autoevolution
 

GM Proceeds with Saab Closure

We're only a few hours away from the final verdict on Saab and people close to the matter have already started commenting on the subject. The first to express his opinion is GM's CEO Ed Whitacre who recently said that he doesn't believe that Saab will be rescued as no potential bidder submitted an advantageous proposal.

“It's real easy,” he said, according to Autonews. “Just show up with the money and you can have it, and nobody's showing up with the money. I think we've done everything humanly possible."

General Motors will most likely start closing down Saab factories later this week, although those involved in the Saab business still believe that the Swedish unit can be rescued.

"I find it odd,"
said Anette Hellgren, head of Swedish union Unionen at Saab, according to a report by the Wall Street Journal. "It's hard to follow. From what we know there's a discussion. We don't know what GM is basing its decision on," Hellgren added explaining that Spyker was ready to follow a viability plan similar to the one submitted by Koenigsegg - which was accepted by GM earlier this year.

Details on Spyker's proposal are still sketchy but some sources close to the matter revealed that the Dutch bidder initially attempted to buy Saab being backed by a Russian partner. However, GM rejected such a possibility so Spyker started work on a new revival plan that would include European financing and no Russian support.

Still, General Motors hasn't made a decision on the matter and Spyker recently revealed that the US-based manufacturer extended the deadline for accept bids. A final announcement will be made in a few hours so everything's still possible.
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram
About the author: Bogdan Popa
Bogdan Popa profile photo

Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
Full profile

 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories