New Saab 9-5 may hit the road yet. Photo courtesy of Saab
DETROIT, Dec. 1 -- Saab has not reached the end of the road – yet.
The Detroit News reported Tuesday that General Motors will study potential bids for the Swedish automaker it owns and decide by the end of the month what to do with the company.
The anticipated sale to Swedish supercar builder Koenigsegg fell apart last week after Koenigsegg ran out of time to put a financing package together.
The sale was supposed to take place at the end of November, but the deal was postponed after the European Investment Bank delayed its decision to grant Saab the $600 million loan it had approved in October.
In addition, Beijing Automotive Industry Holding Co., China’s fastest-growing automaker, had agreed to take a minority stake in the Koenigsegg Group.
According to the News, potential purchasers now include Beijing Automotive Industry Holding Co. and Wyoming-based Merbanco Inc.
Meanwhile, Bloomberg News reported Tuesday that Renco Group Inc. and Spyker Cars NV, a Dutch specialty sports car manufacturer, have expressed interest in Saab. Spyker is trying to drum up investment. Spyker, based in Zeewolde, the Netherlands, has not been profitable since 2004, when it went public.
Although Saab has a new 9-5 sedan nearly ready for sale and other vehicles under development, the uncertain surrounding Saab has hurt the company. Its European sales are down 59 percent and its U.S. sales are off 62 percent so far this year.
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