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.”
The withdrawal by Koenigsegg, which said that it ran out of time to complete a deal, is the third brand sale to fail since GM’s July 10 bankruptcy. GM pulled out of the sale of Vauxhall/Opel to a group led by Magna International, and Penske Automotive Group withdrew from its plan to buy Saturn.
“Time always played a critical factor in our strategy for reviving the company,” Christian von Koenigsegg said in a statement. “Unfortunately, delays in closing this acquisition have resulted in risks and uncertainties that prevent us from successfully implementing the new Saab business plan.”
General Motors may now be forced to shut down Saab. GM may now fall back on its contingency plan, whereby existing Saab owners would continue to be covered by GM warranties and be assigned to a new dealership for service.
It will be a sad day to see Saab close its doors, but sales are down more than 60% in the US and show little signs of recovering without a significant investment in new products.
Written By
Try These Next
Stories we think you'll enjoy
Probably for the best although it would have been interesting to see what Koenigsegg could have done to the brand. In the end they only sold something like 9700 here in the US & with no buyers in site probably a RIP is in order..
Probably for the best although it would have been interesting to see what Koenigsegg could have done to the brand. In the end they only sold something like 9700 here in the US & with no buyers in site probably a RIP is in order..
Noooooooooooooooooooooooooo!!!!!!!!!!!!!!!!!!!!!
No more obtainable Swedish cars. Koenigsegg and Saab were to bring quirkiness back. It would have been great, even though people would still have bought their BMWs instead.
Noooooooooooooooooooooooooo!!!!!!!!!!!!!!!!!!!!!
No more obtainable Swedish cars. Koenigsegg and Saab were to bring quirkiness back. It would have been great, even though people would still have bought their BMWs instead.
Quote:
“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said GM President and CEO, Fritz Henderson.
Like he bothered to honor the deal to sell Opel to Magna. What a f**** douche
Quote:
“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said GM President and CEO, Fritz Henderson.
Like he bothered to honor the deal to sell Opel to Magna. What a f**** douche