GM sells key Saab assets to BAIC in order to get some cash

Article by Christian Andrei, on August 27, 2010

Saab defends its plan to sell key assets to Beijing Automotive Industry Holdings Co. by saying that this will help in securing its future.

No details were revealed about the deal but Saab spokeswoman Gunilla Gustavs did say that the money taken from the deal will finance the new Saab and "contribute to a good start under new ownership."

Gustavs asserted that Saab and its parent, General Motors Co., are actively searching for a buyer for the Swedish automaker. She said that the company is confident that a deal will be entered.

In an interview last Friday with Reuters, Spyker Cars Nv said that it is still in talks to purchase Saab. Reportedly, Spyker is the front-runner in the race to be Saab's new owner.

We will know the results of the discussions soon enough as GM is believed to want to sell Saab before the year ends. A few weeks ago, the fate of Saab was thought to be final however, negotiations for the Koenigsegg Group AB to buy Saab had collapsed.

Saab requires a massive investment to update its models and reverse sliding sales. According to several analysts, GM is compelled to sell Saab's assets in pieces or simply close it down. [via autonews]

Topics: gm, baic, saab

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