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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Mysterious Ohio Based Investment Group Arises as a Potential Buyer

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Update on May 7th: Leading negotiations for this group is Gary Marvicsin. Detroit News reports that he is employed in the auto industry.

Detroit News reports that there is a mysterious Ohio based investment group interested in acquiring Saturn. Unlike the other interested buyers, this group has developed a concept to keep the company domestically based. According to the article, the group is interested in purchasing domestically abandoned manufacturing plants to produce Saturns. Chrysler plants that are targeted to close due to bankruptcy troubles were specifically mentioned. The group wants to continue to employee UAW workers at these plants. While recognizing the high costs associated with employing union workers, such as benefits and pensions, the group believes that it is the right move for two reasons.