Bankrupt General Motors Corp. has found a buyer for Saab, unloading the last major piece of the shrinking automaker's empire that had been on the block. The brand will be bought by Swedish carmaker Koenigsegg Group, known for making $1.2-million super-cars that can top 240 mph. A price was not disclosed, although GM said the acquisition would be bolstered by $600 million in financing from the European Investment Bank, backed by the government of Sweden. GM said it would provide additional support to help Koenigsegg take over Saab and complete work on vehicles in development. "This is yet another significant step in the reinvention of GM and its European operations," said Carl-Peter Forster, president of GM Europe. "Closing this deal represents the best chance for Saab to emerge a stronger company." ... Koenigsegg, founded in 1994 by Christian von Koenigsegg, makes the CCX, a super-car capable of speeds well over 200 mph, as well as the CCXR, which runs on ethanol and produces 1,018 horsepower.
The brand will be bought by Swedish carmaker Koenigsegg Group, known for making $1.2-million super-cars that can top 240 mph.
A price was not disclosed, although GM said the acquisition would be bolstered by $600 million in financing from the European Investment Bank, backed by the government of Sweden. GM said it would provide additional support to help Koenigsegg take over Saab and complete work on vehicles in development.
"This is yet another significant step in the reinvention of GM and its European operations," said Carl-Peter Forster, president of GM Europe. "Closing this deal represents the best chance for Saab to emerge a stronger company."
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Koenigsegg, founded in 1994 by Christian von Koenigsegg, makes the CCX, a super-car capable of speeds well over 200 mph, as well as the CCXR, which runs on ethanol and produces 1,018 horsepower.
You're not getting away from the fact that far more cars are built every year than consumers want to buy. Some companies and factories gotta go, and SAAB not having turned a profit during my entire lifetime (and just a handful of years in its 60 year lifetime) is a prime victim for the chopping block.
My bet is that this will go to hell. Peak oil is not an energy crisis. It is a liquid fuel crisis.
SAAB has not made money during my entire life. The last time they turned a profit was in the summer of 1985 IIRC. Thr only reason they've survived since 1990 is 'cos GM has pumped money into it, covering losses every year.
Before they were bought by GM, SAAB Automobile was supported by their owners, the Wallenberg family, to keep the soc dems happy. They could afford this because the aerospace/arms and truck divisions (now separate companies) have always been profitable, and one doesn't have to be a genius to understand that keeping the car factories running at a loss might well result in some more juicy fighter bomber contracts... Peak oil is not an energy crisis. It is a liquid fuel crisis.
