Sweden's iconic Saab automotive brand is again facing an uncertain future with the news that Swedish supercar manufacturer Koenigsegg Group AB has terminated its agreement to buy the company from General Motors. The sale had been a key part of GM's plan to recover from bankruptcy by unloading some of its brands.
"We're obviously very disappointed with the decision to pull out of the Saab purchase," GM CEO Fritz Henderson said today in a statement announcing Koenigsegg's decision. "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."
The collapse of the Koenigsegg deal is the second such failure of a GM brand sale, with Penske Automotive Group having abandoned its plan to buy Saturn from GM back in September. Hummer's sale to a Chinese manufacturing group is continuing, while GM also plans to shut down its Pontiac brand. In addition, GM had concluded a deal to sell its European brand, Opel, to Canadian automotive parts supplier Magna International, but backed out of that arrangement earlier this month and now plans to keep Opel in the GM fold.