“I’m happy for Saab employees and Saab customers all over the world,” said John Smith, GM vice president, global planning and alliances.
The 9-5 is going to enter production in April with US sales starting shortly after that. According to Smith the 9-4X, which is based on the same platform as the Cadillac SRX will also enter production soon.
The deal that was announced yesterday netted GM $74 million in cash from new parent Spyker and about $326 million worth of preferred stock. The preferred shares are not redeemable until after 2013. Part of the deal also involves GM producing powertrains and other support for the Saab vehicles.
Full Story: AutoObserver
Saab Saved! GM Reaches a Deal to Sell the Brand to Spyker