2008 HUMMER H2Enlarge Photo
In the letter to dealers--obtained by Dow Jones reporters--LaNeve says to dealers that GM is merely trying to improve its business--"that is the extent of the 'examination' that is going on at this time for Saturn or any other GM brand," he writes.
LaNeve explains that the company's trying to find way to make the brands profitable--in rough agreement with the Wall Street Journal's assertion earlier this week that Saturn never has turned a profit.
GM shares have fallen to 50-year lows and sales dropped dramatically in June, though less than analysts expected--and less than Japanese automaker Toyota's sales fell. In recent weeks, GM has confirmed it's put its HUMMER brand under "strategic review," which has been understood in Detroit to mean either a range of small new HUMMERs has to be developed, or the brand will be sold or joint-ventured with a foreign automaker.