Saab is dead!!!

[Wimbledon]

It's now official - and as a Saab fan I am absolutely devastated. Just terrible news on the day after my 20th birthday.

Let's turn this thread into a celebration of what Saab accomplished, if we can.

Here's the news...

http://www.reuters.com/article/idUSTRE5BH2SZ20091218

Reuters Wrote:

DETROIT (Reuters) - General Motors Co will wind down operations at Saab, its money-losing Swedish unit, after a last-ditch attempt to sell it to small Dutch luxury carmaker Spyker Cars failed, the automaker said on Friday.

GM had been in exclusive talks with Spyker to sell the 60-year-old auto brand since December after an earlier deal with Swedish luxury car builder Koenigsegg collapsed last month.

GM said it would start an orderly wind-down of Saab operations. It said Saab would satisfy debts, including supplier payments and honor warranties as it begins to shut down.

Saab has around 3,400 workers centered on its production hub in Trollhattan, Sweden. The brand also about 1,100 dealers.

With the collapse of the Saab sale, GM has seen two planned sales of its auto brands fail and reversed a decision to sell another as the automaker restructures after a U.S.-government sponsored bankruptcy process completed in July.

Under new Chief Executive Ed Whitacre, GM had set a deadline of end-December to find a buyer for Saab with financing to complete the deal in place by that time.

Nick Reilly, GM's president for its European operations, said it had become clear that the talks with Spyker could not reach a deal under those terms.

"Despite the best efforts of all involved, it has become very clear that the due diligence to complete this complex transaction could not be executed in a reasonable time," Reilly said. "In order to maintain operations, Saab needed a quick resolution."

Reilly said discussions with Spyker and representatives of the Swedish government had continued until Friday morning.

He declined to detail the issues during due diligence discussions with Spyker that convinced both sides a deal could not be closed.

Spyker last year sold 43 of its luxury cars at prices of 200,000 euros ($294,200) and above. Its primary backers include Russian banking tycoon Vladimir Antonov and his Convers Group.

MOUNTING LOSSES

Saab has been a consistent money-loser for GM during the past 20 years. Saab lost about $340 million in 2008. GM has not released more recent financial information for the brand.

GM had been in talks to sell Saab to niche luxury carmaker Koenigsegg, with the backing of China's BAIC.

But the deal fell through in November, and GM said it would consider other offers until the end of the year.

Earlier this week, BAIC completed a deal to buy some assets from Saab, including the tooling and the intellectual property for older versions of the 9-5 and 9-3 sedans.

The Saab deal is the latest in a failed run of negotiations for GM on the brands that it had planned to drop as part of a U.S.-government directed restructuring that included $50 billion in aid.

First, Detroit-based dealership group Penske Automotive Group pulled out of a deal that would have had it acquire GM's Saturn brand in late September.

Then last month, GM's board shifted course on a planned sale of the company's European Opel unit, rejecting a deal that former Chief Executive Fritz Henderson had backed and helped broker.

A tentative deal to sell GM's Hummer SUV brand to a partnership led by Chinese machinery maker Sichuan Tengzhong Heavy Industrial Machinery has not yet closed and remains subject to review by the Chinese government.

[J_man]

"Saab has been a consistent money-loser for GM during the past 20 years."

Did GM own them that long? I guess I had no idea, if so. I think that totally sucks, though. The new 9-5 was looking very awesome.

[Wimbledon]

(12-19-2009 05:08 AM)J_man Wrote:  "Saab has been a consistent money-loser for GM during the past 20 years."

Did GM own them that long? I guess I had no idea, if so. I think that totally sucks, though. The new 9-5 was looking very awesome.

The media all likes to report the line about Saab losing money over the past 20 years, but the truth I've heard is that Saab had made profits that were integrated in GM Europe and not publicized.

GM initially purchased a 50% stake in Saab in 1989, then upped that stake to 100% later (in 2000 if I recall correctly).

Videos:

[J_man]

Here's to what could have been [an extremely beautiful car]:





WOW do I love this, still....

[86notchback_saab]

im burning black candles at midnight.......

[Queers4Gears]

I am just sad

[Dr.Gonzo]

I really couldn't care less. Most likely since I have become a RWD whore or my terrible experience with the family's 99

[Wimbledon]

2010 Saab 9-5 spotted on the road

Might be rare footage in the future...

Thankfully, negotiations with Spyker as of today are still continuing and the brand still has hope yet...

[Wimbledon]

Dear God I hope not...

2010 Saab 9-5 may be rebadged as Buick or premium Opel Senator

http://www.saabsunited.com/2009/12/gm-up...b-9-5.html

http://www.dn.se/ekonomi/gm-anvander-9-5...-1.1019824

Saabs United Wrote:Some things never change.

I can tell you quite positively that GM are negotiating a sale of Saab, but it seems their plan B is to just take the 9-5, shove a different badge on it and sell it as something else.

The story is at DN.se and here's a snippety Googletrans:

---

According to Dagens Industri's sources, GM is planning to use the new Saab 9-5: an own model program, including a future Buick in the U.S.. GM is also in a letter to Saab's sub-contractors have estimated the time of closure of Saab to five years.

There are sources in Saab Automobile in the Dagens Industri - DI - indicates that GM now see positive opportunities to closure of Saab. By making use of Saab's technology, tools and production equipment for GM use the new 9-5: an - that would be launched in the spring - to a future Buick in the U.S..

In the GM is also talk of exploiting Saab technology for the production of a new premium car for Opel, "says DI's sources. It would then be about the reopening of the closed trial with an Opel Senator in Europe.

---

Shakespeare couldn't even document the full bastardry these beancounters are capable of.

[Wimbledon]

First 2010 Saab 9-5 print ad:

http://www.saabsunited.com/2009/12/first...ement.html