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After a first read of the business plan GM submitted to Congress in hopes of securing $12 billion in federally backed low-interest loans, it appears there are some major changes afoot that will drastically impact car shoppers.
GM says it will now focus on research and development for Buick, Cadillac, Chevrolet and GMC. Pontiac will become a “niche” brand, selling fewer models in joint Buick, GMC and Pontiac dealerships. We’d guess that would mean forgoing rebadged vehicles like the G6 sedan, G5 compact, Torrent SUV and the just-introduced G3 subcompact, and focusing on the G8, Vibe and Solstice.
Hummer had already been put up for sale under a “strategic review,” and now GM confirms that Saab is in the same boat.
KickingTires: GM Looks to Shed Saturn, Saab and Hummer, Reduce Pontiac Models
SAAB never was a good profit maker for GM. Just like Jaguar for Ford, SAAB was not good for GM. This is some sad news because the new Saab 9-3X was ready to make some splash.
IIRC, it was SAAB who reaveled the variable compression engine and won some award in 2000 and 2001. So I dont know where they went wrong. I dont know who will buy this automaker.
will post my own views soon. Saab enthusiast site Trollhattansaab.net are posting updates and views. Tata Motors along with BMW AG (BMW.XE), Renault SA are all reportedly potential buyers according to Trollhattansaab.net who refers to CNN Money
Jonsson and Geers on Saab’s review:
Jonsson and Geers on Saab’s review | Trollhattan Saab
This is the best news for SAAB. Real cars guys not bean counters
UPDATE:
According to
Automotive News, US-based auto maker, which has recently filed for Chapter 11 administration, has reached a preliminary agreement with Swedish-based exotic car maker Koenigsegg over the sale of Saab to the latter. General Motor’s European branch revealed on its website, “The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government.” However, the terms of agreement were not disclosed.
Its now bought by a Swedish firm. GM is just selling off all its brands which have not been doing good for years..
The firm is Koenigsegg, who make ultra priced supercars. Thi depends on the EU funding for Saab being available.
if they can crack the high costs of making in sweden and introduce character - it has a fair chance. Look at Aston Martin
IT is actually not Koenigsegg but a group of investors led by Koenigsegg.
The only mistake Saab ever made was get in bed with GM.
Check this out! Koenigsegg, meet Saab. Saab, meet Koenigsegg.:D
This is stranger than FIAT - Chrysler, stranger than Magna - Opel. Only Porsche - VW surprised me more (initially), but then they have had historical linkages.
The parts I found funniest:
(1) Koenigsegg has had to float a company to propose buying Saab. the company is called Koenigsegg Group. That gives you an idea of Koenigsegg's size and scope
(2) Most of the statements are coming from Christian von Koenigsegg himself: kind of reminds you that this is just one guy, at the end of it all.
It's been almost 20 years since GM bought a majority interest in Saab back in 1990, but with its own core operations in serious trouble, it's time for the two companies to part ways - and none too soon for Saab, if Baard Eker, the Norwegian owner of 49% of Koenigsegg, is to be believed.
Eker wants to re-awaken Saab's 'soul and spirit', which slumbered under GM's tenure. "GM itself admits the need for a re-invigoration at Saab. Saab has to refine their quality level, their soul and spirit and we believe that this is something we can help with," said Eker. "The most interesting thing is that GM thinks the same."
So what will Eker do to revive Saab's hibernating quirkiness? Whatever it is, it'll be environmentally friendly. According to Eker, going green, "is something the smaller companies can more easily attend to because it is much quicker to turn around a smaller company."
Some of the speculation on what may be coming from Saab in the near future includes rumors of the Quant electric supercar and the Saab 9-3X, 9-4X and 9-5.
With a lineup like that it'll take a while to distance Saab from its recent GM history, but perhaps that will give Saab and Koenigsegg time to find a balance that ensures it's Saab's - and not Koenigsegg's - sense of quirkiness that shines through in the future.
SOURCE: MOTOR AUTHORITY
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