According to sources familiar with the matter, General Motors is unable to find buyers for Saab. GM put Saab under strategic review last month as a part of its recovery plan submitted to Congress. Fritz Henderson, GM”s vice chairman and chief operating officer, previously said that GM is looking to sell Saab as soon as possible.
Sources say that GM has been quietly shopping Saab around for some time now but has been unable to find a buyer. According to Automotive News, insiders say that GM is also unable to find a buyer for Hummer which was out under “strategic review” in June.
Apart from the $13.4 billion in loans that GM received from President George W. Bush last month, the Swedish government has approved a $3.4 billion package for its struggling auto industry. Saab and Volvo are expected to get the biggest chunk of the loan.