BREAKING : GM agrees to sell Saturn to Penske Automotive Group

With the Chapter 11 bankruptcy looming on General Motors, GM are cutting costs as much as possible. Well, first as GM sold Hummer to China's Sichuan Tengzhong for Heavy Industrial Machinery, GM also intended to sell Saturn. Well, earlier reports that 16 companies were interested for the purchase of Saturn. Saturn is the GM brand that ships Opel vehicles to the States.

It is officially reported that General Motors has reached an agreement to sell Saturn to U.S.-based Penske Automotive Group. The source said that Penske will pay $100 million to $200 million for Saturn, winning the bid over the other 16 companies. Penske are known as the second-largest retailer in the States.

Like the Hummer deal, Saturn's new owner plans to keep Saturn's same factory plants and dealerships, which will help save more than 350 dealerships and 13,000 jobs at 'New Saturn'. Penske also announced that Saturn's Aura sedan, Vue SUV and Outlook SUV are kept into production, but the Astra and Sky are 'dead'.

Source: [The New York Times and Bloomberg]