GM Finds Buyer for Saab

Saab_logo It looks as if GM will unload Saab, its underperforming Swedish premium brand, to Swedish supercar-maker Koenigsegg, in conjunction with a group of Norwegian investors. This marks GM’s third move to rid itself of a non-core car brand, after its proposed sales of Hummer to a Chinese machinery company and Saturn to Penske.

Sources told The Financial Times that Koenigsegg made “the best overall offer,” though no details are yet available other than word that the deal will be completed sometime early this summer. GM has pledged $500 million in assets and cash for the new company.

The Swedish supercar-maker sold just 18 cars last year, but it wants to apply its high-end know-how to a high-volume car-manufacturing operation.

Saab hasn’t turned a profit since GM bought a stake in it back in 1990. Sales peaked at 133,000 units in 2006. Perhaps Koenigsegg will have better luck.

Koenigsegg Set to Buy Saab (Financial Times)

By Stephen Markley | June 12, 2009 | Comments (9)

Comments 

JM

if GM would have allowed Saab to have its own vehicles, independent of other GM brands, and if Saab would redesign its vehicles every 5 or so years like other competitive automakers, then Saab would be in a very different situation and standing today.

Max Reid

They have the BioPower Hybrid concept.
http://www.saabusa.com/saabjsp/concepts/index.jsp

Hope they apply this technology in all their vehicles.

DaveInLBC

Oh; I didn't know ANYONE still bought a Saab, let alone the brand LOL. Sorry, I am being mean again. Death to GM.

spuwho

In response to JM,

Saab sold to GM because they couldn't afford to update their platforms every 5 years....GM put Saab on a GM platforms and still had to sell 100,000 a year to get their money back. The fact that Koenigsegg is getting 3 new Saab models next year at a cut rate price will be great in the short term. I think what everyone is wondering is what are they going to do after that? My guess is they will go the same route as Penske/Saturn. Perform their own engineering, use contract manufacturing and take Saab upmarket.

LV

Yes, Koenigsegg is a small company but for their size they have a HUGE vision. Some may doubt Koenigsegg's financial and managerial ability. But if you consider what a young man accomplished in an old industry in such a short time, it speaks for itself. All should remember never to underestimate David.

Saabi

I am so happy to hear that. I know many people are skeptical for saab, but people love saab love its character. Although Koenigsegg is not a giant company, they also produce a characteristic supersports car and understand what the uniqueness is. GM destroyed such uniqueness and character that saad had been historically famous for.

YES! As a 9-3 owner, I couldn't be happier.

H

Hatchbacks and quirkiness will only sell so many cars. That "character" is not enough to sustain a healthy company. Saab would have been history many years ago if not for GM's involvement. I hope Koenigsegg is successful in the long run.

PCH

We have purchased 2 wonderful new Saabs over the past 5 years. We also have a 1985 that runs like a charm, with very little upkeep required. You cannot beat them.

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