Saab is dead

Marty Howard · **Posted:** Fri Dec 18, 2009 11:05 am

Sad news:

Quote:

General Motors announced Friday its planned sale of Saab has failed, and the Saab brand will be eliminated.

After Swedish sports car maker Koenigsegg Group AB last month withdrew from negotiations for Saab, GM took up discussions with Dutch sports car maker Spyker Cars. The deal was considered a long-shot due to the short timeframe to close the deal -- GM set a Dec. 31 dealdline -- and due to Spyker being a small and unprofitable company.

GM said in a statement issued Friday morning that certain issues arose that both parties believe could not be resolved. Those issues were not detailed.

"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.

Now GM will "wind down" Saab. "This is not a bankruptcy or forced liquidation process," reminded Reilly. "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.

Last week, Saab 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). That sale will go forward.

Saab now joins Saturn and Pontiac of brands to disappear in this tumultuous year for the global auto industry and GM in particular. The sale of Hummer to a Chinese company is pending. -- Michelle Krebs, Senior Analyst and Editor at Large

Jason Tower · **Joined:** Wed Jun 11, 2008 3:31 pm **Posts:** 1173

Marty Howard wrote:

Sad news:

yeah it's quite a saab story. c'mon, you know you were thinking it.

Donnie Barnes · **Posted:** Fri Dec 18, 2009 11:56 am

Jason Tower wrote:

Marty Howard wrote:

Sad news:

yeah it's quite a saab story. c'mon, you know you were thinking it.

Much like Pontiac I was just thinking "good riddens." *shrug* The saab story thing is funnier, I admit. :twisted:

--Donnie

DickRasmussen · **Posted:** Fri Dec 18, 2009 12:51 pm

Hadn't Saab become, just like Pontiac, a mostly "brand engineered" version of other cars such as Subaru and some GM cars? If so, no great loss. It is a shame to lose the "heritage" that really was a big part of the start of international rally's in poor traction though. Where would the motorsports interest of all those Finns and other Scandanavians who became (and still are) such a big part of international motorsports come from without those ice/snow/gravel rally Saabs after WII?

Dick Rasmussen (a Scandanavian name

)

Marty Howard · **Posted:** Fri Dec 18, 2009 1:33 pm

Yes, GM killed Saab a long time ago when they just started to slap Saab badges on Buicks and Opels.

RobLupella · **Posted:** Fri Dec 18, 2009 3:28 pm

Yeah, GM had homogenized them to the point of them being indistinguishable from the other brands and they had no definable personality (Did they even still have the ignition in the console?) Now the Chinese are going to own a bunch of brands and old technology cars that they will produce forever since they can manufacture parts cheaply and keep them running. (Kinda like Mexico in the 70's when you could still see 1940's Chevy's working as taxis)

steve remchak · **Posted:** Fri Dec 18, 2009 9:53 pm

1976 Saab 99 in red ..................... the dream never realized.

Graham Jagger · **Joined:** Fri Aug 29, 2003 12:53 am **Posts:** 1718

Another brand GM should have never bought out. They never had good sales on those from day one. Good riddance. Loosing them and Pontiac is just letting go of re-badged cars that made them little profit. I like Holden cars, but GM screwed up buying into it. Now they are unloading part of Hummer to the Chinese. Another vehicle line that is not helping the bottom line. Like it or not, but in order to recover from their bloated past, they are getting back to their core brands. As long as they keep Chevy and Caddy it's all good from my perspective :-)

Since idiots keep on crashing our cars we're replacing the 2 crunched ones with 1 for now. We were out at Hendrick Caddy/Hummer/Saab/something dealer in Cary. The Caddy showroom is full and they are doing well with Caddy sales. The other showroom that housed Saab/Hummer is empty and locked up. Well, empty except for 2 ZR1s. A C4 and C6 version. Very early build numbers that belong to Rick Hendrick.

Btw, the CTS is nice

Matthew Fortner · **Joined:** Sun Mar 21, 2004 12:21 am **Posts:** 384

Ah, but there is a last gasp: http://blogs.newsobserver.com/techjunkie/home
I for one would like to see a Swedish automotive renaissance rather than see it killed.

RobLupella · **Posted:** Mon Dec 21, 2009 1:45 pm

Matthew Fortner wrote:

Ah, but there is a last gasp: http://blogs.newsobserver.com/techjunkie/home
I for one would like to see a Swedish automotive renaissance rather than see it killed.

Nope, Spyker bailed too. I agree with Graham on never should've bought Saab/Hummer/... Trying to sell rebadged Malibus to Saab owners by putting the ignition in the floor doesn't work and doesn't add to GM's technical development. Now they are left with Opel (cause no one wants it as it is bloated and over unionized) and the rest of their lot. They shouldn't have any badge engineered brands, they should all be differentiated.

Next on the list - Mercury :wink:

RodneyWright · **Posted:** Mon Dec 21, 2009 3:40 pm

well, it ain't over yet....

http://automotive.speedtv.com/article/a ... ew-offers/

Looks like Spyker is back in the race and some interest from China may still bring hope in a sell.

Matthew Fortner · **Joined:** Sun Mar 21, 2004 12:21 am **Posts:** 384

RobLupella wrote:

Matthew Fortner wrote:

Ah, but there is a last gasp: http://blogs.newsobserver.com/techjunkie/home
I for one would like to see a Swedish automotive renaissance rather than see it killed.

Nope, Spyker bailed too. :

You are referring to the first round. I was referring the resubmitted offer Spyker says expires today at 5pm. The same deal that Rodney linked to.

Matthew Fortner · **Joined:** Sun Mar 21, 2004 12:21 am **Posts:** 384

WSJ is reporting that Spyker has extended the deadlione:
http://online.wsj.com/article/BT-CO-200 ... 11516.html

Marty Howard · **Posted:** Mon Dec 21, 2009 6:43 pm

Matthew Fortner wrote:

WSJ is reporting that Spyker has extended the deadlione:
http://online.wsj.com/article/BT-CO-200 ... 11516.html

wait....what?

shhhh.....he's just sleeping

Matthew Fortner · **Joined:** Sun Mar 21, 2004 12:21 am **Posts:** 384

Marty Howard wrote:

Matthew Fortner wrote:

WSJ is reporting that Spyker has extended the deadlione:
http://online.wsj.com/article/BT-CO-200 ... 11516.html

wait....what?

Sue me.

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