General Motors is a lot more efficient these days at lopping off its money-losing divisions, and even earning some cash for selling them. Thanks to a bankruptcy and government guidance it has been able to cut through red tape and sell Hummer to a Chinese bidder and Saturn to the Penske Automotive Group, owned by American racing legend Roger Penske.
Now GM has announced that it has reached a deal to sell Swedish brand Saab Automobile AB, completing nearly all of GM's brand cuts and bringing GM's remaining laggard brands down to Pontiac (Opel was sold to a Magna International-led consortium, Vauxhall is being transferred to Magna as well). GM President and CEO Fritz Henderson said in a statement Tuesday that it was a relief to sell Saab. He said that GM continually poured money into Saab, but was unable to show a profit for it. He says GM ran out of money during the middle of an effort to revitalize Saab with a new lineup.
Sweden's Koenigsegg Automotive AB, a low-volume sports car manufacturer, is purchasing Saab, with hopes to turn the laggard brand around. GM will provide Koenigsegg with powertrain engineering services and other technologies. It also says it expects to develop the 9-4x compact crossover for Saab.
GM's personnel cuts also continue. The company is cutting 20 percent of its salaried workforce and 35 percent of its executive staff by the end of the year, as it continues to cut blue collar plant jobs as well. The company looks to have about 23,500 U.S. salaried employees and a little more than 800 U.S. executives at the year's end.
quote: Dunno if its a true statement or not...but that puts it in line with GM sales!!!! (ha ha..joking of course).
quote: First of all, GM's quality is on par with other global manufacturers. It's been that way for a while now - welcome to the new century.
quote: Sure, it has given me it's share of problems
quote: Really? You could have fooled me given that the aforementioned 2005 Buick (which happens to be this century) required over $3,000 in repairs within 6 months of warranty expiration (A/C, transmission issues, gasket leaks, and on and on).
quote: Actual statistics (you know facts) say overall quality both short and long term is on par with the rest of the industry.
quote: They sell like hot cakes and tons of people *believe* them to be superior
quote: Those are the facts and I don't ignore facts.
quote: Call me when an American car makes it to 250k with almost no upkeep put into in, then we can start to talk about quality.
quote: I found it actually has to shut off its AC when breaking, and apparently, its DESIGNED that way.Yep, no problems there...
quote: Automobile AB, completing half of GM's brand cuts and bringing GM's remaining laggard brands down to Opel, Vauxhall, and Pontiac.
quote: Infact, it was one of the first buyouts from GM's "laggard" portfolio.
quote: Thanks to a bankruptcy and government guidance
quote: For General Motors purchasing czar Bo Andersson, an advanced axle is a high-tech precision part, not a commodity. "It is a safety-critical component that provides a vehicle's driving characteristics," he says. "It's one of the five most expensive parts, and it is 10 times more complex than seating."
quote: Every GM product gave me a sore ass from sitting on some sort of metal tube, while the rear of the seat would give me a rash as it put my back out of alignment with no lumbar support.
quote: a low-volume sports car manufacturer
quote: He said that GM continually poured money into Saab, but was unable to show a profit for it.
quote: Of course, I'm in the process of dropping a Chevy 350 crate motor and 6-speed manual into my old 1978 240D
quote: they have always been made to what you really need in normal traffic and that is mid-range acceleration
quote: Saab slow compared to what? An Indy car?
quote: Ever collided with a moose?
quote: The smaller members of the deer family can weigh as little as 10kg.
quote: Finally Saab makes fighter planes so of course they use that in their ads :-)