Finance

GM Announces End Of Production (For Now)

03/23/2023
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Topline

The Chevrolet Camaro, an iconic muscle car famous from NASCAR races and films like Transformers, is going out of production after its most recent revival seven years ago, General Motors announced Wednesday.

Key Facts

GM will stop making the current generation, its sixth, of the vehicle in January, the company said.

While there are no current plans for a successor, the Detroit-based auto-maker did tease the possibility of another generation of the vehicle, “this is not the end of Camaro’s story.”

GM plans to continue to race the sixth generation Camaro in a number of motorsport competitions, including NASCAR, despite the end of the production, the company said.

Camaros have been a popular choice in car-centered Hollywood movies, like Transformers and The Fast And The Furious franchise.

Key Background

The Camaro first debuted in 1966, and has been reintroduced to the market five times, most recently in 2016. But sales have been steadily declining in recent years, according to GM data, since the sixth generation of the vehicle was released in 2016, down from 72,705 in 2016 to 24,652 in 2022. Cheverlot’s sales have not been able to keep up with other retro-competitors like the Ford Mustang. While the Mustang has also seen a drop in U.S. sales, in 2022 Ford sold nearly double what GM did, reaching 47, 566 cars sold, according to Ford sales data.

Tangent

Earlier this month GM offered a majority of its U.S. salaried employees buyouts in an attempt to cut costs by $2 billion by the end of 2024 as the carmaker looks to lead the competitive electric car market. GM previously announced its goal of solely making electric vehicles by 2035.

Further Reading

General Motors Offers ‘Majority’ Of Salaried Staff Buyouts (Forbes)

Source: https://www.forbes.com/sites/anafaguy/2023/03/22/rip-iconic-chevy-camaro-gm-announces-end-of-production-for-now/