Saab saved by Spyker
27 January 2010
The two companies will become Saab Spyker Automobiles when the deal is completed on February 15.
Saab entered administration last January and General Motors (GM) originally agreed to sell Saab to Swedish supercar maker Koenigsegg, before the deal fell through.
View images of the upcoming Saab 9-5:
GM also said Saab would be closed on December 18, 2009 if a buyer could not be found.
Saab produces cars such as the 9-3 saloon, 9-3 SportWagon, 9-3 convertible, 9-3X and 9-5 BioPower. It sold 39,903 cars in 2009 and 94,751 in 2008.
In comparison, Spyker is a small company, producing supercars such as the Spyker C8 Aileron Spyder. It sold 43 supercars in 2008 and 23 in the first half of 2009.
Spyker's chief executive officer Victor R. Muller said: "We are very much looking forward to being part of the next chapter in Saab's illustrious history. Saab is an iconic brand that we are honoured to shepherd.”
What happens next?
• Saab will continue to build and sell cars as usual, and owners of Saabs will not be affected
• Production of the new Saab 9-5 saloon will continue under Spyker’s ownership
• £349 million will be loaned from the European Investment Bank to Saab
• General Motors will keep £201 million worth of shares in Saab
A spokesperson said it’s too early to say whether job losses will be made, but this is unlikely.
View this New Car New video review of the Saab 9-3 SportWagon XWD:
By Dominic Sacco, senior web journalist
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