Dutch automaker Spyker Cars is suing General Motors for a massive $3 billion in damages saying that the Detroit automaker blocked it’s attempts to sell Saab to a Chinese buyer, driving the whole company to bankruptcy.
Saab continued to lose money under Spyker’s ownership – after the company paid a nice $74 million for it in February 2010. Saab went bankrupt a little more than a year later.
The filed lawsuit says that GM stepped in the way of an agreement with Zhejiang Youngman Lotus Automobile Co. Ltd., which would have allowed Saab to restructure. In the filing, Spyker said GM was avoiding competition with Saab in the Chinese market.
GM has not released a statement regarding the lawsuit.
- By: Omar Rana