Fisker Automotive, which has yet to build its first car, is expected to sign a deal to buy GM's shuttered plant in Wilmington, Delaware that previously built the Pontiac Solstice and Saturn Sky. Vice President Joe Biden is scheduled to make an appearance in his home state tomorrow to announce the deal.
Fisker has already contracted production of its upcoming Karma electric sedan to Valmet Automotive of Finland. The Wilmington plant would be used to build Fisker's second vehicle which is expected to have a price closer to $50,000 when it debuts in 2012.
And how can an automaker with no revenues afford to buy an entire auto plant? Easy, the government gave it to them. Actually, the government gave Fisker a $528M loan, which should be more than enough to pay for the idled plant. The money will then go to GM which just so happens to owe the government a big chunk of money itself. And just like that, the government gets its money back. Now that's a deal.
AutoObserver: "Old" GM May Offload Plant on New-Age Automaker
Categories: Auto Industry,General Motors,Pontiac,Saturn
Just when it looked like the deal was almost complete, Penske Automotive Group said today it has ended its bid to acquire Saturn. The problem, evidently, was sourcing vehicles for the brand beyond the supply period (2010 model year) it had negotiated with General Motors. Penske had evidently identified a likely manufacturer, but the deal fell through. An excerpt from today's Penske statement:
"Penske Automotive Group negotiated the terms and conditions of an agreement with another [third] manufacturer; however, that 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."
This is not the way GM had hoped things would go, but the company is taking swift action. Aura production has already stopped and will not restart, and company spokesman John McDonald said that Outlook and Vue production will wind down "as quickly as possible."
An excerpt from the GM statement: "Saturn customers and owners will continue to be able to purchase and have their vehicles serviced at Saturn retailers during this process. Once the wind down is complete, Saturn owners will still be able to have their vehicles serviced at other GM dealerships. We will be communicating with our customers very soon to explain the next steps in this process."
Penske
GM
Categories: Auto Industry,General Motors,Saturn
Updated
GM's deal with Penske isn't wrapped up just yet, but Inside Line confirmed today that there will be a 2010 Saturn Aura. It will be built into the 2010 calendar year at GM's Fairfax, Kansas, assembly plant, which also builds the Buick LaCrosse and Chevrolet Malibu.
This is consistent, of course, with what Auto Observer learned in an early June interview with Roger Penske, during which the dealership group made known its plan to sell the Aura, Outlook and Vue for at least three years.
Categories: Saturn,Sedans
Just like old times, only new. The newly not-bankrupt General Motors announced today that Buick -- one of the four remaining U.S.-market GM brands -- will in 2010 begin selling what appears to be a version of the Vue two-row crossover, from the departed Saturn division.
General Motors has not announced a name for the new Buick, but it will by 2011 be available as a plug-in hybrid (a version formerly planned for the Vue lineup in the 2010 model year). That model will use a version of the two-mode hybrid system familiar from larger GM trucks. In the Buick application, it'll be a combination of the 3.6-liter flex-fuel V6 under the hood and an 8 kwh lithium ion battery under the cargo load floor. GM is estimating this combination will be good for about 10 miles of electric-only range and then will, like other hybrids, use a combination of engine and battery power to motivate the vehicle, depending on conditions.
Back when this arrangement of hardware was to be a Saturn, GM was estimating a 0-60 mph performance of 7.3 seconds and a fuel economy rating of 27/30 mpg, city/highway, while delivering 3,500 maximum towing capacity.
The non-hybrid model of the Buick Whatever will be powered by the same four- and six-cylinder engines available already in the Chevrolet Equinox and the GMC Terrain.
Categories: Buick,Crossovers,General Motors,Hybrids,Saturn
Did you see the new Buick commercials that aired during this weekend's NBA title game? They implored viewers to "take a look at me now" as if Buick was some middle-aged housewife fresh out of plastic surgery.
GM's junior luxury division is going to need more than snappier commercials to get attention and according to a GM fan site a hybrid might be its next attempt to gain some recognition.
GM-volt.com says that the two-mode plug-in hybrid system developed for the Saturn Vue may make its way into a new Buick compact crossover. A CBS news report is thought to have revealed a glimpse of the upcoming sport utility and not surprisingly it looked like a downsized Enclave.
GCA: Does New Buick Crossover Get GM Dual-Mode Plug-In Hybrid System?
Categories: Buick,Future Vehicles,Green Tech,Hybrids,SUVs,Saturn
Late last week General Motors announced that Penske Automotive Group made a successful bid to purchase Saturn, saving GM's youngest division from being cast aside like yesterday's lunch as GM heads into bankruptcy.
Edmunds' AutoObserver talked with Roger Penske on Friday about his plan to sell GM-made models in Saturn showrooms while also shopping the globe for other vehicles to sell. Penske said he then hopes to convince the offshore manufacturers of those vehicles to build them in the United States.
For now, GM will continue to build the Saturn Vue, Outlook and Aura for Penske to sell through Saturn dealers for at least three years.
"Concurrent with that, we'll go around the world to see what products could be brought into this country," Penske said. "Those foreign-made products will begin filtering into Saturn showrooms in 12-18 months."
Inside Line news: Penske Opens Up About His Plans for Saturn
Categories: General Motors,Saturn
GM has officially announced that it intends to sell its Saturn brand to megadealer Roger Penske pending regulatory approval.
"This is the combination of two iconic teams: Saturn and Penske," said Saturn general manager Jill Lajdziak. "GM had the vision to create Saturn and has the desire to see it succeed in the future."
Under the proposed deal, GM would continue to build the Aura, Vue and Outlook under contract for Penske. Rights to the Saturn brand and certain other unspecified assets are part of the deal as well. Financial details were not discussed. The deal is expected to go through by the end of this year.
Categories: Auto Industry,Celebrities,General Motors,Saturn
GM Vice Chairman Tom Stephens used the company's Fastlane blog to reassure hybrid fans that a plug-in hybrid is still in the works. Originally planned for the Saturn Vue, GM's plug-in system is currently being adapted to another similarly-sized vehicle. Looking at GM's new "core" brands, that means either the Chevrolet Equinox or GMC Terrain.
Inside Line News: GM Confirms It Is Prepping a Second Plug-In Hybrid Vehicle
Categories: Chevrolet,Crossovers,Future Vehicles,GMC,General Motors,Green Tech,Hybrids,SUVs,Saturn
According to the Wall Street Journal, General Motors is considering the idea of selling its Saturn unit to Renault. The French automaker would use the Saturn dealer network as a launching pad for a new lineup of small, fuel efficient vehicles.
Renault already controls Nissan and Samsung Motors, so Chief Executive Carlos Ghosn may consider the acquisition of Saturn a cheap way to get its European products into the U.S. market.
WSJ: GM Considers Turning Over Saturn to Renault
Categories: Auto Industry,General Motors,Renault,Saturn
The Wall Street Journal is reporting today that megadealer Roger Penske is one possible buyer for the Saturn brand. Both Penske and GM declined to comment.
There was no speculation in the report about what Penske would do with Saturn, but Penske does sell the Smart ForTwo through a small network of dealers now. Maybe he's looking for a broader distribution network in anticipation of bigger sales numbers down the road.
Update: This is the official statement from Penske regarding Saturn inquires.
"Regarding our involvement with Saturn, we confirm that we have an interest in looking at future opportunities with the Saturn brand. Penske Automotive has not made a proposal to General Motors for this business and the time frame involved is extremely tight.
Penske Automotive buys and sells dealerships as part of our normal operations; we have experience in the distribution business and are constantly looking for opportunities to grow our business and further diversify our overall operations."
WSJ: Roger Penske Is Possible Buyer for Saturn Unit
Categories: Auto Industry,Celebrities,General Motors,Saturn
In this morning's press conference, GM CEO Fritz Henderson said that the company doesn't anticipate building any Hummer or Saturn vehicles beyond 2009.
Sounds dire, but the situation could change in either case if new owners decide they want to contract with GM for additional production. Saturn in particular has said it will try to restart itself as an independent company and contract with GM to build the current lineup until it completes its lifecyle in two or three years.
Future owners of the Hummer brand could theoretically do the same, especially given the fact that the current Hummer models are based on GM truck platforms that aren't expected to change much in the next several years.
Categories: General Motors,HUMMER,Saturn
The Wall Street Journal
reported today that an investor group is talking to GM about buying Saturn. The plan would include selling GM products initially and then importing "smaller, fuel-efficient vehicles" from a range of companies.
In a statement, group spokesman John S. Pappanastos said, "GM will be relieved of liabilities related to retailer franchise agreements and avoid the downstream financial fallout on their other brands that would result from closing Saturn retail facilities."
AutoObserver: Investror Group Interested in Saturn, Journal Reports
Categories: Auto Industry,General Motors,Saturn
Cadillac officials acknowledged today that the SRX crossover, which will arrive in U.S. dealerships in early August, will eventually be fitted with the two-mode electric hybrid system.
It would be the same basic arrangement of parts as used in the full-size pickup trucks and SUVs for the last couple of years. General Motors' plan initially called for the Saturn Vue to be the first mid size crossover withing the corporation to receive a version of that system. Ooooh...yeah, that situation is very much in flux, as they say. Saturn said that it expected the Vue two-mode to be able to do 0-60 mph in 7.3 seconds and return 27 mpg in the city and 30 on the highway with its combination direct-injection V6 and twin 55-kilowatt electric motors. It's fair to assume the Cadillac would perform similarly. For comparison, Cadillac estimates that a conventional front-wheel-drive SRX powered by the 3.0-liter direct-injection V6 should return 18/25 mpg, city/highway.
No word on timing for the two-mode SRX but we wouldn't expect it before the 2011 model year. A few main competitors either already offer a hybrid crossover in roughly the same size and price class (Lexus) or plan to within the next couple of years (Audi, Mercedes-Benz and Volkswagen).
Categories: Cadillac,Future Vehicles,General Motors,Green Tech,Hybrids,SUVs,Saturn
Seems hard to believe that any company would be interested in buying a failing automaker given the current market conditions. Yet, in one news story after another, company officials from GM and others claim to have willing bidders for their in-market brands.
AutoObserver columnist Bill Visnic has compiled a list of these claims, and taken together they're no more convincing that they are by themselves. You buying any of it?
AutoObserver: Buyers, Buyers Everywhere - Or is That "Interested Parties?"
Categories: Auto Industry,General Motors,HUMMER,Saab,Saturn
Remember yesterday's post about Saturn's plan for the future? Well, now it's official.
In a letter sent out to current customers, Saturn General Manager Jill Lajdziak spells out the future for the brand and it's not pretty.
"We said that all ideas were on the table and we meant it.
Today, we confirmed that Saturn and GM would further investigate one of those options: a spin-off of an independent Saturn Distribution Corporation.
The Saturn Distribution Corporation already exists as an indirect subsidiary of GM. It's the entity with which our retailers currently have their franchise agreement. An independent Saturn would still have its great retailers, and it would continue to source current products from GM through 2011. If successful, SDC at that point would source products from other manufacturers."
Yes, you read that right. Saturn may attempt to sell non-GM cars under the Saturn name.
Would you buy a Chinese Aura or Indian Astra?
Imsaturn: We are still Saturn
Categories: Auto Industry,Saturn
