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Alexander Haig
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FOR RELEASE: 2009-02-17

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GM CEO Wagoner to Discuss Submission of Viability Plan to the United States Treasury









Detroit, Mich. (NYSE: GM) General Motors Chairman and CEO Rick Wagoner will hold a news conference today, Tuesday, February 17, to discuss the viability plan being submitted to the U.S. Treasury and to provide an update on the company’s restructuring.

The press conference will begin at approximately 6:30 p.m. EST, pending receipt of the plan by the U.S. Treasury.It will take place in the Jefferson Room of the Renaissance Conference Center on the second level of GM’s global headquarters in Detroit.

For those joining us at the Renaissance Center: an area with speaker phone will be available in the Waterfront Lounge for those wishing to join the Chrysler conference call at 5pm.

The satellite feed for the press conference is:

AMC15
Transponder K2
Downlink: 11740.00 Horizontal
Audio: 6.2/6.8
Ku Band, Analog

A listen and Q&A line will be available for media:

U.S. (800) 230-1092
International: (612) 234-9960

No pass code is required; just ask for the General Motors press conference.

To view the press conference via webcast use the following link:

http://gmtv.feedroom.com/?fr_story=0f989aeb092a6410b7160fe2169cabde5c97e097

A replay of the press conference video will be available at the above URL approximately three hours after the broadcast concludes.
 

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I missed most of this anyone going to give a summary?
 

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Wife works at Lordstown as so do i. This is what they are telling her (plant mgr.) on plants T.V's no more sub pay for workers. From 95% to 65% pay on lay off. Saab Hummer and Saturn gone Pontiac will only make 2 models listed as a niche brand. Since we make the Pontiac G-5 this is a worry for our plant.
 

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Pontiac will keep the Solstice and hopefully the G8. Anyway, the G8 may have collector's value if it goes out of production. The G3 is basically an Aveo and can be sold as a Chevy. The G5 is a Cobalt. I am not sure about the G6, but is it a sister car to the Malibu? The Vibe is not a niche car and can be moved to Chevy.

We shall see what GM does.
 

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This is what was explained

GM's plan details extensive cuts. The automaker would reduce its U.S. manpower from 92,000 salaried and hourly workers at the end of 2008 to 72,000 employees by the end of 2012. Worldwide, it envisions slashing 47,000 workers, including 37,000 hourly workers and 10,000 salaried employees.

In its Dec. 2 plan to the Bush administration, GM said it would cut the number of plants from 47 in 2008 to 38 by 2012. But the new approach goes further, cutting an additional five plants by 2012 to a total of 33 facilities.

GM's brands would be reduced from eight to four — Chevrolet, Buick, Cadillac and GMC — as the automaker said in December.

The company is considering a sale of the Hummer brand and a decision could be made by the end of March. The Saturn brand could be phased out by the end of 2011. The company is also considering its options for the Pontiac and Saab brands.

GM said all of its major U.S. vehicle launches from 2009 to 2014 would be high-mileage cars and crossovers.

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Associated Press Writer Ken Thomas reported from Washington.
 

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Pontiac remaining as a niche brand is good.
What's happening in Canada - I thought Pontiac was a core brand there (okay in much less volume)? Many of the small badge-engineered Ponchos started on that side of the border (G3 and G5 and before that a Corsica-based Tempest, the 70's Astre and 60's Acadians & Beaumonts).
Of course G8 is a niche product anyway in either market as it stands already.
 

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Alexander Haig
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Discussion Starter #15
I don't understand it we built a crap load of G-5's for Canada
And you might continue to. But coming soon you won't even be building the Cobalt, but Cruze instead. Throw a grill and a badge on it and it's a G5 for Canada. Biggest workplace news is that GM (if plan is approved) will get to decide who works where, at what time, and on what - not the union.


I'm sorry to see the eventual demise of the G6, although I might only be tempted by the convertible. G6 was first, followed by Malibu and Aura. G6 was scheduled to lead the way once again to RWD Alpha but instead only gets a modest freshening. A bold move on GM's part would have been to simply expand the Opel brand into North America within the BPG group where it once was instead of producing vehicles as Saturns. (Astra)

Saturn will disappear one way or the other at end of model runs, which means when the Sky goes away the Soltice will have to stand on its own or get redesigned or simply cancelled. Production at end of currrent cycle is already been planned to move from Boxwood to Bowling Green. Extra capacity freed up by lack of XLR can easily accomodate Solstice under same roof as Corvette with no additional workforce.
 

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http://usnews.rankingsandreviews.com/cars-trucks/daily-news/090218-GM-Plans-to-Eliminate-Saab-Saturn-Hummer-and-Shrink-Pontiac/

"Pontiac, meanwhile, will be reduced to a small brand selling a handful of models though combined Buick/GMC/Pontiac dealerships. The plan does not address which specific Pontiac vehicles will survive, but industry analysts expect to see the brand become a source of performance-oriented cars like the rear-wheel-drive G8 sedan, which cost GM little to develop because they are based on GM models sold in other markets."
 

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No offense, but I care more about GM's plans to cut 47,000 jobs than which cars are discontinued. OUCH! That is a lot of families losing good jobs.
 

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we were shown this press conference today at work (holden, aus.) 47000 job losses is hectic and approx 20000 are in the us. we've already had over 50% of the plant cease production in the last 2-3 months which equates to 600 odd jobs gone.
from what we've been told is what has been said in this thread pontiac a niche brand with no news on G8's for export. none have been ordered as of yet.
In turn RH/D comaros have been pushed back 12 months to 2011 and not locking in convertible.
 

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http://www.sportingnews.com/blog/IowaHeel/184417


What is with all these reports that Pontiac is being phased out?? When did GM say that? If these people watched the actual GM press conference or stories from reputable sources, Saturn Hummer and Saab ARE being either phased out or sold and Pontiac is NOT being phased out but rather taken from a stand alone brand to a niche brand sold through the Buick GMC Pontiac distro brand (which is where they are already sold). So basically the biggest difference we will see is that Pontiac will have fewer models (and marketing may change). Will they be phased out down the road? Maybe. But it has not been confirmed yet. Who knows, maybe when the econmy gets better, they may build Pontiac again. The media should stop printing what "they think" as fact!
 
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