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.

Wednesday, November 16, 2011

GM has no timetable regarding Saab, as negotiations continue

Just-auto reports that General Motors is declining to speculate on any timetable for the latest Saab crises to be resolved but says it has had "very regular" communications.

"Saab, Youngman and Pang Da have their own set of negotiations regarding this sale and we are not party to that. We have had communications with Saab very regularly since they announced the proposed sale," a spokesman of GM told just-auto.

"There is no real timetable for us - we have made a definitive statement so it is up to Saab and their proposed acquirers how they want to proceed. We will deal with that when the time comes - we can only react to something that is concrete."

The spokesman continued saying that GM asked questions and got few answers at first, but as more information was available GM could not support the deal to sell Saab.

"This has been a very lengthy and drawn-out process. There have been a lot of different ideas floated to try and solve Saab's financial crisis. I can't speculate about different scenarios. They presented a transaction at the 11th hour when the administrator was prepared to liquidate the company and we spent the next couple of days asking a lot of questions and getting precious few answers but, as we got more answers, it became very clear to us we could not continue to licence our technology, although we were willing to continue our supplier relationship."