backtop


Print 27 comment(s) - last by sdfasdgdhasdf.. on Jan 30 at 1:02 PM


Spyker C8 Spyder T   (Source: Supercar Specs)

2010 Saab 9-3  (Source: Car Gurus)
Agreement is reportedly binding, so this story will finely be at an end

Late Tuesday General Motors reached an agreement with Dutch Spyker Cars NV to purchase the Swedish brand Saab Automobile AB, saving the brand from being shuttered.  The agreement is reportedly binding and is the result of compromises from all players and local governments.

Saab was originally to be sold last June during GM's bankruptcy house-cleaning to Swedish supercar maker Koenigsegg.  The drama began in November when the company pulled out of the deal, citing unspecified concerns.  That failed deal, along with the collapse of the Penske Automotive Group bid for Saturn, led to force-out of then-CEO Fritz Henderson.

Scrambling to find a new buyer, GM sold the assets behind Saab's 9-3 and 9-5 sedans to China's Beijing Automotive Industry Holding Corp, who will likely make clones of the luxury models.  A deal with Spyker was quickly discussed, but appeared stalled.

That impasse was finally resolved this week.  The deal was greased by a 400M € (about $568M USD) loan from the European Investment Bank (EIB), via an agreement with the Swedish government.

Swedish Minister for Industry Maud Olofsson describes, "That is a deep involvement of the government with the GM Europe. The [loan] money is not used for running the company but for development projects which will lead the future of Saab to be greener and more environmentally friendly."

John Smith, GM vice president for corporate planning and alliances cheers the sale, stating, "General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome."

Saab's facilities will cease their wind-down and the deal is expected to be finalized by mid-February, pending standard applicable regulatory, governmental and court approvals.  The new brand will carry the name Saab Spyker Automobiles and will continue the company-turned-brand's 65 year tradition, which began with the former aircraft parent company Saab's Project 92 automobile prototype.

The deal leaves GM able to focus on its core luxury offerings -- the prestigious Cadillac brand and the entry-level luxury Buick brand.



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

RE: Really?
By safcman84 on 1/28/2010 6:13:19 AM , Rating: 2
Saab is a european brand, and they have more success internationally than American cars do.

Most Europeans will avoid American Engineered cars if at all possible (american cars drive a lot differently to european cars)

Saab has (unless it was sold to the chinese....?)engine technology for bio-fuel that kicks a**. The Saab Aero engine produces 310bhp when running on environmentally friendly bio-fuel (bio-fuel produced from paper mulch, the waste at Swedens paper factories), and 270 when running on petrol.
Yep thats right, get more power and speed while protecting the planet - no need for sacrifice.
Well yeah I know not all bio-fuel is good for the planet, but at least the technology is there.

On a last note, the Saab is an excellent car to drive. My father got a choice of a Saab or an Audi for a company car. He tested both, and chose the Saab. You can get all the options in a saab for a lot cheaper than the same in an audi (the company fixes a limit on price of car), the automatic gear change is a lot smoother and the interior doesnt feel like cheap plastic.


RE: Really?
By trisct on 1/28/2010 11:33:24 AM , Rating: 2
Maybe Spyker will finally rescue Saab from its long tradition of fugly. That is mostly what holds it back now, being a well engineered brand. Saab could use an additional spike of reliability lately, too, but we'll see.


"My sex life is pretty good" -- Steve Jobs' random musings during the 2010 D8 conference














botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki