GM to shut down Saturn after deal with Penske falls apart
source: http://www.usatoday.com/money/autos/2009-09-30-penske-gm-ends-saturn-talks_N.htm
-
-
- KSirys
- added this
DETROIT — General Motors said Wednesday it would shut down its Saturn brand after an agreement with Penske Automotive Group to acquire it fell apart.
Penske could not find another automaker willing to agree to make vehicles for Saturn once its manufacturing contract with GM ran out in two to three years. Penske had a tentative agreement with an unnamed automaker to build additional cars, but that automaker's board of directors notified the company Wednesday that it had rejected the deal.
GM CEO Fritz Henderson said in statement that Saturn and its dealership network will be phased out.
"This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality," Henderson said in a written statement. "PAG's announcement explained that their decision was not based on interactions with GM or Saturn retailers."
Penske could not find another automaker willing to agree to make vehicles for Saturn once its manufacturing contract with GM ran out in two to three years. Penske had a tentative agreement with an unnamed automaker to build additional cars, but that automaker's board of directors notified the company Wednesday that it had rejected the deal.
GM CEO Fritz Henderson said in statement that Saturn and its dealership network will be phased out.
"This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality," Henderson said in a written statement. "PAG's announcement explained that their decision was not based on interactions with GM or Saturn retailers."
-
- tags:
- News, Auto Industry
