Buick Hints at a Possible Premium Compact with Buick Avant Concept
GM newest release on the recently launched site "The Lab" features a new Buick concept, the Buick Avant, which is meant to study the possibility of small premium models.
"We agreed that a small premium vehicle shouldn't be viewed as a compromise in any way," says Andrew Smith, Director of Advanced Design at GM's tech center in Warren. "It isn't a vehicle you buy when you can't afford the larger size version. It should be unapologetic of size and just make you feel great."
In total GM came up with six exterior and four exterior designs.
All Eyes on GM Following Chrysler's Bankruptcy...Will GM be Next?
Following the announcement of Chrysler's bankruptcy yesterday, attention is now focusing on what will happen to GM at the end of this month.
GM has a deadline of June 1st to convince 90 percent of its bondholders to swap $27 billion in debt for a 10 percent stake in the company. If the United Auto Workers and bondholders cannot agree to money-saving concessions by the end of the month, GM could also be forced to file for Chapter 11 bankruptcy.
"When there is a lot of bluffing going on in any negotiation, this shows the government is serious," said Jeremy Anwyl, chief executive officer of Edmunds.com
Earlier this week GM announced an updated Viability Plan that announced the death of Pontiac, more plant and dealer closures and more job cuts in an effort to qualify for more government aid.
Currently GM and its bond holders remain far apart on an agreement to swap debt for stake in the company. GM originally offered a 10 percent stake in exchange for $27 billion in debt, but the bond holders quickly counter offered with a deal that would give them a 58 percent stake in the company.
GM's current exchange offer expires on May 26.
GM Launches New Customer Protection Package...GM Total Confidence
General Motors has launched a new customer protection package called GM Total Confidence to encourage people to start buying cars again.
The new package is similar to what Hyundai launched a few months ago, although GM's version goes a bit further to help potential buyers. The payment protection plan will pay your car payment up to nine months if you lose your job within the first two years of vehicle ownership ($500 max per month). The residual value of the buyer's vehicle is also protected and one year of OnStar is also included.
The GM Total Confidence plan is available for vehicles purchased between April 1 - April 30, 2009.GM Disbands its High-Performance Vehicle Unit!
GM released its Viability Plan yesterday in which the automaker revealed its plans to return the company to profitability. Today GM has announced that it is disbanding its high-performance unit.
This team was responsible for the development of the V-series Cadillacs and the Chevrolet Cobalt SS, HHR SS and a V-8 version of the Colorado.
"All high-performance projects are on indefinite hold," spokesman Vince Muniga said. "The engineers are moving into different areas of the organization, and they will work on Cadillacs, Buicks, Chevrolets and Pontiacs."
There are currently no plans for high-performance versions of future vehicles.
The team could be reinstated once GM is back in the black.
