2023 Author: Eric Donovan | [email protected]. Last modified: 2023-11-27 05:39
The car brand Saturn is likely to disappear from the US market. A buyer interested in the GM subsidiary broke the deal at the last moment.
The American car brand Saturn is on the brink of collapse after a buyer bailed out at the last minute. The previous parent company General Motors (GM) announced on Wednesday evening that the brand would be discontinued. Shortly before, the designated Saturn buyer, the auto retail chain Penske Automotive Group, had surprisingly burst the deal. The end of Saturn could cost 13,000 jobs.
Secure rights only
Penske cited the reason that negotiations with a production partner had failed. Penske, the second largest American auto retail chain after Autonation by sales, only wanted to secure the rights to the brand, but not take over any GM plants. It was therefore crucial to find a partner for the subsequent production. 350 dealers and 13,000 jobs are attached to Saturn, which should be saved with the sale to Penske that was initiated at the beginning of June.
GM had already crushed the traditional Pontiac brand on the renovation course and put Opel, Saab and Hummer up for sale. So far, the Opel Astra has also been sold in the USA with the Saturn logo. (dpa)
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