Hummer Deal Falls Though; GM Announces Brand Wind-Down
Just a day after announcing the successful sale of Saab, General Motors today announced that a deal to sell its Hummer unit of SUVs has fallen through. GM has been negotiating with Sichuan Tengzhong Heavy Industrial Machines Co., Ltd., but today announced in a statement that the Chinese heavy machinery maker was, “unable to complete […] more
Posted on February 24th, 2010 by Colum Wood
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GM Completes Saab Sale to Spyker
General Motors has just announced that the sale of its Swedish Saab unit to Dutch exotic car maker Spyker has been completed. The new company, called Saab Spyker Automobiles, will now begin a new era for Saab, saving thousands of jobs in Sweden and at dealerships in the United States.
Saab Spyker will begin to sell […] more
Posted on February 23rd, 2010 by Colum Wood
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Breaking: GM Agrees to Sell Saab to Spyker
General Motors has just announced it has reached an agreement to sell its loss-making Saab division to Dutch exotic car maker Spyker Cars NV. Saab and Spyker will form a new company, Saab Spyker Automobiles and the deal is expected to be finalized in February pending approval by several regulatory bodies and the Swedish government.
“Today’s […] more
Posted on January 26th, 2010 by Colum Wood
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Breaking: Saab Sale to Spyker Imminent
Spyker Cars is expected to announced later today that a deal has been reached to purchase Swedish automaker Saab from General Motors. According to Automotive News, a person close to the ongoing talks between GM and Dutch exotic car maker Spyker has leaked the information.
Recently investment company Genii Capital, backed by Formula One boss Bernie […] more
Posted on January 26th, 2010 by Colum Wood
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Report: GM Vice Chair Throws Down a Gauntlet to Ford in Heavy Duty Tug of War
General Motors’ vice chairman of global product operations is so strong a believer in his company’s product he’s willing to prove it in a tug-of-war between the GMC Heavy Duty and the Ford F-Series Super Duty.
Vice Chairman Tom Stephens made the bold statement in an interview with PickupTrucks.com about the new Duramax engines powering the […] more
Posted on January 20th, 2010 by Dennis Chung
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Report: Genii-Ecclestone to Offer $1 For Saab
What’s Swedish automaker Saab worth? According to some reports, just $1.
Recent rumors have suggested that a partnership between Genii Capital, Formula One boss Bernie Ecclestone and Swedish businessman Lars Carlstrom will offer General Motors one hundred shinny pennies or the loss-making Swedish automaker, saving GM the cost of shutting it down. GM has already […] more
Posted on January 19th, 2010 by Colum Wood
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Report: General Motors Cuts-Off Tiger from Free Cars
General Motors is asking Tiger Woods for its cars back, after an agreement with the golf star ended two weeks ago. A contract between Woods and GM’s Buick brand expired in 2008, but the controversial golfer was allowed access to GM products, including the Cadillac Escalade SUV that he so famously crashed in his Florida […] more
Posted on January 14th, 2010 by Colum Wood
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Breaking: Saab Shutting Down Says General Motors CEO
It’s been said several times before, but GM Chairman and CEO Ed Whitacre today told reporters that the company is shutting down its Swedish Saab unit. “We’re closing down Saab,” he said. “We’re winding it down.”
Recently GM hired on wind-down firm AlixPartners, but continued to say that it was evaluating proposals from several interested parties.
Whitacre […] more
Posted on January 11th, 2010 by Colum Wood
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Breaking: GM Hires Firm to Wind-Down Saab, While Continuing to Evaluate Proposals
The future of Saab just became a little more certain today. Or did it?
General Motors has released in a statement that it has hired on AlixPartners to oversea the wind-down of its loss-making Saab unit. In other words, GM is planning to close the doors on the Swedish automaker, sending the company into liquidation and […] more
Posted on January 8th, 2010 by Colum Wood
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Report: GM Delays Board Meeting, Postpones Saab Decision as a New Bidder Emerges
General Motors has reportedly delayed a board meeting that was to decide the fate of its loss-making Saab unit today, as a new bidder has emerged onto the scene. GM had already postponed Saab’s fate by dropping a self-imposed December 31st deadline in favor of a January 7th one. Now it is giving Spyker, as […] more
Posted on January 7th, 2010 by Colum Wood
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