It's Official: Saab No More
GM to close the Swedish brand
After the first deal to Koenigsegg fell through at the last minute, a second deal to China's BAIC for the current 9-5 model and various parts of Saab technology had given the badge a slight reprieve, when GM announced that it would wait until the end of the year to decide the fate of the brand as it looked for new interested buyers. A Saab representative said that the cash influx from the BAIC deal would be a good foundation for a potential buyer to build upon. However, GM Chairman and interim CEO Ed Whitacre noted on Tuesday that Spyker, a financially struggling supercar builder that builds only 40 to 50 cars per year, was the only possible buyer.
Specific details of the shutdown have yet to be announced. This marks the fourth brand that GM has shut down or sold as part of its massive restructuring. Saab, Pontiac and Saturn have been shuttered, while the Hummer brand is being sold to a Chinese heavy-machinery manufacturer.
Saab celebrated its 60th anniversary only two days ago, on Dec. 16.
(Pictured: The new Saab 9-5, which may never be put into production.)
(Source: Automotive News.)
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