egmCarTech

First it was Penske Automotive Group that terminated a proposal to purchase General Motors’ Saturn brand and today, GM announced that Koenigsegg Group AB has backed out of buying Saab from the Detroit automaker.

“General Motors confirmed today that the proposed sale of its Saab subsidiary to Koenigsegg Group AB was terminated at the discretion of the buyer,” GM said in a statement.

“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said GM President and CEO, Fritz Henderson. “Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB. Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week.”

GM did not disclose any information on why Koenigsegg terminated the deal.

Let’s hope Sichuan Tengzhong Heavy Industrial Machinery doesn’t back out of buying Hummer.

- By: Omar Rana

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