GM Completes Saab Sale to Spyker

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GM Completes Saab Sale to Spyker
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General Motors has just announced that the sale of its Swedish Saab unit to Dutch exotic car maker Spyker has been completed. The new company, called Saab Spyker Automobiles, will now begin a new era for Saab, saving thousands of jobs in Sweden and at dealerships in the United States.

Saab Spyker will begin to sell its new 9-5 model in North America this spring, likely in both a 220-hp and 300-hp form. Saab also has plans to begin production of the 9-4X crossover, based on the same platform as the Cadillac SRX, in the near future. A new 9-3 model is scheduled to come to market in 2012.

Official release after the jump:

PRESS RELEASE

Spyker Cars Finalizes Purchase of Saab Automobile from GM

o Transfer of ownership and operations to Spyker Cars takes place o Previously announced wind down of Saab operations ends o A new era begins for an iconic auto brand

DETROIT – General Motors and Spyker Cars NV today announced that they have finalized the deal for Spyker to purchase Saab Automobile AB.

Going forward, Saab and Spyker will operate under the Spyker (AMS:SPYKR) umbrella, and Spyker will assume responsibility for Saab operations.  The previously announced wind down of Saab operations has ended.

“This transaction represents the successful outcome of months of hard work and intense negotiations, all aimed at securing a sustainable future for this unique brand, and we are pleased with the positive outcome,” said John Smith, GM vice president for corporate planning and alliances.  “This is a great day for Saab employees, dealers and suppliers, and a great day for millions of Saab customers and fans worldwide.”

“Throughout negotiations over the past year, GM has worked with many parties, including governments and investors, to find a solution for Saab,” said Nick Reilly, president, GM Europe. “I’m very pleased that we could come to a positive conclusion, one that presents a viable future for Saab and preserves jobs in Sweden and elsewhere.”

  • TBROOKY

    FINALLY! Now GM, go away and leave us alone. After losing my hatchback and experiencing a couple of typical \GM improvements\ to my cockpit I have been really worried that I was going to have to look elsewhere for my next one. Bring’em on; 9-1, 9-2, 9-2, 9-4, … I can’t wait. Now how about getting the gas mileage above 50. Whew, this was a close one.