2004

The Pontiac GTO was relaunched in the United States in late 2003, based on the Holden Monaro's V platform. The Monaro is a 2 door coupe variant of the Australian developed VT/VX Holden Commodore. The Commodore was in turn developed by enlarging the European designed 1994 Opel Omega B, which was marketed in its original form in the U.S. from 1997 to 2001 as the Cadillac Catera.

The revival was prompted by former GM chairman Bob Lutz, who drove a Holden Monaro while on a business trip in Australia.

The GTO was produced in the suburb of Elizabeth, South Australia, and is equipped with the Corvette's LS1 ('04) and LS2 ('05-'06) V8 engine with a choice of a 6-speed manual transmission or a 4-speed automatic. The same model is sold in the United Kingdom as the Vauxhall Monaro and in the Middle East as a Chevrolet Lumina SS. GM North America made a deal with Holden for them to produce a maximum of 18,000 vehicles per year starting in late 2003 and going through to the end of the 2006 model year. 18,000 was the production limit for the model at the Australian assembly plant.

Despite high expectations by GM to sell 18,000 units, the Monaro-based GTO received a lukewarm reception in the U.S. It was frequently derided for its conservative styling, which many critics felt was too anonymous to befit either the GTO heritage or the current car's performance. Aside from the styling, the GTO faithful were further insulted by GM's failure to present a U.S.-built car that incorporated any design lineage from the muscular icons of the 1960s and 1970s. Given the newly revived muscle car climate, it was also overshadowed by the Chrysler 300, the Dodge Charger, and the new Ford Mustang. Sales were also limited because of dealer tactics, such as initially charging large markups and denying requests for test drives of the vehicle. By the end of the year, the 2004 vehicles were selling with significant discounts. Sales were 13,569 of 15,728 cars for 2004. The optional hood scoops slated for the 2005 model year were rushed into production in an effort to increase the sportiness of the car's image. There was a Pulse Red package, available only in 2004. It gave the buyer Pulse Red paint and exclusive red embroidery on the seats. Only 800 of these were made.

 

2005

The 2005 model year continued with the addition of hood scoops, split rear exhaust, and optional 18 inch (45.7 cm) wheels. The major change for 2005 was the replacement of the LS1 engine with the LS2 engine. This increased power and torque in the GTO to 400 hp (298 kW) with 400 ft-lbf (542 N·m) torque. With this engine package, Pontiac claimed the car capable of 0 to 60 in 4.6 sec. and 13.0 sec. at 109 in the quarter-mile. Dashboard gauge graphics were also revised. An Autocross package became available, and differed visually from the rest by having a deeper-set grille and a different lower rear fascia that sported quad chrome exhaust tips. This package was available from GM as an accessory in red, silver, black, or primer for other color cars. Nonetheless, sales dropped to 11,590, primarily because of a shortened model year. Barbados Blue and Cosmos Purple were dropped this year, but Cyclone Grey and Midnight Blue Metallic were added, along with Torrid Red mid year.

2006

For 2006, two additional colors were added to the line up, Spice Red Metallic and Brazen Orange Metallic, while Midnight Blue Metallic and Yellow jacket were dropped. Revised blacked-out tail lamps, illuminated steering wheel radio controls and an interior power door lock switch, faster power seats were also added.

On February 21, 2006, General Motors reportedly told dealers that it would halt imports of the GTO in September, making 2006 the last model year for the current GTO generation. According to Drive.com.au the last of the VZ-based Pontiac GTOs came off the assembly line in Australia on July 7, 2006.