IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Friday, November 4, 2011

GM hesitant to approve Saab deal

Swedish Radio reports that GM will not approve the sale of Saab Automobile to Chinese companies Youngman and Pang Da if it means that it will affect GM's business in China in a bad way. That's according to James R. Cain from GM communications.  

According to Reuters James Cain said in a statement: "GM would not be able to support a change in the ownership of Saab which could negatively impact GM's existing relationships in China or otherwise adversely affect GM's interests worldwide."

According to Swedish Radio Saab and GM are currently in talks about the deal. When Swedish Radio asked James Cain at GM if Saab and GM are near a deal, Cain said the following:

"The issue has been discussed, but we have no answer yet."

New York Times reports that  James R. Cain said the following: "There are more questions than answers. Based on what we know at this time, which is admittedly incomplete, we can't support a change in control."

Time for another "I won't buy another car from GM” campaign if they do not approve the deal?