brands.
GM is studying eliminating brands, with Pontiac and Saab joining Hummer as targets, the Free Press has reported. Bloomberg reported that Saturn also could be eliminated.
GM already has pledged to make $20 billion in cost cuts through next year, although $5 billion of those rely on selling assets such as the Hummer brand or borrowing money, neither of which GM can count on in the near future.
As devastating as the financial crisis is, and as important as the future of the American automotive industry is, the disappearance of the Hummer would be a nice silver lining.
Update: Eve Fairbanks has more, including how this relates to the death of the Yugo.