GM Can't Sell Saab, Pulls the Plug
General Motors announced today that "the intended sale of Saab Automobile AB would not be concluded."
Consequently, the company born from jets is dead.
After Koenigsegg withdrew from negotiations last month, GM had been in discussions with Spyker Cars about its interest in acquiring Saab. When those talks revealed impassable roadblocks, GM announced an orderly wind-down of Saab operations.
"We will work closely with the Saab organization to wind down the business in an orderly and responsible manner," said GM Europe President Nick Reilly. "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."
GM said Saab will continue to honor warranties and provide service and spare parts to current Saab owners around the world.
A niche brand that accounted for just about one percent of GM sales, holding on to Saab didn't make sense for a company focused on re-focusing. Without a buyer, GM was forced to simply set Saab by the curb.