Looks like its bad news after all for Swedish brand Saab. Just moments ago General Motors, parent company of the brand officially announced that it will gradually shut down Saab, following a breakdown in the negotiations with Spyker. Apparently certain issues arose that both parties believe could not be resolved.
Saab’s sale was previously linked with Koenigsegg but that didn’t go anywhere as well. General Motors then reiterated that it will shut down the brand if it is not sold by end of 2009. Spyker then showed interest and negotiations started but the result is nothing positive.
General Motors’ Europe President Nick Reilly said, “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.”
“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,” he added.
The American auto giant assured that it will continue to honor warranties, while providing service and spare parts to current Saab owners around the world. Saab recently sold certain Saab 9-3, current 9-5 and powertrain technology and tooling to BAIC (Beijing Automotive Industry Holdings). General Motors also reiterated that it will concerntrate on its core brands including Buick, Cadillac, Chevrolet and GMC as well as Opel / Vauxhall in Europe.
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bound to happen sooner or later
1st?
no!
Pity the Saab employees!
good bye saab…
with that i will never get the chance to turn ignition key on centre console…but who knows, the Chinese may become last minute white knight.
thats whut u get for making deals with americans , they're useless!
also, thats whut u get for mkaing ugly cars!
OMG, damn you GM. You should gradually close your self down before u kill another brand. U kill my dream of owning a Saab!!!!
even before this its already hard to get parts for saab owners like me, i wonder how now…crap..
one of the darkest day in auto industry
maybe proton will buy it last minit with the one malaysia plan money, and sale off the lotus, lotus is good for sport body design and engine which is back dated or use toyota engine
Proton !!! Get 9-5 or as Perdana Replacement!!!
Don't worry proton will come to your rescue with our One Malaysia Plan
This is very sad news. saab are really nice cars. damn those americans. never make deals with americans when it comes to the automotive industry. but who knows, the chinese or even us in malaysia may come to the rescue. then we can have proton-saabs in malaysia. haha.
screw u GM..
"Saab will also help BAIC develop its own-brand cars using the Swedish carmaker's technology."
http://swedishwire.com/business/2045-beijing-auto…
Not too much time left then… ;)
RIP Saab, u will be missed……..
Why… why you guys drag proton and malaysian politics into this?
Don't you guys have anything else to think of???
i don get it, GM is leaving money on the table by discontinuing the 'brand'? I don't mind buying it up for 1 euro. It must have some value, a few hundred millions…
wahaha..Proton indeed saved Lotus..if there are miracles, proton will seek to buy some soon-to-be-bankrap company..XD
this may be a long shot but why not proton takeover saab??? i mean, they have done wonders with lotus when they were struggling with debts. if proton takesover saab, our proton cars will have good ride and handling thanks to lotus suspension as well as better interior as well as exterior quality. proton should really think of this investment as it will benefit them in the long run.
Before christmas, must be hard for those folks. Is this the time for cheap Saab's since they don't make it anymore?
Why… why you guys drag proton and malaysian politics into this?
Don’t you guys have anything else to think of???
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ekceli we want thaksin to buy,,but since we win gold medal for football in sea games,,beat thailand ,beat laos,bet vietnam…,so it out responsibility to buy lahh….muhahhahah
PROTON need SAAB Turbo engine technology.. LOTUS still depend so much on TOYOTA, buy this SAAB company and acquire the technology!
Tun Daim….buy saab, I know u can do the 'magic'
yes, why you guys drag proton and malaysian politics into this?
Why Malaysia wont buy another car company.. Easy, coz during Tun M time we got our big Petronas funding. But now, they knew that the oil is going out soon, if they spend another big money on Saab. Their pocket will be suck dry! Is not about going for better technology or brand, but rather having more money in their Pocket.
The only thing that Tun M mind thinking at that time is using Lotus brand name to boost Proton market at oversea, while technology transfer is second. But until now, every person outside there knew that Proton & Lotus is totally different category… You cant have a Lotus Elise performance & handling in a Gen.2 right?!?
I think best buy for Proton now is Volvo, as we need to improve safety and they also have 5 cylinder turbo engine. Which is quite a good engine too..
Screw GM. A classic mismanagement of brand. They wanted to sell Saab but at the same time setting all sort of conditions (like future access to Saab's technology) to make it impossible…..
For the existing owners of 95 and 93, nothing to worry because Beijing Auto (BAIC) already acquired the toolings, IP right for the existing 95 and 93. Their own version of "Saab" will make its debut in April 2010 at Beijing Auto Show. The CKD production will start as early as June 2010.
As a result of this, there will be plenty of parts available (may be some after-market accessories) as well. The price is definitely going to be lower.
Go to saabsunited.com if you want to get the latest and most accurate info re Saab.
volvo and saabs are very closely related. both of them swedish. if anything, volvos are like toyotas and saabs are like subarus. yup, both saab and subaru were working on planes before this. toyota and volvo has safety as their common motto. if anything, acquiring saab would be a good thing. their LPT engines are known to be the best around
Proton can consider buy SAAB , 1 Euro only mah.Like MV Agusta.
oh,what a shame to kill of SAAB..their cars are handsome, their tech is superb as well..
Saab performs way better than buick, anyone with right mind would surely wanted to keep a more establish brand than having to hold on to an American brand which is death all along.
Why dont Gm announce that, they only make money from chevrolet and GM and the rest of the brand they are not interest since they dont know how to run it?
GM won't let go of Opel since it's turning around and actually design better cars than GM itself, which GM rebadges with an American name.
So the possibility of the world seeing Ham-Saab cars soon is quite hai then.
What went wrong for Saab?
Hilton Holloway – Autocar UK
In hindsight, Saab could never have prospered as the most distant member – in terms of both intellectual approach and physical distance – of the General Motors family.
It suffered two distinct decades of muddle and under-investment.
When GM swept in and snatched 50 per cent of Saab from under Fiat’s nose in 1990, the Swedish carmaker hardly benefitted. GM’s components bin contained little worthy of a premium brand.
The 1993 900 was a brave effort with poor hand, but the split of ownership between GM and the Swedish Investor Group meant investment in new products was comically lacking in the 1990s.
While other premium brands expanded massively on the back of a mass roll-out of new products, Saab remained stuck with just four distinct models. Low volumes and unique engineering further undermined Saab’s business case.
At the beginning of the decade, GM took full ownership and Saab tried to begin a new chapter with the 2003 9-3.
However, extensive modification of the Vectra components package it was designed to be based on was costly and caused a rift with GM management that never fully healed.
GM continued to keep Saab on an investment drip feed and compounded the farce by pitching Saab into short-lived alliances with both Subaru and Fiat Auto. Selling cars into the US from Sweden was also rarely profitable for much of the last decade.
Looking back, it was probably the last-minute cancellation of the first 9-5 replacement in early 2005 that was beginning of the end. A co-production with Alfa Romeo, Saab designed the all-new Premium platform and finalised the 9-5 replacement.
But GM’s exit from its Fiat Auto alliance resulted in the new flagship Saab being binned at the 11th hour.
Saab never recovered. By 2009, the current 9-5 was 12 years old and the 9-3 six years old. Although the new 9-5 and 9-4X SUV are finished and ready for the showroom, the global recession and GM bankruptcy meant that Saab finally ran out of time.
The automotive world will be a lesser place for the loss of this once highly innovative brand, which quietly led the world in engine technology and real-world safety.
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Yes screw GM
hey Proton go and invest it ……it is better than trow mony in MV Agusta..GO PROTON but the SAAB.
Erk…. Let's Naza take over Saab…. Since they want become one of our National car….. Much better they do the magic….. For Proton.. let's them focus more for building up their branding. It's not fair right now for Proton coz if they take over Saab we will see all bashing proton for purchasing it. It will all smile coz Malaysian ppl will have some more option Conti car produce in malaysia company or import to malaysia with cheaper price… So we have 2 Car Company with Conti DNA… it's that great ?…
Saab is damaged brand.
It's doing nothing great for decades! (except their latest 5 star crash rating safety)
I really doubt malaysian will buy Saab car, better buy Merz or BMW. Right?
Oh yeah.. and japanese 'premium but not so' just like Lexus etc.
Saab is not even considered accepted brand here. If Gov t buy a Saab, i bet my RM100K (if i got such money to gamble) with you , there's absolutely a good thing to bash Gov and Proton!.
Perhaps neither proton nor gov, malaysian billionaire i believe can do the magic. Use local platform to built saab at japanese otr price, Why not, premium continental brand at japs price. Its revolutionary what and I bet the world will eyeing bout it
My2cent…
poor SAAB..damn you GM! buy every car maker around the world and bankrupt..
bye bye saab. its a sad day
deauntay mckinney said – i was owned a saab 900 series – and can say it was a good run – to bad the talks broke down – but i'm sure they'll re invent the brand elsewhere
thats what america do best. kill other people technologies and know how. last time buy buy buy.. now close close close.
if not because of japan, the whole world is conquered by american since euro civilization is at it weakest point now. soviet beaten. lucky china and india are catching up to help japan balance out the power.. but american must be thinking hard now how to sabotage these new economic power.. but not that hard though to undermine these new power house, unlike japan, china-india-russia have large muslim population, where they always can instigate to create chaos and terrorism elements within the countries, at any point of time if they see these countries about to overtake them. south america? they still being drugs by american.
thats why we only see euro brands being sold to asia (jaguar, rover, etc). i dont think american serious about giving up volvo or saab to asian.
Writing is on the wall! Death of another fine gasoline powered vehicle! We will all be battery powered and electric bullet train transported very soon! pressure from Asia on the world's resources means an unwilling sharing of even oil by the affluent Americans who now find their weakened dollar no longer commands 80 % of world's resources against a much stronger Yuan! America has no oil! They do have Electricity! They have Nuclear potential, as well as Solar, Wind, Wave, Tidal, Hydro, and Geothermal Power!The Saudis are running out of oil! Much to America's chagrin even the Saudis will soon bear bad news to America and sell their last hope, their last reserves, to the highest bidder in a desperate attempt at survival! Expect the loss of many more nameplates as the oil runs out and the battery cars take over – our last resort before the big trains roll!
If they can buy Agusta last time, it make no sense they should not buy Saab.
Afterall Proton gets all the technologies to make a proper car. It is better than buy the motorcycle company. It benefits Malaysian as a whole, people here can buy better car with real turbo technology with reasonable price.
And it uplifted Proton profile in the worldwide position. BTW, the G got money. If not buying Saab, the $ will be spent eventually.
Just my 2 cents…
fortunately for me i didnt get a 95-S is was a superb car, used i mean, only at 90k last year i went shopping, now the company is dead, i hope it dont happen to Volvo.
Sadly a great brand like this will die and now it will be Vintage. No more Saab, only the current model, i wonder what will happen to the current owners.?
It will be a sad day for Sweden. Now they only have Volvo car.
Saab is not a strong brand in Malaysia. It is notorious for dificult spare parts and almost no second hand value.
I think currently only Chinese and Indian car manufacturer have the money to buy over Saab, but looks like the window of opportunity is closed, partly due to GM's complicated demands.
Proton don't need another "Agusta" to it's stable. Perhaps the other National cars Naza or Inokom might consider it – or forget it.
I wonder why Scania Sweden, the truck company is not intrested? Maybe they consider it too much to handle, even though they are both Swedish.
BREAKING NEWS – SPYKER CARS RENEWS OFFER FOR SAAB THAT REMOVES LAST HURDLES
ZEEWOLDE, The Netherlands (20 December, 2009) – Following the announcement on
Friday that the intended sales terms of Saab Automobile AB between Spyker and General
Motors (GM) could not be finalized, the Spyker leadership has submitted a renewed offer
in the hopes of securing a future for Saab, its employees and the brand – despite the
announcement that the winding down of Saab would begin.
Spyker CEO Victor R. Muller said today that an 11-point proposal had been submitted to GM, addressing each of the issues that arose during the due diligence process and that the renewed offer would remove each of the obstacles that were standing in the way of a swift transaction.
"We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer," said Muller.
"We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31st", said Muller.
"Despite our collective eleventh hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab Management. The new offer eliminates the need for an EIB loan approval prior to year end, for example, which will allow the deal to be concluded within GM's deadline.
Our efforts are based on our passion for saving an iconic brand that we would be honoured to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world. Some 1,500,000 Saabs are on the road today and their proud owners would no doubt welcome the survival of this phenomenal brand", he added.
In Spyker's view, the ownership of Saab by Spyker Cars would add a lot of value to both parties. For Spyker, Saab would bring a strong, global distribution network consisting of no less than 1100 dealers, state-of-the-art production facilities, a truly dedicated work force and solid engineering, sourcing and research & development capabilities. Likewise, Saab would receive the financial backing required to compete as a competitive global brand, along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand. Throughout these negotiations, both Spyker and Saab leadership have proven that they share a mutual vision for just such a partnership.
"Our company motto is nulla tenaci invia est via – for the tenacious no road is impassable," said Muller, "And we intend to remain true to that throughout these negotiations as we bid to secure Saab's future and revive the company."
The renewed Spyker offer is valid until 5pm (Eastern Standard Time) on Monday December 21, 2009.
sweden, buy back saab!