The future of GM-owned Swedish manufacturer Saab is again in doubt after fellow Swedish carmaker, the sportscar specialists Koenigsegg pulled out of discussions.
“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said GM President and CEO, Fritz Henderson. “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.”
This news is in stark contrast to the mood back in August when the two companies signed a stock purchase agreement, as the time, both GM europe and Koenigsegg appeared to be very much in agreement.
“This contract is an important step in the journey to a potential deal, said Carl-Peter Forster, president of GM Europe in August. “Saab’s great cars, its unique design, safety- and engine-technology, as well as its excellent brand image, combined with Koenigsegg Group’s unique combination of innovation and entrepreneurial spirit, bode well for a successful future for the brand. We will continue to work with all parties to define the final details and ensure a fast closure of the deal, which we expect to take place in the next few months. The closure of the deal is contingent on the funding commitment from the European Investment Bank (EIB), guaranteed by the Swedish government,” Forster added.
“We have now concluded another important step in realising the great potential of Saab,” said Christian von Koenigsegg, CEO of Koenigsegg Group. “Our plan is to transform Saab into a stand-alone vibrant entrepreneurial company and make it ‘sustainable’ by making it profitable. We will revive Saab’s Swedish heritage of ecological sensitivity, safety, design innovation and ‘fun to drive’ experience!”
Jan Åke Jonssson, Managing Director of Saab, said: “This is excellent news for everyone connected to Saab around the globe. This is an important step to secure jobs and our long-term future as a Swedish carmaker. In the short-term, it will enable us to move forward with exciting new cars starting this month with the all new Saab 9-3X.”
What next for Saab? With the recent news that General Motors had performed a u-turn over its decision to sell off its Opel and Vauxhall operations there is a small chance that GM could keep the Saab marque, perhaps more likely is a new consortium of Swedish businesses, backed up by the Swedish Governement will step in with a new offer.
