Bad Saab News: GM to Close Saab
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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