R.I.P.: General Motors Announces the Death of SAAB

Just moments ago, General Motors announced that it will be closing down its money-losing SAAB unit after concluding that the sale of the Swedish brand to tiny Dutch supercar maker, Spyker Cars, could not be completed in the time frame that had been set.

“Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution. We regret that we were not able to complete this transaction with Spyker Cars,” said GM Europe President Nick Reilly.

General Motors had turned to Spyker Cars after a failed effort to sell the Swedish brand to a consortium led by the Koenigsegg Group AB.

The Detroit automaker said that Saab will continue to honor warranties, while providing service and spare parts to current owners around the world.