General Motors has been hit hard by the recent automotive downturn, prompting several reports that the Detroit automaker is considering the sale of more than just one of its eight brands. However, the U.S.’ largest automaker denies that any brands – outside of Hummer – are up for sale.
The most recent report in the Wall Street Journal suggests that only the Chevrolet and Cadillac brands are safe, with Saturn, Buick and Saab having the best odds of winding up on the auction block.
Despite the report, GM says no other brands are being considered for sale. “No other GM brand (besides Hummer) is under strategic review,” GM spokesman Tony Cervone told Automotive News.
The auto giant has been caught flat footed by a dramatic shift in consumer demand from trucks and SUVs to cars and crossovers and is believed to be re-evaluating its entire business model. GM will likely need to raise $15 billion in cash to remain afloat during the next two years, with several cuts expected for its 76,000 strong white-collar work force.
