General Motors has announced that it is closing down its High Performance Vehicle Operations. The unit created so-called low volume vehicles like the Chevrolet HHR SS, the V Series Cadillacs, the Chevrolet Cobalt SS, and the Colorado V-8.
The decision was made as part of the company’s obligation to show it can be a viable, profitable venture in order to received more loan money from the federal government. In its business plan, GM said that it will be focusing on fuel efficient cars and crossovers. It also said that it will increase the number of hybrid models it offers from six to 14 by 2012 and to 26 by 2014.
Oh, by the way, General Motors is asking for $16.6 billion more than it had asked for previously.