Can't sell 'em, can't give 'em away: Outlook for GM's Saab darkens
To think General Motors Co. reasoned it could make a go of them back in the heady days, before bankruptcy and all the president's men forced The General to come to terms with reality. A deal to rescue Saturn, spearheaded by industry mogul Roger Penske? Off, and GM's answer to its own '80s-era dysfunction is done, claiming more than 30,000 jobs. A deal to rescue Sweden's Saab Automobile? Off, according to Koenigsegg Group AB, the Swedish supercar maker aligned with Beijing Automotive Industry Holdings.
Only Hummer, the cartoonish SUV line derived from the U.S. military's HumVees, is on track to live on under Chinese control, a testament to GM's self-delusion about the staying power (and value) of its ancillary brands in the wake of its historic bankruptcy. The surprise, to the extent there is one, is that anyone stepped forward to rescue Saab, unfortunately a second-tier European automaker whose style is unique but whose product execution is, well, too often second-rate.
The other surprise: That GM management is surprised the Saab deal blew-up, as CEO Fritz Henderson said in a statement today. GM is expected to take up the question with its directors next week, a conversation likely to a) have repercussions for its planning restructuring of GM's European operations and b) more than likely culminate in a wind-down of the Swedish automaker.
Unless the board pulls another shocker and reasons GM needs Saab to someone complement its European restructuring, I'd guess it'll be an even darker Christmas than usual in Trollhattan, the epicenter of Saab.
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Saab deal falls through
I feel sad for the employees @ Saab. GM ruined what was once at least a funky brand - I called them the "Suburu of Europe". They were niche, but the 99EMS and similar vehicles over the years were quirky fun that could hold a certain (small) amount of the market. And I believe they could have made it had they continued to maintain a distinct brand identity. When I saw a Chevy/GMC SUV rebranded as a Saab, I knew it was past being over for them.
I have the opposite reaction GM's management apparently had, according to your post - I was surprised tiny Koenigsegg was going to try to eat the elephant! Not at all shocked it didn't work out - rather, like Porsche attempting to control VW, I'd have been shocked if it had.
Why anyone would think of buying the brand now...???
RIP Saab - vaya con Dios.
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