The deal to purchase Saab is officially off. Koenigsegg, the small Swedish sportscar builder, has officially terminated the agreement it had made with General Motors.
Both companies have released brief statements, and Koenigsegg's is the more cryptic: "The time factor has always been critical for our strategy to breathe new life into the company."
We think that might translate to something like, "Saab has been in such a poor state for so long that it's too late for us to save it."
We suspect that Koenigsegg had been having doubts about this deal for some time. The future certainly didn't look cheery when it was announced that 81 Saab dealers in the U.S. would be terminated under the new ownership.
GM President and CEO Fritz Henderson had this to say in his statement: "We're obviously very disappointed with the decision to pull out of the Saab purchase. Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB. Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week."
carguy622 says:
09:13 AM, 11/24/09
Oh boy, this isn't good news. Farewell SAAB.
alman08 says:
10:10 AM, 11/24/09
What does Saab has to offer anyway?
anythngbutgm says:
10:35 AM, 11/24/09
What Saab did offer was class leading safety expertise as well as expertise in Turbocharging (even if the Turbos were Mitsubishi sourced). Government Motors raped and pillaged (like they did with Isuzu for their diesel expertise) and are spitting throwing out like a used baby diaper.
So long Saab.
alman08 says:
10:44 AM, 11/24/09
exactly what I thought... the Turbos were Mitsubishi sourced, therefore it doesn't even have turbo tech to offer. and class leading safety expertise belongs to Volvo from that country... so really, what does Saabo has to offer?
huyracing says:
10:59 AM, 11/24/09
*SOB*
SAAB has potential. If I were rich, I'd buy them.
brn says:
11:27 AM, 11/24/09
I don't think Koenigsegg could handle a company like Saab. If Saab is going to be saved, someone else has to do it.
Mitlov says:
11:57 PM, 11/24/09
I'm so bummed. Saab (particularly older Saabs) have always stood out as "cool" in my mind, even if they weren't always "good." I seriously doubt Saab will survive without a purchaser, and I don't see anyone besides Koenigsegg lining up. It would be a shame to lose another chunk of automotive history to the dust-bin.
I wonder if anyone at Saab knew how big turbocharging was going to be in 2009 when Saab first offered the general public turbocharged cars.