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But to answer your question, I have no doubt there'd be ANOTHER Lambda.....an Oldsmobile Buttpuppet. Olds would have had a Trailblazer/Envoy and likely would have changed the name too (Blazer/Jimmy).
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Uhhhh, Oldsmobile did have a "Trailvoy", when they launched in 2001 there was a Chevrolet Trailblazer, GMC Envoy and an Oldsmobile Bravada, it was really nice actually, GM was able to cover some of the Bravadas cost by making the Buick Rainier after the Oldsmobiles were gone.
Yes, they might have a Lambda, because the probably would not be a Saturn Outlook, the main question is not just what Oldsmobile would be like today, but what all the other divisions would be like today as well, i.e "The Buttterfly Effect" of not murdering Oldsmobile(it did not "die").
Chevrolet would probably be the same, though perhaps the Volt might not be a Chevrolet(or at least a car like the Volt, remember that Olds was the "experimental" division for GM)
Saturn would not have moved upscale, if everything was kept at year 2000 levels, Saturn would still be operating out of Spring Hill making the ION and the Vue, though hopefully they would be better than last ION's, (which probably should have been what was done, i.e a major re-do of the ION instead of importing the Astra, seeing the warm reception that the Astra has gotten, or at least a "Saturn-ized" Cobalt made in L-town)
Maybe Saturn would have kept the plastic paneled semi-autonomous plan that they had before and Oldsmobile would be getting the Opels? Though I am not sure that it's a good idea.
I would expect that Olds might still have an Epsilon based Alero sedan and coupe, which means that the G6 would probably look completely different, (good or bad?) Olds did show a small SUV concept during their last years called the Recon, they might be offering something like that today on the Equinox/Torrent platform, though there may have not been a Torrent either.
Buick would probably not have the really bland Lucerne and LaCrosse, and it would have not have had vehicles that did not fit forced into their line up, like the Terraza and Ranier(same can be said for the Saturn Relay)
Though a CSV Oldsmobile Shilouette might have not been a winner either, the Shilouette would have still been the Cadillac of Minivans(see Get Shorty)
Would Oldsmobile still be moving a W body based Intrigue? Perhaps if Oldsmobile would have lived and the Intrigues sales increased, GM would have a new mid-large FWD platform out sooner to replace the W's? We're still waiting for EPII.
Also, note that the last Auroras were really supposed to replace the Delta88 cars, they were to be called Antares, the real replacement for the 1995-2000 Aurora gen 1 was killed along with the replacement for the 1995-1999 Riviera and the next gen Eldorado.
There are sooooo many variables.. .
What if Oldsmobile had moved foward with the OSV(Oldsmobile Specialty Vehicles) line?
Would we have Oldsmobiles tuned on the Ring today?
OSV did show some neat stuff, they had an Alero with the 250 3.5 V6 Shortstar stuffed in it(GXP G6 anyone?) and an Intrigue with the Aurora 4.0 litre (again Impala SS and LaCrosse Super?)
What if they would have done the smart thing and merged Oldsmobile franchises with Saturn retailers, maybe even with a floating GMC franchise where needed? Both makes could have helped each other.
There would have been no need for Aura with the Alero, Saturn woud have the ION, VUE and SKY and Oldsmobile, being the in the same store, would be the direct move up, with the Alero, Intrigue, Bravada, Shillouette and Aurora.
I thought that perhaps they could have had Saturn-Oldsmobile-Isuzu franchises making a PBG with Isuzu selling the Hombre, Axiom and maybe an Isuzu version of the full size GM trucks.(or maybe a Saturn-Olds-Suzuki set up?)