Friday, October 02, 2009
GM set to wind down Saturn brand
General Motors has announced that it will shut down its Saturn brand after talks about selling it to the former racing driver Roger Penske collapsed.
The Penske Automotive Group said it was unable to find a manufacturer to build the cars beyond a supply deal it had struck with GM.
GM had been in discussions with Penske since June and described the breakdown of talks as "very disappointing".
GM emerged from bankruptcy protection in July and is selling some brands.
"This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried hard to make the new Saturn a reality," said GM.
As a result, the carmaker said it would be "winding down the Saturn brand and dealership network."
Saturn has 350 dealerships and 13,000 employees.
GM has already announced that it is discontinuing the Pontiac brand, and is close to finalising the sale of its European brands Saab, Opel and Vauxhall.
It is also in the process of selling its Hummer brand to China's Sichuan Tengzhong Heavy Industrial Machinery.
The Penske Automotive Group said it was unable to find a manufacturer to build the cars beyond a supply deal it had struck with GM.
GM had been in discussions with Penske since June and described the breakdown of talks as "very disappointing".
GM emerged from bankruptcy protection in July and is selling some brands.
"This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried hard to make the new Saturn a reality," said GM.
As a result, the carmaker said it would be "winding down the Saturn brand and dealership network."
Saturn has 350 dealerships and 13,000 employees.
GM has already announced that it is discontinuing the Pontiac brand, and is close to finalising the sale of its European brands Saab, Opel and Vauxhall.
It is also in the process of selling its Hummer brand to China's Sichuan Tengzhong Heavy Industrial Machinery.
DATED: 02.10.09
FEED: AW
