Chrysler LLC President Tom LaSorda said that the company will stop building the PT Cruiser this year and is seeking buyers for the equipment it used to make the model. The move comes as Chrysler looks for ways to save cash.

In a phone interview with Bloomberg, LaSorda said that the PT Cruiser will end production this summer. He said that Chrysler currently doesn’t have any offers for the assets used to make the model but is pursuing a buyer.

With the PT Cruiser ending production in the summer, the Chrysler badge will appear only on the Sebring, 300C sedans ad the Town & Country minivan. Chrysler LLC has dropped the Dodge Durango and Magnum, Chrysler Crossfire, Aspen and Pacifica SUVs under Cerberus Capital Management.

Sales of the PT Cruiser fell 49 percent last year to 50,910 units.

Source: Bloomberg