June 1 is just around the corner and GM is facing its deadline to restructure or file for bankruptcy. According to a report by Bloomberg this morning, GM is now considering dropping its Pontiac and GMC brands in an effort to cut-costs.
Sources familiar with the mater said that two brands are being studied as GM continues talks with Obama’s auto task force to find ways GM can restructure without bankruptcy.
Chevrolet, Cadillac and Buick are all safe, the source said.
Last month, GM said that it is postponing the decision on Hummer for “a few weeks” as it works out the details for a complete sale. Yesterday, it was reported that Telesto Ventures is looking to acquire Saturn from GM and provide its retail networks with mostly overseas models.
– By: Omar Rana