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GM: Saab Sale Cannot Be Concluded, Will Wind Down the Brand

General Motors announced today that the intended sale of Saab Automobile AB would not be concluded. After the withdrawal of Koenigsegg Group AB last month, GM had been in discussions with Spyker Cars about its interest in acquiring Saab. During the due diligence, certain issues arose that both parties believe could not be resolved. As a result, GM will start an orderly wind-down of Saab operations.

Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution.

We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers.

—GM Europe President Nick Reilly

Saab will continue to honor warranties, while providing service and spare parts to current Saab owners around the world.

As part of its efforts to become a leaner organization, GM began seeking a buyer for Saab’s operations in January. Last week, Saab Automobile AB announced that it had closed on the sale of certain Saab 9-3, current 9-5 and powertrain technology and tooling to Beijing Automotive Industry Holdings Co. Ltd. (BAIC). GM expects today’s announcement to have no impact on the earlier sale.

Comments

Nick Lyons

Time to buy one of the classic SAAB models as a collector's item.

sulleny

SAAB a perfectly good brand name with a strong reputation for quality. But here in the manufactured virtual world where the tail wags the dog - there is no one smart enough or allowed to be free enough to buy the brand and build some cool EVs with it.

Pathetic simulated worlds get more pathetic.

Peter9909

GM should be ashamed of itself. They bought a company known for making high quality, high performance, very safe cars and destroyed it and now is only too happy to wash its hands of the mess it made.

ejj

I don't see it as a mess - it's simply market forces at work. In the marketplace, your product or service is only as good as what someone will pay for it...no buyers for SAAB means that even into the future, there is no foreseeable competitive advantage for any SAAB models. RIP SAAB.

SJC

Same thing for Rover, Jaguar, Volvo and others. If they were doing so well years ago, why did they sell to Ford. The fact is they were not doing well and Ford bought them and then sold them. If you want to control your destiny, keep your house in order.

ToppaTom

Sorry to see SAAB go.

I always liked their bold uniqueness.

Not enough to buy one though.

Just like most everyone else.

RIP SAAB.

HarveyD

TT: - A good, much lower cost ($15K-$20K) Chinese made e-car will have to do, if you can wait another 2 or 3 years. It could have been an e-SAAB.... but it does not absolutely have to be.

sulleny

Virtual hilarity!! The Russian car outfit Spyker (undercover former KGB) sold a whopping 38 cars in 2008!!! Holy revenues Batman!

These sims are devolving into Pac Man games. LOL

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