GM has officially announced the death of the Saab brand. In what is going to be a sad day for all the Saab lovers out there, GM has announced that the talks with Spyker to acquire the brand have ended, leaving no other suitors. Last month Koenigsegg unexpectedly withdrew its bid for the brand.
"Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution," said GM Europe President Nick Reilly. "We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers."
PRESS RELEASE:
Saab Sale Cannot Be Concluded
Brand to be Wound Down
2009-12-18
Detroit. General Motors announced today that the intended sale of Saab Automobile AB would not be concluded. After the withdrawal of Koenigsegg Group AB last month, GM had been in discussions with Spyker Cars about its interest in acquiring Saab. During the due diligence, certain issues arose that both parties believe could not be resolved. As a result, GM will start an orderly wind-down of Saab operations.
"Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution," said GM Europe President Nick Reilly. "We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers."
Saab will continue to honor warranties, while providing service and spare parts to current Saab owners around the world.
As part of its efforts to become a leaner organization, GM began seeking a buyer for Saab's operations in January. Last week, Saab Automobile AB announced that it had closed on the sale of certain Saab 9-3, current 9-5 and powertrain technology and tooling to Beijing Automotive Industry Holdings Co. Ltd. (BAIC). GM expects today's announcement to have no impact on the earlier sale.
As the company continues to reinvent itself, GM has been faced with some very difficult but necessary business decisions. The focus will remain on the four core brands - Buick, Cadillac, Chevrolet and GMC - and several regional brands, including Opel / Vauxhall in Europe. This will enable the company to devote more engineering and marketing resources to each brand and model.
A media conference call with John Smith GM Vice President, Corporate Planning and Alliances will take place at 9:45 a.m. Eastern Time.
General Motors Company, one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall, Wuling and Jiefang. More information on the new General Motors Company can be found at www.gm.com.
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Comments (9)
Dead, Dead, Dead..... muffin?
Posted by VinceL | December 18, 2009 8:19 AM
Posted on December 18, 2009 08:19
This is a great car company that made great cars!
What a shame!
LOL!
Posted by zippy | December 18, 2009 10:20 AM
Posted on December 18, 2009 10:20
GM had to die, not Saab.
Posted by DuDe | December 18, 2009 12:21 PM
Posted on December 18, 2009 12:21
Leave it to GM to trash everything they touch. I'm so disgusted w/ GM.
Posted by john-guy | December 18, 2009 2:49 PM
Posted on December 18, 2009 14:49
@ zippy:
We all know you're a pre-pubescent attention whore, zippy. No need to constantly hold up the sign indicating your worthlessness.
Anyhow, vaya con Dios.
Posted by lotsofTRidiots | December 18, 2009 4:05 PM
Posted on December 18, 2009 16:05
GM is so goddamn worthless! thousands more out of work, way to go GovMotors.
Posted by Phil | December 19, 2009 9:46 AM
Posted on December 19, 2009 09:46
Why is everyone all over GM for this, SAAB motors never turned a profit, ever, regardless of who ran them. This news is about 20 years late from a business standpoint. If you want to bash GM for making the cars worse or have issues with the cars themselves, that's fine, but GM tried salvaging a lost company, kept them on life support, and eventually they failed, no reason to make GM seem like the bad guy.
Posted by thetruth | December 19, 2009 11:25 AM
Posted on December 19, 2009 11:25
This news makes me saad
Posted by Ravicai | December 19, 2009 2:04 PM
Posted on December 19, 2009 14:04
HOLD ON EVERYONE!
The Govt of Sweden is stepping up to save this grand automaker from death and allow it to continue to lose money and feed the dreams of TRidiot and his endless sketches of SAAB turbo wagons while he is in 8th grade study hall!!!
WoohOO!!!
Posted by zippy | December 19, 2009 6:31 PM
Posted on December 19, 2009 18:31