As governments around the world have propped up their automobile companies, typically paternalistic Sweden has answered Saab’s plea for help with an unexpected reply: “No.” No bailout, no takeover. The town of Trollhattan in southwest Sweden now faces economic catastrophe akin to Detroit’s decline as its 54,000 people will lose 4,000 jobs overnight if Saab collapses, the New York Times reports.
Saab lost $343 million last year and is just steps shy of bankruptcy. The company, known for innovative engineering, sold 93,295 vehicles worldwide last year—only 21,383 in the US. General Motors, owner of Saab, has pledged to withdraw from the company completely by the end of the year, and the company has already announced that 750 jobs will be cut.