General Motors trading technology with Saab for 5 years
By Andrew C., 27 Aug, 2010. 0 Comments
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As part of its viability plan, General Motors might be unloading Saab although it may still want to share vehicle platforms in the span of five more years
Furthermore, the General will be totally cutting its financial backing for the Swedish carmaker by the close of 2009. The reason for this odd arrangement is because both are coming out with models that depend on each other's technology.
In this latest deal, Saab is allowed to utilize the global platforms of GM, which is essential for the 9-4x's success, while on the other hand Saab will provide GM with the use of its developments in the area of safety, chassis and powerplants. Meanwhile, Saab is intensifying efforts to locate a buyer since its bankruptcy declaration the previous month. The Swedish government will not purchase the carmaker and will not offer any aid until a buyer is found for the financially trouble car manufacturer.
According to Saab, there were five potential bidders although almost nothing has been added to that announcement since. GM promised to provide $400 million in support of Saab, but the latter is seeking external investors. The funding is essential for the marketing and launching of its three new models in the succeeding 18 months. The new models include the 9-3x which will be showcased in the upcoming New York Auto Show next month and the brand new 9-5 sedan and the 9-4x crossover, which will also launch quickly after the 9-3x. [via autonews]
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