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Posted by MoparNorm on Saturday, December 13, 2008 at 21:23:03 :
In Reply to: Detroit bail out posted by Mike Stone on Saturday, December 13, 2008 at 11:31:35 :
From Autoline Detroit:
GM likely to sell Saturn brand to China's SAIC
By Kelly From:Gasgoo.comDecember 12, 2008
Shanghai, December 12 (Gasgoo.com) SAIC is likely to be the potential buyer of Saturn, the flagship brand under General Motors (GM), China Automotive Review reported.
GM, in urgent need of cash, is in talks with its Chinese partner SAIC, which is a potential buyer for Saturn, according to Saturn dealers.
Saturn, a "breakthrough" brand established 25 years ago, has been trying to build its unique brand image, but unfortunately it has never met GM's sales target of 500,000 annually. Saturn sold 240,000 units in 2007 in America while in Jan-Oct 2008, Saturn sales declined 20.9% to 175,434 units.
An email letter has told Saturn dealers that interested buyers were keen on the GM brands. GM hasn't announced the price for selling Saturn. A Detroit-based dealer for Dodge and Saturn said GM was seeking buyers in China. The falling American auto giant intends to sell Saturn and Hummer brands together.
Potential buyers of Saturn are likely to be Chinese automakers, which have close relationship with GM, such as SAIC, or the Indian carmakers that have already entered American market ,such as Tata, said Mark Phelan, auto critics of Detroit Free Press newspaper.
However, GM has reportedly suspended Saturn selling recently while waiting for the government rescue.
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