Saved! GM Sells Saab to Spyker
In case you haven’t already heard – GM has agreed to sell Saab to Spyker.
It’s been many, many…MANY months since Spyker, a small Dutch sports car producer, began talks with General Motors to purchase what was left of Sweden’s Saab.
Well now the make has been saved at the zero hour! New York Times reports:
“General Motors said Tuesday that it had reached an agreement to sell its Swedish unit Saab to Spyker Cars, a tiny Dutch maker of high-end sports cars, saving Saab from what seemed like certain extinction after earlier bids had collapsed, The New York Times’s Nelson Schwartz reports.
G.M. had begun the process of shuttering Saab’s production line and other facilities in Trolltattan, Sweden, at the beginning of the year, but the deal with Spyker will halt that process and buy time for Saab to begin rolling out new cars.
“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,” John Smith, G.M.’s vice president for corporate planning and alliances, said in a statement.
Spyker intends to form a new company, Saab Spyker Automobiles. The transaction is expected to close in mid-February.
The announced deal is the latest turn in a saga that had riveted workers and politicians alike in Sweden, as well as Saab’s famously devoted customer-base.
Still, it will be an uphill battle for Saab to survive over the long-term, auto experts said, noting that just finding a buyer took more than a year for G.M. Amid the uncertainty over the company’s survival, sales plunged 50 percent in the first half of 2009, to 24,000 cars, far too slow a pace for Saab to operate profitably.”
Leave a Reply