Super Street Network

 |   |   |  Saab Sale Deal To Koenigsegg Terminated - Web Exclusive
Subscribe to the Free
Newsletter

Saab Sale Deal To Koenigsegg Terminated - Web Exclusive

Nov 24, 2009

Amidst increasing confusion, General Motors has confirmed that the proposed sale Saab to Koenigsegg Group AB was terminated at the discretion of the buyer.

Eurp_0911_01+saab_sale_deal_to_koenigsegg_terminated+koenigsegg_logo Photo 2/3   |   Saab Sale Deal To Koenigsegg Terminated - Web Exclusive

A statement by GM President and CEO, Fritz Henderson said, "We're obviously very disappointed with the decision to pull out of the Saab purchase. 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."

This news comes on the heels of Penske’s decision to pull out of the planned purchase of the Saturn brand after it was reported its proposed partner, Renault SA, felt the deal was unviable since it wouldn’t be able to sell enough cars to justify the cost.

GM was also selling a majority stake in its European Opel brand to a consortium led by Canadian Magna International. However, the GM board decided earlier this month to keep Opel. They explained that GM was in a better position than previously thought and that retaining Opel was important to its future growth and prosperity. However, much of GM’s plans hinge on the sale of Saab, Saturn and Hummer.

Eurp_0911_02+saab_sale_deal_to_koenigsegg_terminated+saab_logo Photo 3/3   |   Saab Sale Deal To Koenigsegg Terminated - Web Exclusive

Currently, it’s thought that a new buyer is being sought for Saab, with additional assistance from the Swedish government being requested. Without this help, it’s felt Saab could simply disappear like Saturn and Pontiac.

BROWSE CARS BY MARKET

MORE FEATURES

McLaren has finally confirmed its next hypercar - the most extreme example yet - possibly surpassing the performance of the P1.
Michael CantuOct 18, 2017
If you live in Taiwan, you can get a Gran Turismo Sport game bundle that includes a real-life Mazda Miata you can drive on actual roads.
Collin WoodardOct 17, 2017
The Hyundai BTR Edition Elantra Sport Concept takes the automaker's sporty sedan up a notch at SEMA with an assortment of performance goods.
Stefan OgbacOct 17, 2017
Apollo has teased its upcoming hypercar, the IE, in a new video ahead of the car's debut on October 24.
Jonathon KleinOct 17, 2017
The 2018 Porsche 718 Cayman and Boxster GTS models have been revealed with 365 hp from a turbocharged flat-four.
Alex NishimotoOct 17, 2017
Sponsored Links

SEARCH ARTICLES BY MAKE/MODEL

Search
CLOSE X
BUYER'S GUIDE
SEE THE ALL NEW
NEWS, REVIEWS & SPECS
TO TOP