Initially, offered as the Pontiac Grand Am, Oldsmobile Calais and Buick Somerset coupes, GM positioned them as premium models at an affordable price.

Standard in all models was the 2.5 liter "Iron Duke" 4 cylinder engine developed by the Pontiac Motor Division.

The first generation used a twist-beam rear suspension and MacPherson struts in front, and featured a 103.4 in (2,626 mm) wheelbase.

The Oldsmobile Cutlass Calais was dropped in favor of the new Achieva, while the Buick Skylark and Pontiac Grand Am nameplates continued.

This was the last vehicle with significant engineering involvement of Oldsmobile and also the last one produced at the Lansing Car Assembly plant on April 29, 2004.