REPORT: Samsung looks to be most likely supplier to a Penske-owned Saturn
As the bidding to take over over the Saturn brand from General Motors nears its conclusion, it looks increasingly likely that Roger Penske will walk away with the "prize." Regardless of who takes control, all Penske is slated to receive is a network of dealers and a brand name. GM has already announced it will cease producing new Saturn cars at the end of June 2009, which means the new owner will have to line up another company to provide products for those 380-odd stores. One of the rumors making the rounds is Renault would be a supplier, however, as GM learned trying to import the Astra from Europe, importing cars from the continent is not a viable business plan under current exchange rates. It turns out the supply of vehicles could come from Renault Samsung Motors, the small South Korean maker that's 80% owned by Renault. That's a plan that could be financially viable with vehicles based on shared Renault-Nissan platforms. Hyundai has demonstrated that South Korea can produce quality products and priced aggressively as Saturns.
[Source: Automotive News - Sub. Req.]
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Reader Comments (Page 1 of 2)
James 10:46AM (5/26/2009)
Renault (Samsung) + Saturn = Return
;p
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Lars 9:19PM (7/31/2009)
James... That was awesome.
hypermiler 11:01AM (5/26/2009)
No, "Samsung" here is Renault Korea. Samsung is actually demanding Renault Korea to stop using Samsung brand.
Soon, Daewoo is expected to become "Samsung" under the Korean government's Daewoo restructuring plan, which calls for taking back the control of Daewoo from GM and reselling it to one of Korean capitals. The leading take-over candidate is Samsung, which is sitting on a $25 billion cash reserve.
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hypermiler 11:14AM (5/26/2009)
At least Renault Korea's cars have a reputation for better quality than Hyundais and Nissans(It's odd that Renault Korea managed to get better quality out of Nissan models than Nissan was able to do) thanks to the legacy of old Samsung quality control system implemented before Samsung exit, so they are actually more competitive than current GM/Opel based Saturn line-ups in terms of quality.
Wobbly_ears 11:12AM (5/26/2009)
Wow, does this mean US would have 4 South Korean manufacturers? Hyundai, Kia, Samsung (Renault) and Daewoo (GM)?
This is looking like the Japanese invasion in 70s & 80s all over again.
The domestics this time better be prepared, coz there aint gonna be another time!
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tekd 12:47PM (5/26/2009)
But if the domestics are themselves now the importers then are they left to prepare against themselves? If Chrysler is going to import Fiats (or Nissan's or Chery's or whatever they can convince someone to sell them), GM's going to import Daewoos, and Saturn's going to import Samsungs....
DesiAuto 11:29AM (5/26/2009)
Looking forward to American 3: Ford, Fisker and Tesla, competing with Korea 3 and Japan 4.
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Jim 11:32AM (5/26/2009)
Fisker and Tesla are far too small, and their products too niche, for them to be a significant player.
Besides, given Daimler's track record for purchases and mergers, Tesla might not be long for this world anyway ;)
Jim 11:31AM (5/26/2009)
I thought GM was ceasing *development* of Saturns in June, but would continue to produce existing models for a couple more years.
Or am I misremembering?
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Tourian 2:19PM (5/26/2009)
But what if the new owners say, "No thanks, we'll take care of it from here." Once the stores are bought?
DF 11:42AM (5/26/2009)
From bad to worst.
Wake up guys!!! Stop destroying the American industry. Now you surrender to your #1 enemy, the French? What is wrong with you people?
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Jim 12:10PM (5/26/2009)
France our #1 enemy? Did I fall asleep and wake up in the 1600s or something?
hypermiler 12:19PM (5/26/2009)
You must have flunked your history class in high school.
USA exists today because of French intervention. If the French didn't help out, then the revolution would have collapsed and USA would still be a British colony today.
Furthermore, the Goddess of Liberty at NYC is a French lady.
happyfun86 12:22PM (5/26/2009)
For real, man. That Napoleon Bonaparte dude is bad news...
geo.stewart 12:48PM (5/26/2009)
Actually Jim, you just live in the 1700s.
in the current world, France has been widely rumored to have under the table dealings with several terrorist groups and/or on-the-outs countries, supplying arms, uranium,....
truth or not, hmmm.
probably so, not that its much different than what the CIA does in some arenas though we typically play on the same side as most of the Euro culture.
tekd 12:51PM (5/26/2009)
Every wealthy country has shady under the table dealing with rather suspect groups one way or another, but the same people who want to attack the United States at this point aren't exactly huge fans of France either. It's not like the US didn't support Bin Laden when it was in our best interests to screw with the Soviets.
Smegley 1:07PM (5/26/2009)
America's #1 enemy effectively just nationalized GM and is now setting his sites on healthcare.
Jim 1:14PM (5/26/2009)
and the neocons are out in force yet again.
Shiftright 5:23PM (5/26/2009)
Yes, the French must be our enemies. After all, they dared to disagree with us on the idea of starting a war without any pretext. But that's fodder for another blog. Go eat some Freedom Fries already and join the Confederacy.
Matthew 12:11PM (5/26/2009)
Not to mention your #2 enemy, the KOREANS, who make underground NUCLAER TSETS 11!!!!
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