Not Dead Yet: Saab’s Last-Minute Agreement with Chinese Keeps Automaker Afloat
Being completely honest, for the past three months we’ve been sitting on an obituary we wrote up for Saab. It’s a brand that the enthusiast in us loves, but the practical side of us realized the Swedish automaker was breathing its last. It hasn't done well in the past several years, never really grew under its ownership by General Motors (which ceased in 2009), and hasn't even made a car for the past few months because it barely enough money to keep the lights on. For all intents, we thought it was a goner. But times may now be looking up for the little automaker that refuses to go quietly into the night. Just announced, Swedish Automobile N.V., Saab’s current ownership group, has signed a memorandum of understanding with China’s Pang Da and Jinhua Youngman to sell the beleaguered brand for a cool 100 million Euros (about $142 million). The MOU between the companies is valid through Nov. 15, pending Saab stays in bankruptcy protection. It’s a win-win for everyone who has longed to own a Viggen, SPG, or Aero for the better part of three decades. And the Chinese brands will finally gain what they want: Adequate technology to be able to build competitive cars for the toughest markets in the world. With a brand new Saab 9-5 sedan and 9-4x crossover joining the brand’s lineup, along with a rumored small car in the pipeline based on the Mini Cooper, we’re rooting for the company to live on with Chinese good fortune instead of as a Swedish meatball. Source: Saab
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