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Koenigsegg Pulls Out Unexpectedly, Prolongs GM’s Saab Story

Posted in auto industry, Cars, GM, Koenigsegg, Newsworthy, Saab by Suzanne Denbow | November 24th, 2009 | 2 Responses |


Just a few minutes ago General Motors released a statement confirming that Koenigsegg has suddenly reneged on their agreement to purchase Saab. Despite the fact that GM is no stranger to failed deals (for further reference, please contact your nearest disgruntled Saturn dealer), CEO Fritz Henderson expressed surprise and regret over the decision. “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.”

While Henderson’s promise to weigh their options carefully seem promising, those who are familiar with GM’s proven track record for leeching what they can from a brand before tossing its lifeless carcass to the buzzards are not optimistic about Saab’s future.

On a lighter note, this now frees up the funds previously guaranteed by the Swedish government for the Saab-Koenigsegg purchase to be invest elsewhere, possibly with the Crown consortium.

Source: GM
Image Cred: Reuters Pictures

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2 Responses

  1. Wow, i feel this is very bad news for General Motors.

  2. Dustin May says:

    Nobody wants to dance with GM. That should tell everyone something.