GM to study bids for Saab
General Motors Co. granted its Swedish carmaker Saab a reprieve, saying Tuesday that it would study potential bids and decide what to do with the brand at the end of the year.
GM said it had received "expressions of interest" in Saab since the collapse last week of a deal to sell the unit to Swedish supercar manufacturer Koenigsegg Group AB.
"The board will evaluate potential bids between now and the end of December," GM said in a statement. "At that time, we will determine whether a suitable arrangement for Saab exists. If not, we will begin an orderly wind down of the global Saab business at that time."
Potential suitors, including Beijing Automotive Industry Holding Co. and Wyoming-based Merbanco Inc., have expressed interest in the Swedish carmaker.
Beijing Auto was one of the parties in the Koenigsegg deal; the Chinese carmaker had agreed to take a stake in Koenigsegg. It previously expressed interest in Adam Opel GmbH, another GM-owned European carmaker. GM decided last month not to sell Opel.
Bloomberg News reported Tuesday that Spyker Cars NV, a Dutch specialty sports car manufacturer, has expressed interest in Saab and is trying to drum up investment. Spyker, based in Zeewolde, the Netherlands, has not been profitable since 2004, when it went public.
Some industry experts had anticipated that GM would announce plans to wind down Saab after a board meeting this week.
The uncertainty surrounding its prospects has hurt Saab, an iconic brand that started out as an aircraft manufacturer. Its European sales are down 59 percent and its U.S. sales are off 62 percent so far this year.
Sweden has ruled out using taxpayer money to save Saab.
Source: GM to study bids for Saab
GM said it had received "expressions of interest" in Saab since the collapse last week of a deal to sell the unit to Swedish supercar manufacturer Koenigsegg Group AB.
"The board will evaluate potential bids between now and the end of December," GM said in a statement. "At that time, we will determine whether a suitable arrangement for Saab exists. If not, we will begin an orderly wind down of the global Saab business at that time."
Potential suitors, including Beijing Automotive Industry Holding Co. and Wyoming-based Merbanco Inc., have expressed interest in the Swedish carmaker.
Beijing Auto was one of the parties in the Koenigsegg deal; the Chinese carmaker had agreed to take a stake in Koenigsegg. It previously expressed interest in Adam Opel GmbH, another GM-owned European carmaker. GM decided last month not to sell Opel.
Bloomberg News reported Tuesday that Spyker Cars NV, a Dutch specialty sports car manufacturer, has expressed interest in Saab and is trying to drum up investment. Spyker, based in Zeewolde, the Netherlands, has not been profitable since 2004, when it went public.
Some industry experts had anticipated that GM would announce plans to wind down Saab after a board meeting this week.
The uncertainty surrounding its prospects has hurt Saab, an iconic brand that started out as an aircraft manufacturer. Its European sales are down 59 percent and its U.S. sales are off 62 percent so far this year.
Sweden has ruled out using taxpayer money to save Saab.
Source: GM to study bids for Saab
