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GM: Saab sale to Spyker is completed!

John Suit — Thu, 25 Feb 2010 19:00:31 +0000

2010 Saab 9-5

It seems that the “wind down” of Saab will have to be postponed. GM announced on Tuesday that the sale of Saab to Spyker automotive has been completed, and going forward, Spyker will be responsible for all of Saab’s operations. This is good news to the Saab faithful and employees around the world. Although the automaker is a niche player, it will help fund Spyker’s other projects, namely its supercars. No news about who financed the deal, although it was rumored that the Swedish government had its hands in the deal, promising money to Spyker to give it operating capital to continue running Saab.

by John Suit

Source: GM

Update: Saab is back from the dead!

John Suit — Fri, 29 Jan 2010 15:31:49 +0000

There has been a lot of speculation lately as to the fate of troubled automaker Saab. We reported previously that GM was going to wind Saab’s operations down at the end of 2009. Then talk began of Swedish company Spyker trying to buy Saab. Spyker previously put a bid in to buy them, but negotiations with GM fell through, leaving GM to announce the end of its Swedish subsidiary. Although details in the press release are slim, apparently Spyker will create a new company called Saab Spyker Automobiles, which will build Saab automobiles. The entire deal is still hinging on government and court approvals, on both sides of the Atlantic, but shows great promise, which is great news for Saab fans and employees.

by John Suit

Source: General Motors

Breaking News: GM to Wind Down Saab

roadreality — Fri, 18 Dec 2009 15:12:59 +0000

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