GM waiting for new Saab offers until end of the year

Posted on Monday, 7 December 2009 , 16:12:53 byEmil

Filed under waitingoffersendyearuntilgmsaabgeneral-motorsSaabGMKoenigseggSpyker

GM waiting for new Saab offers until end of the year

A little hope seems to have appeared in the Saab selling (more likely survival) scenario. General Motors has announced that they are still searching for a new owner for Saab. The Board of Directors of General Motors have received ``expressions of interest`` from a suite of buyers for Saab after Koenigsegg canceled their offer.

General Motors has stated, in a press release, that ``The Board will evaluate potential bids between now and the end of December. 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``.

Rumors claim that the Dutch automaker Spyker Cars (the unprofitable company that decided to move production from Netherlands to the UK and fire a third of the employees) as well as the Chinese automaker BAIC, which is short for Beijing Automotive Industry Corporation (the same company that was willing to buy a stake in Koenigsegg) are the only potential buyers for Saab at this time. Hopefully, things will go well with at least one of the two.

Honestly, I do not expect the Dutch automaker Spyker to be able to take over a huge company like Saab . They can not even make themselves profitable, yet alone resurrect a very prestigious automaker.

On the other hand, the Chinese automaker BAIC (Beijing Automotive Industry Corporation) should have a nice chance of taking over Saab. China in general and the Chinese automakers in particular have been bragging about how they are going to conquer the auto industry, by taking over some important companies. Still, the Chinese automakers have yet to make any important moves on the market. This would be a very good opportunity. If the Chinese government would offer some support for BAIC, this would be a great chance for them to show that they really can resurrect a prestigious automaker and make it profitable yet again.