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Autos

GM pulls plug on Saab

News came today that General Motors will be forced to kill Saab after a deal to sell the Swedish brand to Spyker Cars fell through. GM plans to wind-down the automaker over the course of three months. From the press release:

"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," said GM Europe President Nick Reilly. "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."

For anyone out there with a Saab or two in their garage, GM said the automaker will continue to honor warranties and provide service and spare parts. 

BUT WAIT! There could still be hope for Saab’s survival… sort of: A week ago, GM sold the tooling for the Saab 9-5 and some Saab Technologies to Bejing Automotive Industry Holdings Co. Ltd. What the company will do with the “Born from Jets” DNA remains to seen.

Sources: 

(1) http://www.autoweek.com/article/20091218/CARNEWS/912189997
(2) http://jalopnik.com/5429575/saab-is-dead
Picture: http://martinklasch.blogspot.com/2009/01/design-saab-logos.html



Autos

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