Breaking: Saab Shutting Down Says General Motors CEO
It’s been said several times before, but GM Chairman and CEO Ed Whitacre today told reporters that the company is shutting down its Swedish Saab unit. “We’re closing down Saab,” he said. “We’re winding it down.”
Recently GM hired on wind-down firm AlixPartners, but continued to say that it was evaluating proposals from several interested parties.
Whitacre today said that so far none of the proposals, which include bids by Dutch exotic car maker Spyker and investment company Genii Capital, have been any better than closing Saab.
Product boss Bob Lutz, notorious for producing quotable phrases did so again today, telling Automotive News that, “For years GM has been procrastinating when it comes to Saab. I’m glad to see that for once GM is sticking with a decision to wind something down.”
Over the 20 years that Saab has been owned by GM, not once did it turn a profit.
The wind-down will begin, however, Whitacre said GM continues to keep its eyes and ears open should a viable proposal be put in front of them. Today, Swedish newspaper Dagens Industri reported the Genii, backed by Formula One billionaire Bernie Ecclestone, will have financing arranged for a cash bit shortly.
[Source: Automotive News]
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