In the latest roadblock thrown in the way of GM’s shedding of its niche brands, Swedish automaker Koenigsegg Group AB withdrew from a deal struck last year to purchase Saab from America’s largest car company. The Detroit News reports:
“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” GM President and CEO Fritz Henderson said. “Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB.
“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.”
According to the Koenigsegg chairman, all of the funding was in place. That suggests some other reason is to blame. GM has also had problems selling its other niche brands. Roger Penske pulled out of a deal to purchase Saturn a few weeks ago because he could not find a source for new production.
GM canceled plans to sell its Opel subsidiary a few months ago as well. Still in the works, at least for now, is a plan to sell Hummer to a Chinese industrial firm, Sichuan Tengzhon.