GM has announced today that Koenigsegg has terminated the agreement to buy Saab.
GM released a very short press release about the termination and president and CEO Fritz Henderson stated "We're obviously very disappointed with the decision to pull out of the Saab purchase."
This announcement obviously puts Saab's future in jeopardy. GM stated, "we will take the next several days to assess the situation and will advise on the next steps next week."
Related Stories:
GM and Koenigsegg Come to an Agreement Over Saab Sale
PRESS RELEASE:
Koenigsegg Group AB Terminates Agreement For Purchase of Saab
2009-11-24
DETROIT -- General Motors confirmed today that the proposed sale of its Saab subsidiary to Koenigsegg Group AB was terminated at the discretion of the buyer.
"We're obviously very disappointed with the decision to pull out of the Saab purchase," said GM President and CEO, Fritz Henderson. "Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB. Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week."
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Comments (16)
This doesn't really suprise me, I don't know why Koenigsegg Group was so interested in this type of business especially considering the returns even healthy companies are generating. This may be the end of Saab.
Posted by thetruth | November 24, 2009 10:38 AM
Posted on November 24, 2009 10:38
Didn't GM just did same thing to Opel, i.e. backed out from selling it to Magna? Now they've got what they deserve.
Posted by DuDe | November 24, 2009 12:21 PM
Posted on November 24, 2009 12:21
So what, SAAB is garbage.
KIA has more cachet that Saab at this point.
Posted by zippy | November 24, 2009 5:26 PM
Posted on November 24, 2009 17:26
@ zippy:
Hahaha...you know nothing (relevant, that is.)
On topic: This is very sad news for me, to say the least, but the honest-to-God truth is that it is difficult for Saab to stay afloat in a highly competitive market, albeit one that is over-saturated with cars packing bland looks, similar performance output, and the same amenities. I've always liked Saab's quirky engineering and automotive designs. Heck, just compare the dash of the new 9-5 to the likes of BMW, Audi, Lexus, you-name-it, and you'll find that the 9-5's interior design stands out the most (in how it looks and how it is driver-oriented.)
My biggest gripe was GM's mismanagement of Saab; it could have been a runaway hit as an affordable Euro fighter. Instead GM slapped on tacky plastic from their parts bin, spray-painted imitation chrome, glued fake leather to the seats, then placed an outrageous price tag on Saab cars and justified them as "luxury" vehicles, which only "helped" to polarize Saab's original demographic. Oh well...vaya con Dios.
Posted by lotsofTRidiots | November 24, 2009 11:38 PM
Posted on November 24, 2009 23:38
sorry tr-idiot, but SAAB have been purveyors of crappy, buggy, unreliable junk, long before GM sunk them for good. Not my problem if you don't like the truth.
Posted by zippy | November 25, 2009 4:27 AM
Posted on November 25, 2009 04:27
sorry tr-idiot, but SAAB have been purveyors of crappy, buggy, unreliable junk, long before GM sunk them for good. Not my problem if you don't like the truth.
Posted by zippy | November 25, 2009 4:29 AM
Posted on November 25, 2009 04:29
+1
Posted by zippy | November 25, 2009 4:30 AM
Posted on November 25, 2009 04:30
Though they may not be all that reliable, they are more fun to drive then alot of luxury euro's like benz and beemer's. But most people over see that because there just looking for the bmw badge in front of the car (even though bmw's arent so reliable either). Find a 2005+ 9-3 aero, try it and you will enjoy!
Posted by 6thgear | November 25, 2009 1:07 PM
Posted on November 25, 2009 13:07
@ zippy:
Not my fault if you can't change your oil or replace a fuel pump.
@ 6thgear:
Finally some reason and sensibility. I've owned an E36 before, and my 9-5 is certainly as fun to drive as the Beemer. Sometimes, though, I like the Aero more (highway...)
Posted by lotsofTRidiots | November 25, 2009 1:43 PM
Posted on November 25, 2009 13:43
@ zippy:
Since when did I coin Saab as having "superb" reliability?!?!?! Their reliability is only recently "marginal" at best, but their cars certainly are fun to drive. I also understand that Saab Automobile has never actually returned a profit in the entirety of its existence, but that doesn't stop them from pumping out some great automotive engineering. I think it's YOU who fails to see the truth.
Posted by lotsofTRidiots | November 25, 2009 1:47 PM
Posted on November 25, 2009 13:47
@ zippy:
P.S. - I think it's safe to say that you're on my "idiot" list. Wait...you've always been on my "idiot" list. People like you who complain about "garbage" this, "ugly" that, "stupid" here, and "fucked up" there--without any reasonable explanation for your biased opinion--don't deserve to own a car, let alone drive a car...since, seriously, your kind is fueled by emotion rather than logic.
Posted by lotsofTRidiots | November 25, 2009 1:54 PM
Posted on November 25, 2009 13:54
to zippy:
I think Saab is a nice-looking car with very attractive pricing. And I do not own one and never did (but might buy it one day). It is certainly not a garbage, but rather question of taste differences. I do not like most of Asian cars because of their design, for instance.
Posted by DuDe | November 25, 2009 2:56 PM
Posted on November 25, 2009 14:56
Yeah, and that wasn't a ranty bitchfest TRidiots. Even your sad little screenname is fueled by that same emotion rather than logic. You're not one of those unemployed oddballs that pulls this same game in those craigslist forums, are you? I'm getting that kind of vibe from you.
Like it or not, zippy is 100% correct. Hyundai/Kia is currently whomping on Saab, and probably has been for a while.
I do agree that Saab used to make unique, quirky, and fun cars, but the 80's and 90's are long gone now. Most people don't want to pay extra for quirky vehicles anymore.
Posted by Trooper Bri | November 25, 2009 6:50 PM
Posted on November 25, 2009 18:50
Yep, I have always enjoyed the look and design on SLAABS, but the poor quality and reliability can't be denied no matter how much venom, hot air, and bullshit someone throws. It's just the truth.
Carry on gentleman and whoever that 9 year old is.
Posted by zippy | November 27, 2009 10:44 AM
Posted on November 27, 2009 10:44
@everyone talking about BMW's
It's Bimmer when talking about a BMW car / suv and Beamer when talking about a BMW motorcycle. Stop typing "beemer". Thank you, that is all.
Posted by Totenglocke | November 28, 2009 2:37 PM
Posted on November 28, 2009 14:37
SAABs are the best cars.... to poop on!
Regardless, I liked them for their quirkiness. They had personality just sitting there, and not many cars can claim that.
Posted by Chad | November 28, 2009 3:29 PM
Posted on November 28, 2009 15:29