GM to wind down Saab

Posted on December 21st, 2009 by News in Manufacturers, News

GM to wind down Saab

GM has said it will “wind down” Saab, which employs around 3,000 people, after talks to sell the brand to Dutch manufacturer Spyker Cars collapsed and the Swedish government said it would not step in to save the carmaker.

GM had also been in talks to sell Saab to niche luxury carmaker Koenigsegg, with the backing of China’s BAIC but the deal fell through in November, and GM said it would consider other offers until the end of the year, and then decide whether to close the unit.

BAIC said earlier this week it had agreed to buy some assets from Saab, including the intellectual properaty for the 9-5 and 9-3 sedans, as part of a push to develop its own-brand cars.

‘It is very dismal. Very sad news for all of the employees and it comes at the worst possible time’, Enterprise Minister Maud Olofsson told the Swedish news agency TT.

‘I don’t think GM really knows how the wind-down is going to take place, but GM has to take its responsibility,’ she said.

Last year Saab lost 3billion kronor (£255million) and has not made a profit since 2001.


Bookmark and Share

The Motor Trade Insider Guide To Buying New Cars

  • Shakeup at Saab as wind down continues
    Saab Managing Director Jan Ake Jonsson and the carmaker’s entire board will be replaced immediately as parent GM continues with [...]...
  • All over for Saab?
    GM CEO Ed Whitacre told reporters yesterday that he is pessimistic about finding a buyer for the Saab brand and [...]...
  • Koenigsegg will be preferred bidder for Saab
    Automotive News reports that General Motors has chosen Swedish luxury sports car maker Koenigsegg Automotive AB as the preferred bidder [...]...
  • 3 bidders for Saab
    Three groups have entered bids for Saab, General Motors’ up-for-sale Swedish car brand, and a preferred bidder will be chosen [...]...
  • Saab requests creditor protection
    The board of the Swedish carmaker Saab, which is owned by General Motors, has filed for reorganisation, seeking protection from [...]...
  • Saab future in doubt
    The board of the Swedish carmaker Saab, which is owned by General Motors, has held an extraordinary board meeting to [...]...

    • Comments are closed.

    Automotive Industry News

    About MTI

    Motor Trade Insider
    Our aims:
    Build a bridge between consumers and the trade.

    Create Interesting and informative content.

    Break down barriers and create better understanding.

    Expose bad practices and rip-offs.

    Promote outstanding products and services.

    Motor Trade Insider is written by people working actively in the motor trade for people on the inside and people on the outside.

    Motor Trade Insider New Car Buying, Used Car Buying, Used Car Prices, Used Car Values UK. Car buying guide. Whether you’re buying a new car or interested in used cars or car valuation or just general information and advice on the motor trade and UK Automotive Industry.

    Valid CSS!

    Valid XHTML 1.0 Transitional

    [Valid RSS]

    Bargain of the Week

    Bargain of the Week – Land Rover Discovery

    Bargain of the Week – Land Rover Discovery

    With all the boxes ticked it does make you wonder how the British government think they can keep raising the cost of car ownership to ...

    Bargain of the Week – Ferrari 355

    Its V8 engine became the first road-going Ferrari to have bypass valves built into the exhaust system letting pretty much all of its thunder explode ...

    Bargain of the Week – 2003 Range Rover 3.0 Td6 HSE

    With the recent facelifted Range Rover and Sport doing wonders for sales, forking out for a 10-plate can set you back over 50 big ones ...

    Scrappage

    The scrappage scheme has ended, get over it

    The scrappage scheme has ended, get over it

    The continuous changes which the car trade is undergoing means that until staff get the message that customers demand (and deserve) great service and will ...

    What a difference a year makes

    Car buyers have therefore either gone elsewhere or decided on a demo model or nearly new example instead, thus leaving a vacuum in new car ...

    VAT’ll do nicely!

    We found that when embracing the scrappage scheme, for example, dealers made the absolute most out of it. Short term, after it ended, it did ...