GM CEO Fritz Henderson said today that the ailing Detroit automaker will stop building Saturn vehicles at the end of this year, two years earlier than it had originally planned.
In its Feb. 17 plan submitted to the U.S. auto task force, GM said that it will build Saturn vehicles through 2011. Under a more aggressive and revised restructuring plan unveiled today, GM said that it will no longer build Saturns after the 2009 model year. He also said that GM will no longer build Hummer cars after the current model year.
Henderson said that GM has begun talks with private equity groups working with Saturn dealers to sell the brand. It was reported earlier this month that Telesto Ventures, an investment group, wants to acquire Saturn and provide the brand with mostly overseas models.
“If a sale of Saturn does not occur, we intend to phase out the Saturn brand by the end of 2009,” Henderson said.
After getting rid of Pontiac in 2010, GM will be left with four core brands including Chevrolet, Cadillac, GMC and Buick.
– By: Omar Rana