Yes, we’ve done this before, two years ago to the day…
Saab has, once again, broken the limits of its owners. This time it’s not GM, like it was in 2009, but current stewards of the Saab brand Swedish Automobile who have said, “This is the end.”
More correctly they have lodged an official notice stating: “Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden this morning [19 December].”
Actually, GM has still played a leading role in the latest fall of Saab. Swedish Automobile has been trying to negotiate a sale with Chinese auto manufacturers Pang Da and Youngman. However, much of the Saab 9-3, 9-5 and 9-4X model lines rely on GM technology. And as GM retains preferential shares they have been able to scupper sale plans on intellectual property grounds.
Nice one GM.
Swedish Automobile’s full statement can be read after the break. For more coverage keep a watching brief on SaabsUnited.
[via Car]
Saab Automobile Files for Bankruptcy
Zeewolde, The Netherlands, 19 December 2011 – Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden this morning.
After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded. The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors. It is expected that the Court will approve of the filing and appoint receivers for Saab Automobile very shortly.
Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.
Saab RIP – image gallery (Take 2)
15 replies on “Saab: This is the end, beautiful friend”
Don’t let GM or anyone else fool you. This was never about protecting technology. This was all about protecting its market share in China
Same thing in a way. If GM can prevent their technology falling into the hands of a competitor, who can likely get it to market cheaper, that will, by default, help protect their market share.
What will J-Tim aspire to now?????
This is properly sad! I can only think of one other manufacturer whose departure made me sadder…
Saabs have always had a dorky nerdy mystique about them that made them cool. I had the nicest physics professor who was essentially a brain on feet. He used to drive a banged up 99. Years later I met another chap who was extremely well-stocked with the gray stuff. He too had a 9-3. That’s 2 out of the 2 smartest cookies I know; the death of Saab therefore surely means there will be less smart people on the planet.
the cliche inner architect in me is heavily mourning this great loss. now to find myself a black 900 aero T16 to go with my black skivvy 🙁
The Chinese have the technology, American manufactures in China are singing their last hurrah. It’s simple really, America double crossed the Chinese by selling their worthless paper debt to China and in return the China has copied everything America had to offer. Behind the scenes China is pegging their currency to gold in order to counteract all their worthless US T bills, China has won the greatest economic war in history.
All those red rimmed glasses, covered in tears…
Loved teh Turbo X if only all there cars were that cool!
Make no mistake, the Chinese have already duplicated a lot of the technology in most modern motor cars. I read an interesting article where the JAC (Chinese Truck Company) truck is so similar to the body shape of an older Isuzu truck that you can buy a Genuine Isuzu Windscreen to fit into the JAC cab without any modifications… This is the future of the motor industry… Great Wall and JAC is just the beginning
PS On the silver lining front, now I don’t have to worry about my wife purchasing a SAAB 😛
All warranties will be cancelled now, how sad and such beautiful machines that will come to pass…. Farewell Saab your spirit will live in our heart and minds.
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