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GM: Saab Will Be Shut Down

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Saab Sale Cannot Be Concluded

Brand to be Wound Down

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2009-12-18

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.

A media conference call with John Smith GM Vice President, Corporate Planning and Alliances will take place at 9:45 a.m. Eastern Time.

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Well, there goes the one GM brand I'd be interested in buying a car from... it's a shame they were under-invested for so long. What will come of the 9-5?

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That is a real shame. I was really looking forward to the new 9-5 and 9-4x. So not only did GM waste millions on development money on cars they cancel last minute (what else is new), but Saab's failure is entirely their fault. I mean, what do you expect when the brand's newest vehicle is the aging, Vectra based 9-3, the ancient 9-5, a Trailblazer and a Saabaru? Oh well, like Pontiac its a wasted opportunity (though I wouldn't be surprised to see Pontiac return at some point, Saab won't).

Oh well.

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Sad to see SAAB end up this way...I'd hoped that they could have gone to a Scandanavian investor, but none materialized... Koenigsegg and Spyker were too small to realistically run the company, most likely.

About 60 years of history...some high points, some low points...lots of rallying victories and a small rabid following (at least in the US).

I wonder, in the GM ownership era, how has SAAB's market share been in Sweden? Steadily declining, I presume..

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Sad to see SAAB end up this way...I'd hoped that they could have gone to a Scandanavian investor, but none materialized... Koenigsegg and Spyker were too small to realistically run the company, most likely.

About 60 years of history...some high points, some low points...lots of rallying victories and a small rabid following (at least in the US).

I wonder, in the GM ownership era, how has SAAB's market share been in Sweden? Steadily declining, I presume..

My sister will no doubt fondly remember her late '91 900 Turbo today.

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Can they please please please slap a Chevrolet or Buick Badge on the 9-5 and bring it over as is? The car is amazing and its the only car (from any automaker) in recent years that has piqued my interest.

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They really should find a use for the 9-5 and 9-4, but especially the 9-5.

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Build the sedan as a Buick something above the LaCrosse (with the appropriate styling tweaks).

Sad to see the brand go, and esp. this new car...it's the best looking of the Epsy Dos so far, IMHO.

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They really should find a use for the 9-5 and 9-4, but especially the 9-5.

Sell the intellectual property rights to Tesla, perhaps? That would make a nice production-ready Model S.

Edited by pow
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3 down, one to go..when will they wind down HUMMER, assuming the Chinese deal fails?

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A media conference call with John Smith GM Vice President, Corporate Planning and Alliances will take place at 9:45 a.m. Eastern Time.

At this conference, Smith revealed that GM won't rule anything out if another buyer were to emerge and the transaction could be completed quickly, but that at this point "the clock is ticking."

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Where are green movement folks? this would be the perfect opportunity for them to shut their pie holes and act and buy an up and running scandinavian automaker for pennies. it wouldn't take much to take saabs already fairly green line and use it as a base point to move forward with even more green. Especially California. All the eco talk and brand snobbery and such. Perfect opportunity for critics to step forward and turn this into a brand with real purpose.

Hey, just had a thought, born from Jets....maybe Boeing should buy them!

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wait, Tigers wife, she'll have some money soon, and she's like Swedish, couldn't they sell Saab to her?

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wait, Tigers wife, she'll have some money soon, and she's like Swedish, couldn't they sell Saab to her?

Yeah, the little prick is supposed to be a billionaire, though he's probably wasted most of it...

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Where are green movement folks? this would be the perfect opportunity for them to shut their pie holes and act and buy an up and running scandinavian automaker for pennies. it wouldn't take much to take saabs already fairly green line and use it as a base point to move forward with even more green. Especially California. All the eco talk and brand snobbery and such. Perfect opportunity for critics to step forward and turn this into a brand with real purpose.

Hey, just had a thought, born from Jets....maybe Boeing should buy them!

How is Saab environmentally friendly? You really have a skewed image of people that think that humans should care for the environment.

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How is Saab environmentally friendly? You really have a skewed image of people that think that humans should care for the environment.

Swedish=green

:)

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I don't see more badge engineering as the answer to 'save' SAAB. GM people have to stop thinking this.

A car make needs more than a 'small' following to make it. Also, the loyal buyers brag about getting the cars so "cheap" or used, that doesnt make a business survive.

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After Koenigsegg pulled out of the deal I knew that was over. Spyker was never an alternative, just a last minute effort.

R.I.P. SAAB

EDIT - What about the SAAB brand/name? Will GM still have the rights to that, or does that go with the liquidation of SAAB Automobile AB?

Edited by ZL-1
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Well, there goes another brand. Personally, as many brands have disappeared even before my birth, this is one my kids will feel the same way as I do with those former brands; 'oh well'.

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I am not happy about this, but the Board wanted it shut down ...

Born from jets, death from GM ...

Sad!

Sorry, B. I know this one hurts.

I'm sad to see it go, too.

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