GM denies Pontiac rumors

General Motors has released a statement regarding widespread reports that the company planned to terminate its Pontiac brand, leaving the automaker with Buick, Cadillac, Chevrolet and GMC.

“Contrary to media speculation, General Motors has not announced any changes to its long-term viability plan or to the future status of any of its brands. GM is continuing to review its restructuring plan to go further and faster and best ensure its future success. Additional information will be released as any decisions are finalized.”

Reports of Pontiac’s demise began appearing Friday, citing unnamed sources. The reports said the announcement would be made next week.

Under GM’s original reorganization plan, Pontiac, GM’s second-best-selling car line, was to remain as a specialty niche brand with one or two models. However, the Obama Administration’s auto task force determined the original plan didn’t go far enough and gave the automaker 60 days to make further cuts in order to qualify for additional government loans.