Mark Reuss, president of GM North America, said:

As a passionate race fan and performance enthusiast, I am thrilled that Chevrolet will deliver a true rear-wheel-drive NASCAR racecar in the SS that is closely linked to the performance sedan that will be available for sale. The Chevrolet SS is a great example of how GM is able to leverage its global product portfolio to deliver a unique performance experience that extends beyond the track. I am personally looking forward to driving it.

Chevy announced in March that it would not use the Impala in the Cup series, instead opting to develop a new model for Cup competition.

While spokesman Monte Doran said at that time that the new model wouldn’t be derived from an existing model, the SS is said to be based on the Holden Commodore, which was also known as the Pontiac G8.

GM Holden’s Executive Director of Engineering Greg Tyus said:

Holden has a great track record of producing performance cars for GM and the world. We were responsible for the design and engineering of the Chevrolet Camaro, VE Commodore was sold as the Pontiac G8 and we are currently exporting the Chevrolet Caprice Police Patrol Vehicle – so we understand the needs of the North American market.

The Holden Caprice was also said to be a candidate.

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I have an unwavering faith in the company’s leadership team and our government’s commitment to support this reorganization. After all of the efforts of the past several months, it’s unfortunate that bankruptcy has become the only option, but we at Hendrick Automotive Group and Hendrick Motorsports are certain that GM will emerge from this stronger and better equipped to compete than ever before.

He added that service will not be affected at his 27 GM franchises. This includes warranties and parts, he said.

In conclusion, he said:

It has been a great privilege to be a small part of GM’s rich history, and we are looking forward to an even brighter future together.

This is no surprise to anyone, as most thought it was only a matter of time, given how long the automakers have been struggling. With Chrysler filing for backruptcy and GM expected to follow suit, can they realistically sustain putting money in motorsports? Most say no. Add in the fact that they’re taking tax payer money, and the “no” becomes more definitive.

The WSJ calls Chrysler’s troubles “another humbling blow to the National Association for Stock Car Auto Racing.”

As I’ve said before, I’m not sure this is a humbling blow. Sure ticket sales and attendance are down, viewership is declining, and sponsors are having a hard time staying in the sport during these tough economic times. But, that’s not because Chrysler and GM are struggling. It’s because we’re in an economic downturn that resulted in job losses for a large portion of NASCAR’s working class fanbase.

I’m sure many auto-plant workers are or were NASCAR fans. And, with the automakers laying off a large number of workers, those NASCAR fans can’t afford to go see races live. Add in other NASCAR fans in different professions that have been layed off, and it’s no surprise that there is a decline in attendance.

But again, that’s due mainly to economic conditions, and tangentally to the fall of the automakers.

If GM and Chrysler were to pull out of the sport, NASCAR would still survive. The COT almost guarantees that. The cars don’t resemble anything that is sitting on a showroom floor in any auto dealer.

The cars are nearly identical, with the only distinguishing factor being the decals. If automakers pull out, those decals would most likely go away. But, the teams would still exist.

The cars are built in-house by teams. They have their own shops, and engineers, so even if factory support were to cease, the teams with major sponsors would find a way to function.

Don’t get me wrong, I’m not saying that NASCAR isn’t struggling or that things wouldn’t get worse, if automakers started pulling out.

I am, however, saying that NASCAR would still survive, because in the end, the logos emblazoned on the hood and quarter panels mean more than the fake head and tail lights on the cars.

In GM’s most recent viability plan, Pontiac was not named as one of GM’s core brands, which are Chevy, Buick, GMC, and Cadillac. The brand also wasn’t listed among those that would be killed or sold — Saturn, Saab, and Hummer.

Instead, the brand was supposed to focus on a small number of models. Now, it appears, the brand will disappear.

In 2004, the brand pulled out of NASCAR for good. In its final season, only five teams were using Pontiacs, and Ricky Craven was the only driver to win a race in a Pontiac during its final year.

At the time GM officials said that the brand was leaving NASCAR so that GM could focus its support on the Chevy racing program.

The answer? Probably not much would happen.

While NASCAR touted the safety aspects, the savings, and the closer competition as reasons for the new car design, I think that the Car of Tomorrow also freed NASCAR from the mercy of the carmakers.

Sprint Cup cars are made by teams individually. There are no NASCAR factories that crank out COTs like GM or Chrysler plants. These cars are custom built in race shops by Sprint Cup teams. I imagine that other than providing parts, the carmakers have little to do with production or maintenance.

Don’t get me wrong, I know that carmakers provide support for their cars. But, if that support goes away, the make wouldn’t necessarily.

Last year, Dodge announced it would pull its factory support from what is now the Camping world Truck Series. At the time, Mike Delahanty, senior manager of Dodge Motorsports, said:

We’ll have no factory-funded teams. When times are tough, there are certain things that are lower on the priority list than others. There’s a lot of Dodge trucks, engines and parts out there, [teams] may choose to run them. We just won’t be writing the checks to any teams.

I’m sure that any carmaker that left the sport at this point would take the same stance.

Sure, some teams might stop using their cars. But, teams like Hendrick Motorsports and Richard Petty Motorsports would continue building their race cars, and would still compete.

Large sponsorships would, most likely, keep the bigger players in the sport. And the relatively low cost of competing these days, with the testing ban, would keep most of the smaller teams in the sport.

So, even if Dodge and Chevy were to leave, the sport would find a way to survive. After all, this isn’t the first time automaker support was in jeopardy.

Sprint Nextel, the NASCAR Sprint Cup series sponsor, announced that it will be cutting about 15% of its workforce, or 8,000 employees. This move is expected to save the company $1.2 billion annually. Sprint has been losing customers to larger rivals AT&T and Verizon.

GM announced that it is eliminating about 2,000 jobs, as well as decreasing production at plants in the U.S. and Canada. Most of the cuts will affect plants in Michigan and Ohio.

Following a 32 percent drop in profits, Caterpillar, sponsor of Richard childress Racing’s No. 31 Chevy, driven by Jeff Burton, announced that it is cutting 20,000 jobs, or about 18% of its workforce. That includes 12,000 employees and 8,000 contractors. Caterpillar is also cutting production schedules and costs in light of the economic turmoil.

Home Depot, sponsor of Joe Gibbs Racing’s No. 20 Toyota, and driver Joey Logano, announced that it will be cutting 7,000 jobs, or two percent of its workforce. It will also close nearly 50 stores.

Kobalt Tools, a Lowe’s brand, is said to be the leading candidate to sponsor the truck series. Craftsman, a Sears brand, will not renew its sponsorship of the series.

Stanley Tools and NAPA have been rumored to be potential sponsors as well.

Should Kobalt reach and agreement to sponsor the series, it would replace Craftsman as the official tool of NASCAR. Lowe’s could also become the official home improvement store of NASCAR, replacing Home Depot.

Anheuser Acquired By InBev

Anheuser-Busch has agreed acquired by InBev for $52 billion. Under the deal, which will create the world’s largest brewer, Anheuser will receive two seats on the board of the new company. The takeover also contains a provision that requires either side of the agreement to pay a “breakup” fee of $1.25 billion if it was responsible for the breakup.

The deal shouldn’t affect the company’s NASCAR sponsorship. Budweiser has signed a multiyear agreement to remain as sponsor of the Budweiser Shootout.

Budweiser will also become primary sponsor on Kasey Kahne’s World of Outlaws team.

GM Woes Trickle Down To NASCAR

Chevrolet will not renew sponsorship agreements with two tracks that host Sprint Cup races next season. The company is also evaluating all levels of its motorsports operations.

New Hampshire Motor Speedway and Bristol Motor Speedway are the two tracks. GM has contracts with 12 of the 22 tracks where the Cup series races and is the title sponsor for the fall race at Richmond International Raceway. GM also is the official vehicle provider for Daytona International Speedway.

SK Telecom In Talks To Acquire Sprint

SK Telecom would solicit the help of private equity firms, which would provide the cash for the deal.

Sprint has been contemplating a sale as it struggles with subscriber losses and remaining competitve with Verizon, which recently acquire Alltel. Should Sprint decide against a sale, SK will not pursue on, sources say.