Friday, May 8, 2009

Potential Buyers : Renault is interested in Saturn, Geely in Saab, Arab inverstors in Hummer, and Pontic not for sale !

With General Motor's new viability plan, which states the death of Pontiac, and "the resolution" of Saturn, Saab, and Hummer, companies and investors have come to GM to ask for the purchase of these companies.

To start with, Wall Street Journal reports that General Motors’ talks with selling Saturn to Renault SA, giving the French automaker a “launching pad for growth in North America.” Just like Chrysler is being saved by Italian Fiat, there is now a high chance that Saturn will be saved by French brand Renault. - [WSJ]

Saab, which GM is also looking to sell got a bid from Chinese Geely, which just few weeks ago made a bid for Volvo as well. It might be that Geely pressures Ford with that new bid to sell Volvo. Who knows maybe Geely will end up owning both Swedish automakers. Just like Indain Tata now owns both British Jaguar and Land Rover. - [WSJ]

As for Arabs, they want gas-guzzling off-roaders. According to GM's Middle East Managing Director, Terry Johnsson, a pair of Arab investors are interested in Hummer. Reports that Hummer is worth from $100 - $200 million. Hummer's new owner should be announced by GM within a few weeks. - [The Associated Press]

Lastly, Pontiac. The "phase-out" of Pontiac was a surprise to us all, and many still couldn't move on. Specially that many Pontiac dealers might get broke by it, one local Pontiac dealer owner, Jim Waldron, said he and other investors had offered GM money to buy the Pontiac brand and numerous plants from them. They would hire their own workforce and try to restart the rather strong brand. However, GM have turned them down by saying "Pontiac is not for sale at the moment." So does it mean that GM has plans someday to bring back Pontiac? Well, we have to optimistic. - [WJRT]

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