No Other Buyers for GM's Saab

The end is getting closer for Saab as General Motors might be forced to discontinue the brand unless an interested party is ready to bid for the Swedish brand. And at this point, it seems like killing Saab is the only available solution as General Motors didn't find any other suitor, the Associated Press informed today.

GM's board will hold its monthly meeting next week and Saab's future will be the main subject on the agenda. Still, it appears that no investor is planning to purchase Saab's business, leaving GM with a single option: kill the brand. This would translate into a cut of around 4,500 jobs.

The solution might after all come straight from China as BAIC partnered with Koenigsegg for taking over the Swedish factory. However, BAIC delays a decision on the matter, hinting that it would only get back in the deal together with another investor.

"In view of Koenigsegg's withdrawal, we will carefully re-evaluate the project and make the appropriate arrangements," Beijing Auto said in a press statement.

At this time, it's still unclear what made Koenigsegg pull out of the deal as General Motors hasn't explained the reason for such a decision. After months of negotiations, Koenigsegg was seen as Saab's only hope that could help the Swedish carmaker return among the top player of the industry.

"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."