Breaking News: GM to Wind Down Saab

It was announced this morning that GM will begin “winding down” operations of their subsidiary, Saab.  GM has been trying all year to find a buyer for Saab, but has been unable to complete a sale, after last month’s failure to sell to Swedish supercar manufacturer Koenigsegg and this month’s failure to sell to Dutch automaker Spyker Cars.  GM is following through on an earlier statement where they announced that if they couldn’t find a buyer by year’s end, they’d wind down its operations.

In the press release made this morning, GM also stated that Saab’s debts would be paid, as this is not a bankruptcy or forced liquidation.  They will also be honoring warranties and providing spare parts to dealers.  It’s always a sad day when a manufacturer with such a long history has its doors closed for good.

Saab only sold 23,186 cars in North America in 2008, a decrease of about 34% from 2007, when the Swedish automaker sold 35,175 cars.

by John Suit

Source: General Motors