Swedish Government Turns A Cold Shoulder To SAAB

The Swedish government insisted on Feb. 18 it would not step in to take over and rescue beleaguered automaker Saab despite a warning from owner General Motors that the unit would go under without official help.

"Voters picked me because they wanted nursery schools, police and nurses, and not to buy loss-making car factories," Enterprise and Energy Minister Maud Olofsson said.

Her comment came after GM late on Feb. 17 presented a massive restructuring plan to the U.S. Treasury and said its troubled Saab unit could file for bankruptcy protection "as early as this month" without support from the Swedish government. The company said last year it planned to try to find a buyer for the brand.

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BigShow50 - 2/18/2009 1:30:03 PM

+12 Boost

This is too bad...a brand with so much potential, but too much neglect.

NItePhire - 2/18/2009 1:34:07 PM

+5 Boost

Amen

veyron1001 - 2/18/2009 4:57:05 PM

-2 Boost

If only GM were a responsible company.

mini22 - 2/18/2009 1:47:15 PM

+1 Boost

Ford did a better job with Jaguar and Volvo.

Beemer4u - 2/18/2009 2:30:54 PM

+7 Boost

Just another Saab story.........

LACMAN - 2/18/2009 6:44:01 PM

+3 Boost

LMAO!

***This is sad though, for real.

LACMAN - 2/18/2009 6:46:32 PM

+2 Boost

WTF? I just dont understand, for the life of me, why GM doesnt dump Buick-Pontiac-GMC!!!

Im sure with a move like that, Saab AND Saturn could survive.

Hachee2001 - 2/18/2009 7:01:10 PM

+5 Boost

Correct me if I'm wrong, but I am pretty sure Saab was struggling for a very long time even before GM bought it. I believe the car company was losing money, and it was kept afloat because it was part of the larger aerospace company. Volumes were never high, but smaller companies were able to survive 20 years ago (much as they did to a greater extent 50 years ago). I imagine Saab's (and Volvo's) market share in its home market of Sweden was much greater years ago than it is today. GM did nothing to exlpoit the potential of this marque, so I'm not sure what the point was in buying it. It was over as soon as they replaced the iconic 900 with the new 900 (which soon became the 9-3 in 1994 or so.

What a shame. Bye bye Saab.

E36er - 2/18/2009 8:00:25 PM

+2 Boost

Yes, you are correct. Saab was already in the hole when GM picked them up. That said, GM didn't help the situation.

formula666 - 2/19/2009 3:18:40 PM

+2 Boost

Like 'em or hate 'em, I hate to see another reminder of just how bad things are getting. And it is globally scary. Remeber, Sweden is often credited with having amongst the best health care in the world: They take care of their own. I guess not when it comes to industry.
- F666