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.

Tuesday, February 28, 2012

Saab is dead to GM

This week Turkish Brightwell Holdings decided to call it quits and drop the plan to bid on Saab. Reason being General Motors' reluctance to discuss a continued licensing of its technology to Saab. Now GM with spokesman James Cain says in plain words that Saab is dead to GM.

"We are not discussing with anyone," James Cain of GM told Swedish news agency TT.

"Our contact with Brightwell only concerns several letters they have sent with requests to start a discussion. We answered that we are not interested. There has never been any negotiations or discussions."

When asked why GM did not agree to meet Brightwell, Cain said:

"We stand by our policy not to sell technology licenses to any new owner of Saab."

When asked if not everything in business has a price tag, Cain responded: "Not in this case."

"They [Saab] have had several chances to survive. The business has been in terrible shape for a long time. That's why GM, when we had our own problems, decided to close down Saab. It was not GM's fault that Saab decided to stop pay their suppliers and their employees."

James Cain also revealed that GM was positive to the Russian financier Vladimir Antonov, who now is suspected of financial crimes.

"We had an agreement that had allowed him to invest in the company, but it did not succeed."

One party that does not give a damn about GM is Chinese Zhejiang Youngman Lotus Automobile. The Chinese company has placed an indicative bid of around SEK 2 billion on Saab.

"We have placed a indicative bid. Eventually, we can discuss in more detail exactly what we can buy," said Youngman's founder and owner Pang Qingnian in an interview with SVT.