Thursday, January 21, 2010

BREAKING NEWS: Koenigsegg Terminates Agreement to Buy SAAB from General Motors

General Motors has just announced that the proposed sale of its Saab unit to a consortium led by Swedish sports car maker Koenigsegg has been canceled. And this time, it's not because the Detroit automaker wanted to keep Saab as was the case with Opel, but because Koenigsegg backed out of the purchasing of the Swedish brand in the same way that Penske did with Saturn.

"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," Henderson added.

In September, Koenigsegg Group AB had signed a Memorandum of Understanding (MOU) with Beijing Automotive Industry Holdings Co. Ltd. (BAIC) to explore growth opportunities in the Chinese and international markets for the products of both SAAB and BAIC.

The Swedish sports car maker has yet to release an official statement on the matter.

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