General Motors (GM.UL) said Tuesday it would wind down its Saturn brand after talks broke off with Penske Automotive Group on a bid for the nameplate.

GM said in a statement that Penske "has decided to terminate discussions" to acquire Saturn "because of the inability to source new products beyond what it had asked GM to build on contract."

"This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality," the US automaker said.