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What happened to the Swedish auto maker Saab? The Koenigsegg group, a Swedish consortium, sought Chinese backing to purchase Saab in late 2009, GM stopped the proposed takeover, because of the danger of losing technology to Beijing Automotive (BAIC), a competitor in the Chinese market.
General Motors then tried to sell off Saab to another small custom automaker, Dutch supercar builder Spyker in 2010. In December 2011 the company declared insolvency and a dozen bidders were trying to buy Saab.
Some Chinese companies were trying to buy it; Pangda Automobile Trade Co., Zhejiang Youngman Lotus Automobile Co. and BAIC group.
When GM blocked all offers from Chinese companies or any offers involving Chinese companies, Saab was forced to declare bankruptcy in December 2011. This set up Saab to be bought out of bankruptcy which is allowed by Swedish laws. In January 2012 there were 4 to 5 parties interested in buying Saab out of bankruptcy. The Chinese company Youngman, Indian company Mahindra and Mahindra and a Turkish private equity company Brightwell Holdings. In March 2012 three companies bid to buy Saab; Mahindra and Mahindra, Youngman and Tata Motors. This still presented a problem with GM licensing of Saab and bids were not accepted.
In June 2012 Saab’s liquidator agreed to a sale to NEVS, National Electric Vehicle Sweden, AB a Chinese-Japanese investment company set up to buy Saab. With the puchase of Saab, NEVS's main objective was to produce electric vehicles using the Saab brand. Saab would no longer be the traditional auto maker it had been in the past. NEVS plans to build pure electric vehicles, with an electric version of the current Saab 9-3 available in 2013 or 2014 and develop a replacement for the Saab 9-3. NEVS plans to have an electric Saab 9-3 on the market in March 2014
GM has also continued to not allow the licensing for the technology of the Saab 9-5 and 9-4X, so these models will not be manufactured. In September 2012 NEVS announced that it finalized the purchase of Saab. It was noted that it will be able to use the Saab brand name on new cars, but it will not be able to use the Griffin image that has been used on modern Saabs.
Other transactions are also ongoing as the Dutch supercar builder Spyker has filed a law suit against GM, claiming that GM's actions for blocking the sale of Saab was illegal and caused the bankruptcy of Saab. Spyker has entered into an agreement with receivers to get 90% of the claims if the suit is successful.
My friend has driven nothing but Saab for years. I tease him and call it the "intelligentsia" car because it seems that literary types gravitate toward it. Saab has always had such a good reputation. I didn't know the bankruptcy story. Hope they make the car up to usual high standard. Why can't they use the Griffen?
Yes, Saabs have always been kind of quirky, the Griffen image is also used by Scania a Swedish truck builder that was part of Saab. Scania believes the Griffen image carries high value in China and fears it will fall in the wrong hands if it is used there.
Fascinating James. I have not see that model. The one I seen is the Saab 900 Turbo, dunno what is called in US.
A very good European car, used to see them when I was a kid but not anymore.
Yes they are. This white one is a 1962 and is still running great, I don't drive it much though.
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