Saturn Deal Didn’t Meet Renault’s Return Requirement

Sharon Terlep from the Dow Jones Newswires: Auto magnate Roger Penske believed he was taking over General Motors' Saturn brand until the very last moments, when France's Renault shocked both Penske and GM by backing out of an agreement to provide vehicles. Penske addressed the failed deal Friday as he announced Penske Automotive Group's quarterly financial results. The company also disclosed it took a $1.9 million third-quarter charge on the Saturn deal. "We believed we were making substantial progress toward an agreement," Penske said during a conference call with investors. At the last minute, he said, Renault decided the Saturn venture "did not meet their return requirement." Under their novel agreement, Penske would have taken over GM's network of Saturn dealers. The auto maker would have continued producing Saturn vehicles for about two years after which time Renault would take over production.

Random Article from the SaturnFans.com Archives

2009 Saturn Vue

Tags:

The Saturn Vue, completely redesigned for 2008, makes history just one model year into its launch when the 2009 Saturn Vue 2 Mode Hybrid goes into production in late 2008. It is expected to be the world's most fuel-efficient V-6 SUV, providing an estimated 50-percent increase in fuel economy compared to the non-hybrid Vue XR.