Penske Envisions Saturn as a Global Motors, Says Electric Models May be "First Vehicles Produced in the U.S." Under Agreement

Michelle Krebs from Edmunds Auto Observer: In light of the U.S. government's emphasis on available funding for alternative-powered vehicles, Penske said "electric vehicles will be right at the forefront" and "might be the first vehicles produced in the U.S." under this new Saturn arrangement with foreign partners. A former racecar driver and still a race-team owner, Penske said performance, which Saturn tried to highlight with its Red Line models, will take a backseat for now. "We need to be focused on the core volume before we become a specialty house. We need to generate volume," he said, noting that Saturn's volume has fallen to less than 100,000 vehicles sold annually. "We need to get back to a 150,000-200,000 run rate. Then we'll look at specialty items. "Performance is close to my heart and adds value to attract certain customers," he continued. "But first we have to be sure the customer base is satisfied with low-cost and efficient models."

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GM President & CEO Fritz Henderson: Penske Discussions Terminated, Brand to be Shutdown

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General Motors Media Statement Attributed To President & CEO Fritz Henderson: Today we learned that Penske Automotive Group (PAG) has decided to terminate discussions with General Motors to acquire Saturn. 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. PAG's announcement explained that their decision was not based on interactions with GM or Saturn retailers.