The current Chevrolet Cobalt and Pontiac G5 are among the smallest cars in the GM line-up, especially in coupe form. Sources are now confirming a new, more compact car is due in 2009 and that Cobalt production may not be continuing past June 2010. The new car will be shared across five GM brands.

Due for a Q3 or early Q4 reveal at a major auto show, making both Frankfurt and Paris likely candidates for the reveal. The new car will be powered by a turbocharged 1.4L engine developed by GM's European offices and slated to be used in a number of global vehicles, reports Automotive News.

Cranking out between 120hp and 140hp from its tiny displacement, fuel efficiency is expected to exceed 40mpg. The car will be built on GM's Delta compact platform.

The other brands that will get the new small car include Pontiac, Saturn, Daewoo and Opel. The Pontiac G3 compact we reported on earlier today is similar to the car being discussed by the inside sources at GM, but the U.S. EPA certification data on the G3 indicates it is using a 1.6L normally aspirated engine that achieves 25mpg in town and 34mpg on the highway. The new G3, which is already being sold in Canada and Mexico, will be built on the same platform as the Chevrolet Aveo subcompact.

GM's move toward more small and fuel efficient cars is also causing it to consider building the Beat and bringing it to the U.S. As fuel prices continue to rise, the chances of that happening improve.