GM hopeful of Saab sale Jun 17, 2009
General Motors has reached a tentative agreement to sell Saab to the Swedish sports car manufacturer Koenigsegg. It is the latest part of GM's reorganisation, which is also set to see the Opel and Vauxhall brands going to Canada's Magna. (BBC News -- Business)
New Investors Face Tough Road Ahead to Right Saab Jun 17, 2009
GM inks deal to sell Swedish Saab unit to investors, analysts say rough road lies ahead ... For the new owners of Saab Automobile to make money selling small numbers of cars across the globe, they have to return to the Swedish automaker's roots, industry analysts say ... FILE - In this Feb. 23, 2009 file photo, a Saab logo is displayed on a car in Frankfurt, Germany. (ABC News -- Wire)
The Fed's Police Power Jun 17, 2009
Saab, the venerable Swedish car brand that looked set for the General Motors scrap heap, just got a thanks to a speciality and high-rev compatriot called Koenigsegg the WSJ reports ... Saab, meanwhile, last year made 89,000 cars and employs 3,400 people ... Saab's good fortune contrasts sharply with the fates of many U.S. auto part makers, now that the Obama administration has in additional federal loan guarantees, CNN Money reports. (Slate)
* General Motors to sell Saab unit to Koenigsegg Group Jun 17, 2009
General Motors to sell Saab unit to Koenigsegg Group ... Closing this deal represents the best chance for Saab to emerge a stronger company ... US automaker General Motors (GM) has signed a tentative agreement to sell its beleaguered unit, Saab Automobile, to Swedish luxury sports car maker Koenigsegg, GM said in a statement yesterday. (Taipei Times, Taiwan -- Sports)
Bulls Stay Dormant as Dow Loses 107 Jun 17, 2009
Existing users please login. Remember me on this computer. (Fox News)
Saab Auto secures debt writedown as takeover looms Jun 17, 2009
Business Update: Saab sale underway ... VANERSBORG (Reuters) Swedish carmaker Saab Automobile secured a key court ruling on Wednesday allowing it to cut billions of crowns of debt and paving the way for a takeover of the General Motors () unit by local sportscar maker Koenigsegg ... A court in Vanersborg, southwest Sweden, approved the 75 percent writedown of Saab's more than 10 billion crowns of debt ( 1. (Yahoo News -- Press Releases)
GM CEO sees potential for sales turnaround Jun 17, 2009
Henderson's remarks came on the same day its Saab Automobile unit was acquired by a consortium led by Koenigsegg Automotive AB, a Swedish custom car maker. "Based on the preliminary plan, we expect the buyer to ask GM to build the 9-4x," Henderson told reporters during an online chat Tuesday. (MSNBC -- Business)
GM sells Saab to sports-car maker Koenigsegg Jun 17, 2009
A logo of the Swedish car manufacturer Saab at the Geneva Car Show in March 2009. US automaker GM said it is selling its beleaguered Saab Automobile to Swedish luxury sports car firm Koenigsegg, ending a 20-year tie-up which brought Saab a single annual profit ... STOCKHOLM (AFP) - Fallen US auto giant GM said on Tuesday it is selling its beleaguered Saab unit to Swedish luxury sports car firm Koenigsegg, ending a 20-year tie-up which brought only a single annual profit. (Yahoo! Asia News)
It's official: 15 General Motors dealers in Colorado to lose franchises Jun 16, 2009
GM's car lines include Chevrolet, Pontiac, Buick, GMC, Cadillac, Saab, Saturn and Hummer. It has some 6,000 dealerships nationwide. (Denver Business Journal, CO)
Full Story » Jun 16, 2009
GM says reaches deal to sell Saab to Koenigsegg - Yahoo ... GM says reaches deal to sell Saab to Koenigsegg ... STOCKHOLM (Reuters) General Motors Europe said on Tuesday a preliminary agreement has been reached to sell the company's loss-making Swedish unit Saab to local sportscar maker Koenigsegg. (Yahoo News -- Top Stories)
GM nearing deal to sell Saab unit Jun 16, 2009
New Saab cars are parked in a storage lot in the main Saab factory in Trollhattan, Switzerland ... By Tom Krisher, AP Auto Writer DETROIT General Motors is nearing a deal to sell its Saab unit, a person briefed on the negotiations, which have yet to be made final, said Thursday ... The news came as Swedish broadcaster SVT reported that Swedish luxury sports carmaker Koenigsegg Automotive AB and Norwegian investors are planning to buy Saab. (USA Today -- Autos)
Curt Smith: To win back market share, Detroit must first win back imaginations Jun 16, 2009
GM s already $50 billion federal makeover will cost 21,000 jobs, at least 2,500 dealers, 12 to 20 companies, and brands from Saab to Pontiac. Free-fall was a long time coming. (Medfield Press, MA)
GMs Saab says on track to find new owner Jun 16, 2009
GMs Saab says on track to find new owner - Autos- msnbc ... GMs Saab says on track to find new owner ... STOCKHOLM - General Motors Corp.s Saab unit on Friday said a deal to find a new owner was just around the corner but added that nothing has been finalized and didnt name any potential buyers. (MSNBC -- Business)
Saab to be bought by Koenigsegg: GM Jun 16, 2009
US automaker General Motors has signed a tentative agreement to sell its beleaguered unit Saab Automobile to Swedish luxury sports car maker Koenigsegg, GM said in a statement on Tuesday. "General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, today confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab's future," GM said ... GM, now in bankruptcy protection in the United States, put Saab up for sale in... (Sydney Morning Herald -- World)
Interpublic Says GM Exposure Is $50 Million Jun 6, 2009
McCann Erickson does work for Saab and, along with Deutsch, handles some GM corporate work. Interpublic is currently awaiting a court decision to be designated a "critical vendor," which could give it a better chance of recouping much or all of what's owed. (ABC News -- Wire)
Penske's group agrees to buy Saturn from GM Jun 6, 2009
GM, which filed for bankruptcy protection Monday, plans to shed its Saturn, Hummer, Pontiac and Saab brands. This week, GM said it found a buyer for Hummer in China's Sichuan Tengzhong Heavy Industrial Machinery Co.. (San Francisco Chronicle -- Business)
Ex-race car driver may buy Saturn brand Jun 6, 2009
GM, which filed for bankruptcy court protection on Monday, has said it plans to shed its Saturn, Hummer, Pontiac and Saab brands. Earlier this week, GM said it found a buyer for Hummer in China's Sichuan Tengzhong Heavy Industrial Machinery Co. However, any such deal would require Chinese Commerce Ministry approval, and reports in state-run newspapers Friday said Sichuan Tengzhong had not yet obtained such an approval. (WWLTV.com, LA)
U.S. expert questions Tengzhong's plan to buy Hummer Jun 6, 2009
The automaker will also shed its Pontiac, Saturn and Saab brands and cut loose more than 2,000 of its 6,000 U.S. dealerships by next year. Special Report. (Xinhuanet, China)
Editorial: Hope for GM Jun 5, 2009
One hopeful sign is that the company is selling or otherwise shedding some of its extraneous brands such as Hummer and the Swedish Saab. It s sad, though, that the German Opel also is likely to be spun off. (Albany Democrat-Herald, OR)
Ruthless Wall Street Offers GM's Only Hope: Margaret Carlson Jun 5, 2009
Ive got some other beauties you might like -- Saab, Saturn, Pontiac. Better yet, can we interest you in some insurance. (Bloomberg -- Columnists)
Canada Stocks Climb on Suncor Acquisition Approval, Interest Rate Decision Jun 5, 2009
32 after Swedens GT newspaper reported Saab Automobile wants the auto-parts maker to buy it. To contact the reporter on this story: in New York at. (Bloomberg -- Canada)
LOCAL GM DEALER GOING STRONG DESPITE BANKRUPTCY Jun 4, 2009
GM now plans to focus on four core brands Chevrolet, Buick, Cadillac and GMC and get rid of the Pontiac, Saturn, Hummer and Saab lines. The company has received 19. (Pine Bluff Commercial, AR)
GM, Chrysler to face Senate scrutiny Jun 4, 2009
GM wants to cut 1,100 of its smaller and least profitable dealerships and will lose another 470 by cutting its Saab, Saturn and Hummer brands. 1. (India Times)
GM, Chrylser defend cutting dealers Jun 4, 2009
General Motors told 1,100 dealerships it does not plan to renew their franchise agreements and expects to shed an additional 900 dealerships through attrition and by selling or discontinuing its Hummer, Pontiac, Saab and Saturn brands. The third Detroit automaker, Ford Motor Corp., has not filed for bankruptcy protection and has not taken any federal bailout money. (The Clarion-Ledger)
Magna Aims to Complete Purchase of GM's Opel, Vauxhall Unit by September Jun 4, 2009
The U.S. carmaker is also disposing of its unprofitable Trollhaettan, Sweden-based Saab Automobile division, which is also operating under protection from creditors. GM said when announcing the European operations reorganization in February that it was cutting ties with Saab. (Bloomberg -- Canada)
Hummer's Chinese buyer says no plan for China plant Jun 4, 2009
According to an overall restructuring plan, the U.S. based automaker GM will shed off its none-core assets including Hummer, Saturn, Saab and Pontiac. The preliminary deal allows Tengzhong to keep the management and operational team along with the Hummer brand, and secure more than 3,000 jobs in the United States. (Xinhuanet, China)
GM, Chrysler Defend Slashing Dealerships Jun 4, 2009
General Motors told 1,100 dealerships it does not plan to renew their franchise agreements in late 2010 and expects to shed an additional 900 dealerships through attrition and by selling or discontinuing its Hummer, Pontiac, Saab and Saturn brands. Chrysler dealers have only until June 9 to close down. (CBS News)
GM to sell Hummer, bankruptcy steps cleared Jun 3, 2009
Executives said Tuesday GM was still evaluating a number of bids for its Saturn brand and three potential buyers for its Swedish unit Saab. GM listed assets of 82. (Yahoo! Asia News)
GM files bankruptcy Jun 3, 2009
It also plans to shed about 500 dealerships that market the Saturn, Hummer and Saab brands. But just cutting labor and overhead costs won't be enough to save the company. (KGW Northwest NewsChannel 8, OR -- Business)
Ford market share grows in the US Jun 3, 2009
GM sold 191,875 cars and light trucks during the month, with the worst performance coming from the brands it plans to get rid of: Pontiac, Hummer, Saturn and Saab. We're encouraged that consumers are beginning to return to showrooms and that the industry continues to show signs of stabilisation. (BBC News -- Business)
Court lets GM sell US assets by next month Jun 3, 2009
GM's Saab unit is reorganising in Sweden. On Saturday the German government picked Magna International as the preferred bidder to buy Opel. (Business Report, South Africa)
GM: 16 Potential Buyers Line Up For Saturn Jun 3, 2009
3 Parties Also Interested In Saab Brand ... DETROIT -- General Motors Corp. says it has 16 buyers interested in purchasing its Saturn brand, while three parties are interested in the Swedish Saab brand ... GM will sell or get rid of Saab, Hummer, Saturn and Pontiac as it tries to shrink into a leaner, stronger company through its bankruptcy protection filing. (KIRO TV, WA)
Newsweek: Is GM bankruptcy the end of the UAW? Jun 3, 2009
It plans to sell off the Saab and Saturn brands, and pare down Pontiac. Oh, and it is. (MSNBC -- Business)
Government Motors Jun 3, 2009
Over the next 60-90 days, the company plans to restructure into New GM , to eliminate Saturn, Hummer, Saab and most of Pontiac (by selling the divisions where possible) and continue with GMC, Cadillac, Chevrolet, and Buick while closing about a dozen plants, eliminating 21,000 jobs (just over 1/3 of its total headcount) and closing about 40% of their 6,000 dealerships. Despite these apparently large cutbacks, unfortunately little -- at least little of what put GM in this position to begin with... (Human Events Online)
GM's Hummer will soon have Chinese owner Jun 3, 2009
DETROIT --- General Motors Corp. took a key step toward its downsizing Tuesday, striking a tentative deal to sell its Hummer brand to a Chinese manufacturer while also revealing it has potential buyers for its Saturn and Saab brands ... GM said it has 16 buyers interested in buying its Saturn brand, while three are interested in the Swedish Saab brand. (The Augusta Chronicle)
OPEN ROAD: A Hummer mystery Jun 3, 2009
Besides Hummer, GM plans to unload or end thePontiac, Saturn and Saab divisions. Photo of Hummers at dealer in Tustin, Calif. (USA Today -- Money)
America Gets Car Sick Jun 3, 2009
Within the next few weeks, according to published reports, it will have spun off or closed its Hummer, Saturn, Saab, and Pontiac divisions leaving GM with only its Chevrolet, Cadillac, GMC, and Buick lines. General Motors has been in business since 1908. (Townhall.com)
GM Sales Down 30 Percent In May Jun 3, 2009
GM's Pontiac, Hummer, Saturn and Saab brands were the company's worst performers. GM has said it plans to get rid of those brands as part of its restructuring. (CBS News)
World auto industry reshuffles amid crisis Jun 3, 2009
Sweden, home of Ford's Volvo division and GM's Saab division, has passed a 3. 6-billion-dollar aid package to prevent a collapse of its auto industry. (Xinhuanet, China)
Chinese buys Hummer brand Jun 3, 2009
Automaker also reports potential buyers for its Saturn and Saab brands ... NEW YORK - General Motors Corp. took a key step toward its downsizing on Tuesday, striking a tentative deal to sell its Hummer brand to a Chinese manufacturer, while also revealing that it has potential buyers for its Saturn and Saab brands ... GM also said Tuesday that it has 16 buyers interested in purchasing its Saturn brand, while three parties are interested in the Swedish Saab brand. (MSNBC -- Business)
GM bankruptcy: What it means Jun 3, 2009
The company also is dropping four brands Hummer, Pontiac, Saab and Saturn and will focus on the core vehicles -- Chevrolet, Cadillac, GMC and Buick -- and next-generation vehicles, beginning with the release of the hybrid Chevrolet Volt next year. Compiled by GateHouse News Service from news reports on CNNMoney. (Easton Journal, MA)
Primasing steady in sea of GM woes Jun 3, 2009
Of those, 1,600 will be Saturn, Saab, Hummer and Pontiac, Abresch said. Dealers began to be notified May 11. (Lebanon Express, OR)
GM Plans to Sell Hummer to China's Tengzhong, Saving More Than 3,000 Jobs Jun 3, 2009
GM also plans to sell Saturn and Saab and wind down the Pontiac line. Sixteen potential buyers have expressed interest in Saturn, Chief Financial Officer said on a conference call yesterday. (Bloomberg)
General Motors bondholders balk at plan; Chapter 11 now likely Jun 2, 2009
Opels supervisory board approved a plan to pool GMs European assets including plants, sales operations and patents but excluding Swedens Saab brand for a new investor, said Karin Kirchner, a spokeswoman for GM Europe. GM would choose any new investor, but Germany would decide on whether a new owner would get further government assistance, and if so what kind. (Easton Journal, MA)
> Details on GM's bankruptcy filing Jun 2, 2009
GM plans to sell or close such brands as Saturn, Saab, Hummer, and Pontiac, and will shed 2,600 dealerships. The company will close 11 U.S. manufacturing facilities by the end of 2010. (Columbus Business First, OH)
Crisis won't put brake on V8 Supercars Jun 2, 2009
There was no indication last night that Holden will join the US's Hummer, Sweden's Saab, Britain's Vauxhall and its European Opel subsidiary in the "For Sale" columns. "Holden's motor sporting commitment is more likely to be affected by local market conditions than events happening in the US," the Herald was told. (Sydney Morning Herald -- Sport)
Jobs at risk as GM files for bankruptcy Jun 2, 2009
LONDON, England (CNN) -- The future of thousands of car industry jobs in Europe remained uncertain Monday as General Motors filed for bankruptcy after reaching a deal to sell off its European operations, including German automaker Opel, UK-based Vauxhall and Saab ... GM will also shed its Pontiac, Saturn, Hummer and Saab brands and cut loose more than 2,000 of its 6,000 U.S. dealerships by next year. (CNN -- International)
EUGENE ROBINSON: Bankruptcy a temporary reprieve for General Motors Jun 2, 2009
Few will shed tears for the demise of the Hummer, Saab and Saturn brands. Pontiac is a different story, but we'll forever have the sleek, fast GTOs of our youth. (Fresno Bee -- Opinion)
Chairman says GM dealerships to close in La., but state to avoid the worst Jun 2, 2009
GM also wants to unload Saturn and Saab. Chats, Boards & Blogs. (WWLTV.com, LA)
South Africa: Business as Usual for Local GM Unit Jun 2, 2009
GMSA would continue to provide full sales and after-sales backing for "all our vehicles including honouring all warranties, service and maintenance plans, parts supply and all other areas of after- sales support for the Chevrolet, Isuzu, Opel, Hummer, Saab and Cadillac brands". Koch said if GMSA failed to deal with the effects of the US bankruptcy filing effectively, it ran the risk of losing the confidence of customers. (allAfrica.com)
Local Dealership Reacts To GM Bankruptcy Jun 2, 2009
So we still have a very good inventory right now but as we go through the summer that may dwindle," said Pitre.Also part of GM's restructuring plan; Saab, Saturn, and Hummer will either be sold or simply disappear by the end of the year.The local Saturn dealer, which is also part of the Motor City group, said it is confident that the brand will be sold and the new owners will take Saturn to the top of the import market.Copyright 2009 by . All rights reserved. This material may not be published,... (KERO 23, CA)
GM files for bankruptcy, Indian operations safe Jun 2, 2009
Either way, there is a clear commitment to keep these businesses (Saab, Opel, Saturn, Hummer) as ongoing concerns. So, no one needs to be worried about Opel or question our commitment to support Opel customers in India. (India Times)
GM faces hard roadto profitability Jun 2, 2009
June 1: General Motors files for bankruptcy, with plans for the U.S. government to own 60% and GM brands Hummer, Saab, Saturn and Pontiac to be shut down. NBC's Rehema Ellis reports. (Huntington WSAZ-TV, WV)
AT a glance: GM Bankruptcy Jun 2, 2009
The company has already said it will dispose of its Pontiac brand and has been searching for buyers for its Hummer, Saab and Saturn divisions. Workers. (Erie Times-News, PA)
GM bankrupt but Holden safe Jun 2, 2009
The news will come as a relief to the 6000 people directly employed by Holden in Australia, after speculation that Holden may be sold off or liquidated along with other foreign assets including Hummer, Pontiac, Saturn, Saab and Opel. Holden s taxpayer-funded plan to build a new small car in Australia from next year is believed to have been instrumental in saving Holden from the corporate chopping block. (Sydney Morning Herald -- World)
GM files bankruptcy, idles Spring Hill plant Jun 2, 2009
GM plans to sell or close such brands as Saturn, Saab, Hummer and Pontiac, and will shed 2,600 dealerships. The automaker has not provided an updated target for job cuts but was looking to eliminate 21,000 U.S. factory jobs from the 54,000 United Auto Workers union members it now employs. (Nashville Business Journal, TN)
'GM has found buyer for Hummer' Jun 2, 2009
GM has already announced the death of its other muscle brand, Pontiac, and is seeking buyers for Saturn and Saab. The Journal quoted one person as saying that Hummer may be headed to a similar fate as Pontiac if no buyer was found by early June. (India Times)
Endangered GM brands: The risks, rewards of buying Jun 2, 2009
The Saturn, Saab and Hummer are expected to be sold off, while Pontiac is being shut down entirely ... Saab, meanwhile, is a viable brand and has a lower risk of being discontinued, Wiseman said. (Orangeburg Times and Democrat, SC)
GM CEO: "Give Us Another Chance" Jun 2, 2009
The company plans to focus on four core brands - Chevrolet, Buick, Cadillac and GMC - and get rid of four others - Pontiac, Saturn, Hummer and Saab ... "LOL and he wonders why we are angry and dont buy his overpriced junk, he freaking FLIES in a private jet to beg for money, what a moron, he and his fat cats in the ceo offices is where the problem was, Bush threatening the middle east is 00004000 what caused gas to go to $4 a gal wrecking the economy. Posted by Newster1 at 11:48 PM : Jun 1, 2009... (CBS News)
Disposing of the Remains of the Old GM Jun 2, 2009
GM chief executive officer Fritz Henderson says Koch will work with a small staff to dispose of the pieces dumped into the "old" bin, including brands such as Hummer, Saab and Saturn. "He won't have anything to do with the operation of the new GM," says Henderson. (Time.com)
Car deals out there, but costs likely to rise Jun 2, 2009
The added shutdowns will come from voluntary terminations, consolidation and the disposal of Hummer, Saab, Saturn and Pontiac. It's not obvious how the closures will save GM or Chrysler money. (San Francisco Chronicle -- Business)
Bankruptcy, at last Jun 2, 2009
To get into shape, more than 12 of its American plants will close and four brands Pontiac, Saturn, Hummer and Saab will be sold out of bankruptcy or will disappear for good. Hummer, apparently, already has a buyer. (The Economist)
GMSA will not be affected by woes abroad - Koch Jun 2, 2009
To allay consumers' fears of buying cars from a company they think may be unable to supply parts in the future - or may completely disappear - Koch said: "GMSA Africa and our distribution partners will continue to provide full sales and aftersales backing for all our vehicles including honouring all warranties, service and maintenance plans, parts supply and all other areas of aftersales support for the Chevrolet, Isuzu, Opel, HUMMER, Saab and Cadillac brands." - Sapa. BUSINESS SERVICES. (Business Report, South Africa)
GM files for bankruptcy protection Jun 2, 2009
It also plans to shed about 500 dealerships that market the Saturn, Hummer and Saab brands. But just cutting labor and overhead costs won't be enough to save the company. (Honolulu Advertiser)
GM files bankruptcy Jun 2, 2009
It also plans to shed about 500 dealerships that market the Saturn, Hummer and Saab brands. A person familiar with GM's plans said the automaker has no plans to accelerate the dealership cuts that were already announced. (AZCentral -- News)
