Saab is down :(
12-18-09, 06:55 AM
#1
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Saab is down :(
A sad day for us Swedes
Saab Sale Cannot Be Concluded
Brand to be Wound Down
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.
Saab Sale Cannot Be Concluded
Brand to be Wound Down
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.
If they were any good they would be alive 
12-18-09, 10:17 AM
#4
Lexus Test Driver
Now that they have been dumped by GM, and won't be around much longer, what happens to the warranties of those people who have bought them recently, or decide to buy one after today?? Did GM agree to stand behind the warranties as part of their bankruptcy plan?
The article says that Saab will continue to "honor" warranties, but what does that mean? At some point, not to long off, there will be no Saab to honor anything.
The article says that Saab will continue to "honor" warranties, but what does that mean? At some point, not to long off, there will be no Saab to honor anything.
12-18-09, 11:09 AM
#7
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12-18-09, 11:21 AM
#8
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to volvo and saab, 2 cars i wouldnt own even if you payed me.
12-18-09, 12:58 PM
#10
12-18-09, 01:29 PM
#13
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Exactly. Cost/benefit relationship. There probably would be little benefit in selling Saab but not significant. May Saab rest in peace...GM made a bad investment move by purchasing Saab...GM made lots of bad business and investment decisions come to think of it...
12-18-09, 01:35 PM
#14
Lexus Fanatic
Saab hasn't made a competitive car for the US market for close to 20 years. I have never ever been impressed by the vehicles. the reliability was nothing to brag about.
I used to always tell people the reason Saab is such a crappy company is because they sell cars at European prices but give you American car reliability . They wont be missed.... kinda like Pontiac
I used to always tell people the reason Saab is such a crappy company is because they sell cars at European prices but give you American car reliability . They wont be missed.... kinda like Pontiac