Saab likely to close as GM fails to sell car brand

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Source: Associated Press

DETROIT – A deal for General Motors Co. to sell Saab to a specialty carmaker has collapsed, leaving the storied Swedish brand born from jets in 1947 close to extinction.

Koenigsegg Group AB, a consortium formed by Swedish luxury sports car maker Koenigsegg Automotive AB, said Tuesday it pulled out of the deal in part because it was unable to agree with investors on how best to move the brand from mass-market to premium.

For GM, it was the third time this year that a deal to shed one of its brands fell apart as it tries to recover from a stay in bankruptcy protection by focusing on a core of four: Chevrolet, Buick, GMC and Cadillac.

The next move is up to GM's board, which will decide Saab's future in a few days. But with no apparent backup investors and the Swedish government refusing to buy Saab, GM may follow through on a contingency plan to let the brand die.

That jeopardizes the jobs of Saab's 4,500 employees, most of them in Sweden.

Joran Hagglund, a senior official at Sweden's Ministry of Enterprise, said the government will continue talking with GM, but the only solution for Saab is for another company to buy it.

"We have been very clear from day one that the government will not be the owner," he told reporters in Stockholm.

Read more: http://news.yahoo.com/s/ap/20091124/ap_on_bi_ge/us_gm_saab

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Damn, now what am I going to drive? For years, that's all I've had. Should be some good deals coming up, though.

[noiretextatique]

1. just bought my second saab 900

1992 convertible. i prefer the older saabs.

[Cessna Invesco Palin]

14. I had a '92 900s. Great car.

And no turbo to cause problems :-)

[postulater]

20. My wife had my 85 900 towed after 225k.

So we bought a 98 900, then my daughter took that one.

I've been Saabless for two years now for the first time in 27 years.

[msongs]

2. evidently not enough people want to buy a saab to keep it in business nt

[rockymountaindem]

3. That's too bad. They had some cool cars.

[Skip Intro]

4. Sad to see these brands disappear. We'll all be driving Faded Glory cars from WalMart in the end...

Saab. I never owned one, but thought about it.

Oldsmobile? Gone.

Pontiac? Gone.

Pontiac!

[Dr Robert]

5. 'Faded Glory'....that describes Wal-Marts effects on the Country perfectly

[Skip Intro]

8. They put that logo on clothing and shoes. It's one of their store brands.

[Dr Robert]

9. I know. The irony is deafening.

[Skip Intro]

10. Yeah.I keep waiting for faux news to do some outrage of the month with it, but they never do.

[Thothmes]

11. REO gone, Studebaker gone, Pierce Arrow gone, Stutz gone,

dozens of automobile manufactureres have started up and failed. Nature of the business.

[skoalyman]

13. Stutz weird my last name is stutts

[WriteDown]

6. Reminds me of the old saying...

"You know why they call them Saabs?"
"Because that's what you do when you see the repair bill."

Didn't really apply for the modern ones, but still gives me a chuckle.

[flvegan]

7. Too bad. I could almost smell a 4.7 liter twin supercharged 9-3 cabrio.

[Peregrine Took]

12. And here we are with a brand new Saab in our garage. Hmmmmm.... n/t

[Botany]

15. Saab Turbo SPG

That car could corner @ 95 mph and cruised @ 125 mph

[bluesmail]

16. Read not too long ago they were in the weapon building industry.

Wish I could recall the country--.

[Noodleboy13]

17. I've owned three and loved them all.

87 900s "the Slaab"
88 900 turbo "son of Slaab" or "Slaab 2 - Turbo Boogaloo"
87 900 "Slaab 3: Coming apart at ya" that one kinda sucked.

I sold Slaab 3 in 03. Been biking ever since and I do not miss having a car at all, but every time I see a nice turbo or SPG, I get a little wistful. Shame to see them go.

peace,
Noodleboy

[Devil_Fish]

18. good, Saab sucked any way. no wounder no one wants it. NT

[madrchsod]

19. i`ve owned every model from 1960-1969

a couple of 99`s, and a 9000. i think i`ve owned around 30 saabs. the 93-96`s were the best dam cars i have ever owned. they had some quirks. the monte carlo`s had perfect fold down front seats...:evilgrin:

it will be sad to see them go...

[frazzled]

21. We had a 1968 Saab 96 back in the day

Cute swedish blue with a humpy back. It had "free wheeling," which I believe was actually illegal in some places. Ah, sweet youth.

[phatkatt]

22. Good Riddance!!!

My SO bought a used one and it is the biggest piece of sh1t I've ever dealt with. I understand it could have just been a bad day at the factory. We know the guy at the shop very well now.

[noiretextatique]

24. i've been lucky: both of my saab 900's worked great

i've heard with saabs you either get a good one, or a total lemon.

[alfredo]

23. Loved my 96 V4

Mine looked like this:

[Merlot]

25. Awww, I just wanna hug it!

To bad GM doesn't let Buick die instead of Saab. Buick, really?

[alfredo]

26. I have a soft spot for the Saab brand. I hated to see Desoto die.