Developing Story: Penske Backs Out of Deal, General Motors to Close Saturn

Tags:

With negotiations expected to finalize tomorrow, Roger Penske shockingly announced to GM and the public today that he is backing out of the deal after failing to secure a manufacturer for the brand. For a couple of months now, Penske has been courting Renault-Nissan in an effort to outsource a model for the Saturn brand. While it looked promising that an agreement had been made, Roger Penske announce today that the "agreement was rejected by that manufacturer's board of directors. Without that agreement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction."

What will happen to Saturn now that Penske has backed out of the deal? GM announced today that it would shut down the brand.

Stay tuned to SaturnFans.com as the details continue to unfold.

Source: Detroit Free Press

Random Article from the SaturnFans.com Archives

GM Just Doesn't Get It

Tags:

Michael Block from the Orlando Auto Examiner: GM wants to get rid of Saturn. Saturn has the most unique, fresh, young and hip automobiles in all of GM-land. The Aura was named North American Car of the Year in 2007. The Astra is (finally!) a bonafide European GM model in the US.