Tech & Biz

Bad Saab News: GM to Close Saab

by Jordan Yerman | December 18, 2009 at 09:49 am

484 views | 10 Recommendations | 2 comments

Bad news for Saab: GM will close down Saab after the deal to sell the Swedish automaker to Spyker Cars fell through.

GM, itself in deep financial trouble, will have to ditch the sporty Saab brand, which it took over in 2000, after being unable to close deals with Spyker Cars and Koenigsegg. While GM has been able to sell some of Saab's technology, it has been unable to buoy the brand itself.

Those talks followed the breakup of a deal to sell Saab to another supercar maker, Sweden-based Koenigsegg, late last month.

"We regret that we were not able to complete this transaction," said Nick Reilly, president of GM Europe. "We will work closely with the Saab organization to wind down the business in an orderly and responsible manner."

Saab will now join Pontiac and Saturn as a GM-owned brand that is no more. Meanwhile, the deal to sell Hummer to Sichuan Tengzhong is not yet closed.

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Karl Gotthardt - albertacowpoke

at 10:09 on December 18th, 2009

That's too bad, Saab produced good cars. I wonder if that's a sign to come for other European GM makes?

Saab Owner (not verified)

at 15:27 on December 18th, 2009

This is a tragic event. For many decades Saab has been innovating new safety features and ideas long before they end up in any other brand, including MB and BMW etc.I have had 3 Saabs and while they are not, thank goodness, resembling the Japanese plastic fantastics, they have performance that other brands may covet. GM bought Saab in order to access the engine technology they had, engines that were emissions compliant years ahead of GM offerings (you can check this on the web sites).Amazing that these cowboys still have jobs, only goes to show that BS can baffle brains.