General Motors has begun the liquidation process for Saab, the head of Sweden’s main industrial union said on Friday.
The union criticised GM for taking such a step at the same time that it had confirmed having received several bids for the iconic Swedish brand.
AFP: “Today, Saab Automobile’s board has decided on the liquidation of the company,” said Stefan Loefven, the head of the IF Metall union which has a representative on Saab’s board. “It is irresponsible of GM as an owner to go in two directions, both pursuing the sale [of Saab] and the winding up,” Loefven added.
Dutch supercar maker Spyker Cars NV expressed interest in early December in purchasing Saab and maintaining the brand. Bernie Ecclestone, the Formula One tycoon and a Luxembourg investment firm, have said they presented GM with last-ditch bids to rescue Saab.
But Saab, which was put up for sale a year ago by its current owner GM, has struggled to find a buyer.
GM’s chief executive, Ed Whitacre, said: “It’s real easy. Just show up with the money and you can have it [Saab], but nobody’s showing up with the money. I think we’ve done everything humanly possible.”
According to the Times, Alix Partners, a consultancy firm, has been appointed by GM to supervise the winding up of the ailing Swedish carmaker.
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The liquidation of Saab which is a direct result of GM mismanagement is yet another clear indicator that the Detroit-based parent company should not have been rescued with tax payer money a year ago. If GM had failed, all these resources could then have been invested in new ventures with technologically advanced products such as the electric car company, Tesla. This in turn would have helped spread of the electric car, and everybody including the environment would have benefited. Well, yet another lost opportunity to build an internationally competitive manufacturing base in the USA. WHEN WILL WE EVER LEARN FROM PAST MISTAKES??
The liquidation of Saab which is a direct result of producing cars that very few people want. They were unpopular before they were purchased by GM and are obviously still unpopular. Even before GM’s purchase, Saab had one of, if not the lowest, resale value of any brand sold in the US.
I hate to see the brand disappear but it is evolution at work.
Terry F – with all due respect, Saab owners historically had the highest loyalty of any car manufacturer, internet savvy and most highly educated. Their hatchback designs were notorious. New England had the stronghold given their cutting edge front wheel drive. When the 9000 was introduced in ’86, it was the police car in Vail, CO.
I have my ’93 still with 200,000 miles. Gets 30 mpg on regular gas and fits a Christmas tree INSIDE the vehicle.
GM KILLED this brand pure and simple. Their corporate greed on SUVs with high margins, refusal to attack the greedy unions over healthcare costs, etc. Mismanagement for decades.
CEO Mr. “Ed” says it’s simple = show up with a check. For what? How about admit your never ending series of mistakes and let someone else run the company leveraging its roots of engineering, safety and yes, just a little bit different. I get a lot more compliments on my ’08 9.3 Aero headturner than a BMW….and my ’04 Aero convertible has been “wow’d” by Corvette t-top owners.
Sorry, it isn’t evolution, it is incompetence. Also, they are an extremely popular car outside of the US. Yes, only 9000 cars sold in 2009. But understand NO American buyer wants to take a chance on a discontinued/bankrupt brand. Had they made what people wanted instead of trying to sell garbage vehicles and hope for buyers they would have added the hatchback into the series long ago.
The 9.5 2010 is another head turning design. But it will be dead as Mr. “Ed” and his cronies continue to mismanage our tax dollar bailout. I fear certain economists are correct – GM will ultimately be Chinese owned.
Proud Saab owner since 1988 and ALL were quality, reliable cars. Can Detroit say the same for its “quality” products built in the 80s, 90s? Nope.