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As the auto industry emerges from crisis , new hope is given to a General Motors factory town with today’s announcement that Fisker Automotive will purchase the Wilmington Assembly plant in Delaware. Vice President Joe Biden and Delaware Governor Jack Markell were on hand for the news that Fisker signed a letter of purchase intent for $18 million. An additional $175 million will be spent to refurbish and retool the factory over the next three years. The funds come from a conditional loan of $528.7 million the Department of Energy awarded the company in September. The facility that previously built the Pontiac Solstice and Saturn Sky will be overhauled to assemble an “affordable” plug-in hybrid sedan dubbed Project NINA. Production is expected to begin in late 2012, and Project NINA is optimistically forecast to support 2,000 factory jobs and more than 3,000 vendor and supplier jobs by 2014, as production ramps up to full capacity of 75,000-100,000 vehicles per year. More than half of the sedans are expected to be exported. The car itself is estimated to cost about $39,900 after federal tax credits. Learn about the Fisker Karma , a luxurious plug-in hybrid that delivers an estimated...
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It's the week ending October 10, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each....
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General Motors declared that it would swiftly wind down the Saturn brand and dealer network by the end of January 2010, in reponse to Penske Automotive Group walking away from a purchase arrangement. (Read: “ Penske Ends Bid to Buy Saturn, GM to Discontinue Brand .”) Without a buyer, GM felt is had no choice but to quickly dismantle the “Different Kind of Company,” swiftly rendering it another footnote in automotive history alongside Pontiac. Saturn will build no more vehicles. It currently has a standing inventory of 12,000 units. Other GM franchises are authorized to service Saturn vehicles and honor warranties. It may be a great time to get a deal on a Saturn, though their value will be negatively impacted by the wind down and long-term parts availability may create risks, particularly for unique models like the Sky or Astra that are not shared with other GM brands. Some current Saturn dealers may continue to offer service, should they remain in business. If you visit your local dealership, wish them well and buy a souvenir. Read our Astra , Aura , Sky , and Vue reviews .
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It's the week ending October 2, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each. Toyota is recalling 3.8 million vehicles to check the floor mats and Cash for Clunkers makes it back into the headlines, but we've also got plenty of unusual news sure to entertain the automotive fan....
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General Motors broke the news today that Penske Automotive Group would not purchase Saturn. The large dealer organization announced a proposed deal this past June to purchase the “different kind of car company.” Due to the withdrawal, GM will wind down Saturn production and the dealer network. (For background, see " GM Enters Agreement to Sell Saturn .") Penske cites an inability to secure vehicles as the reason for withdrawing from the deal. It had negotiated the terms and conditions of an agreement with a yet-unnamed automaker, however, that agreement was rejected by that company's board of directors. The Detroit Free Press has reported that Renault-Nissan was the potential partner. The announcement is a painful blow to the industry. Penske the man and organization is held in high regard, and this deal was considered the best chance for the future of the brand. The plan had been for General Motors to continue to supply vehicles through 2011, after which time Penske would source products from another automaker. This arrangement promised to shake-up the century-old business model and provide unique opportunities. For instances, a Penske-run Saturn could have potentially...
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General Motors closed the history-making week by announcing an agreement to sell the Saturn division to Penske Automotive Group . The proposed transaction would save more than 350 dealerships and 13,000 jobs at Saturn, according to GM. (Of course, last year there were more than 400 Saturn dealers; many have been lost to the economy.) Monday, General Motors entered Chapter 11 bankruptcy , and on Wednesday, it announced a tentative sale of Hummer to a Chinese construction truck company . GM would continue to build the Saturn Aura , Outlook , and Vue for Penkse through 2010. The Saturn Sky will be discontinued, as the factory is closed, and the Opel-sourced Astra is out of the equation. The deal is expected to be finalized in the third quarter of this year. Penske would be in a unique position to run a healthy Saturn, focusing on the retail business, rather than manufacturing. As a consequence, the margins will be thinner, but the overhead and associated risks – the ones that got Chrysler and GM in their current situation – would be avoided. It has been reported that Penske is pursuing selling cars from Renault Samsung Motors . With his arrangement, he could source cars from companies...
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Just days after Chrysler announced that it would trim its dealer body by 789 dealers by June, General Motors has notified 1,124 dealers that it would not extend their franchise agreements past October 2010. Chrysler was able to make swift cuts due to the flexibility afforded by the Chapter 11 bankruptcy . On the other hand, GM is proactively making business adjustments ahead of a potential bankruptcy filing later this month. General Motors targeted the weakest dealers for these passive cuts, those that were underperforming from market share and profit standpoints, as well as customer satisfaction benchmarks. The advanced notice will enable those dealers to wind down the businesses and sell off their inventories, currently estimated to at 65,000 units. And notably, GM will not need to buy the vehicles back. In addition to these dealers, GM’s reach is expected to diminish by 470 stores when the Hummer , Saab , and Saturn brands are sold or otherwise disposed of. Plus, 27 standalone dealerships will be abandoned when the Pontiac brand is phased out next year, leaving about 2,600 dealers intact that hand multi-brand stores. In total, many of the dealerships losing their GM franchises sell...
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As the days count till the end of the month when General Motors must present its final viability plan to the Autos Task Force, GM CEO Fritz Henderson described bankruptcy as “probable” in a restructuring update today with reporters. Henderson said there is still a chance that GM can accomplish its mission outside of bankruptcy, but he seemed to be paving the way for what may be unavoidable. (Read: " Chrysler Files for Bankruptcy, Merges with Fiat .") While the “B” word carries with it a rightful sense of dread, it brings with it protections and rights that could enable GM to more rapidly reinvent itself than would otherwise be possible. In interviewing a series of experts, the Detroit News declared that Chapter 11 filing seems all but inevitable. Still, the company is moving to swiftly reduce its costs. Later this week, GM will announce details of its plan to cut 2,700 dealerships by 2010, according to Automotive News . The National Automobile Dealers Association ( NADA ) released a related statement: “By closing 2,641 dealerships in 18 months instead of five years, GM could lose an estimated $35 billion in sales revenue. Another 137,330 dealership employees will lose their...
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Borrowing a page from the Hyundai Assurance playbook , both Ford Motor Company and General Motors announced incentive programs designed to ease car-buyer concerns. Smart moves, the Ford Advantage Plan and GM Total Confidence programs should help dealers move the metal by easing shopper worries about what happens should the national economic crisis become personal. The Ford Advantage Plan provides 12 months of payment protection, up to $700 per month, on any new Ford, Lincoln, or Mercury vehicle, plus zero percent financing on select vehicles through Ford Motor Credit. In addition, Ford is working with its dealers to introduce a local charity support program. The Plan is in effect now through June 1. The revised 2010 Ford Fusion is looking even more attractive... The GM Total Confidence program provides payment protection for first 24 months of ownership. Should the buyer lose their income, GM will cover up to nine payments for up to $500 per month. Further, if the new GM model is financed, the company will help protect its retail value at trade-in—providing another GM vehicle is purchased. As a bonus, one year of OnStar services are included in the offer. At least initially, the program...
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The tragic trend continues, car sales continue to slide from bad to worse as the nation reels amidst the troubled economy. As automakers, suppliers, and dealers struggle to survive and restructure to face the changing challenges, the plummeting sales figures do mean that tremendous deals can be found for those in the market for a new or even a used car . Few companies were spared deep double-digit declines in Februrary when comparing the month year to year. In the 40-50 percent range, Acura , Ford , Lincoln , Mercury , Pontiac , and even Toyota saw such steep declines. The 50-60 percent range includes Buick , Cadillac , Chevrolet , GMC , Mitsubishi , Saturn , and Volvo . The scariest thing, there are brands in the 60-70 percent range, such as Chrysler , Hummer , Saab , and Suzuki . At the corporate level, the numbers still look dreadful. BMW is down 32.7 percent, proving that even the well-heeled are sheepish about new car buying. Chrysler is down 44 percent—notably less than Ford Motor Company at 48.4 percent and General Motors at 52.9 percent. Even Honda saw a 38 percent decrease, made higher by the 41.5 percent drop in Acura sales. Nissan is off by 37 percent, and Toyota Motor Company...
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As California and 13 other states gain traction in Washington, D.C., to nudge emissions and consequently fuel efficiency standards upward, AFS Trinity Power Corporation has given an update on their ambitious 150-mpg SUV. (Read: “ Obama Pushes Review of State Emissions .”) A year ago, AFS Trinity introduced the XH-150 prototype introduced a year ago at the North American International Auto Show (NAIAS) in Detroit based on a first-generation Saturn Vue . Since then, development has continued, and the company now claims a 40-mile electric-only range—same as the Chevrolet Volt—for its evolved XH-150S. While operating on electricity with about 200 horsepower, the SUV can deliver 11.5-second 0-60 acceleration and 90 mph highway speed. A second operating mode teams the electric and gasoline powertrain is triggered when the batteries are 80-percent depleted. However, the driver can also opt to put the vehicle in gas-hybrid mode with 370-horsepower whenever desired or required, enabling 0-60 acceleration of 6.9 seconds, on par with a Porsche Cayenne, but delivering fuel economy in an SUV of 35 to 65 mpg, depending on conditions. To achieve the electric power, the XH-150S uses off-the-shelf lithium...
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Most new small cars now earn good ratings in frontal crash tests but not when it comes to side and rear crashes, according to the latest crash tests conducted by the Insurance Institute for Highway Safety ( IIHS ). The Institute just released the results of front, side, and rear tests of seven 2009 model small cars: Chevrolet HHR, Chrysler PT Cruiser, Ford Focus, Hyundai Elantra, Saturn Astra, Suzuki SX4, and Toyota Matrix. All performed well in frontal impact protection, however the results were mixed in side and rear crash simulations. Just 11 of the 21 current small car models the Institute has rated earn good ratings for side protection. Where the frontal impact test represents an offset collision with a same-sized vehicle, the side-impact test simulates the perpendicular impact from a midsized SUV – putting small cars as a category at a disadvantage. Only the SX4 and Matrix and its twin Pontiac Vibe also earn good ratings for protection in side crashes. The worst performer was the PT Cruiser, the vehicle also distinguished as having the oldest design. In general, newer vehicles tend to perform better, but as you’ll see below, results may vary. Safety equipment can make a difference...
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All seven family and luxury sedans in the latest crash test group evaluated by Insurance Institute for Highway Safety ( IIHS ) earned a Good rating for occupant protection in frontal crashes. Only one fell short of the top rating in the side crash test, the Kia Optima. However, results for the rear crash test were quite mixed. In all, this group’s performance shows that indeed cars are getting better with each generation, through structural improvements and increased standard safety equipment. All seven of these vehicles included side and side-curtain airbags. “The side impact results represent a huge change from just four years ago,” says Institute Senior Vice President David Zuby. “In 2004 we tested 10 mid-sized moderately priced cars, and all 10 were rated Poor in their standard configurations without side airbags.” In the 2004 tests, only the previous generations of the Honda Accord, Toyota Camry, and Chevrolet Malibu earned Good ratings when tested with side airbags, which then were optional equipment. “A major change is that side airbags are standard in every one of the seven mid-sized cars we tested this time around. Auto manufacturers have been moving quickly to make side airbags...
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