13 Stories

Suzuki Pulls Out of US Market

Company turns to India after weak sales in America

(Newser) - Sayonara, Suzuki: The Japanese automaker announced today that it will cease US sales of its cars after its current inventory runs out. The company, which has been selling vehicles in the States since 1985, filed for bankruptcy protection in California as part of the move, reports Bloomberg . Suzuki, which maintained... More »

Saab Declares Bankruptcy

GM vetoes deal involving Chinese company

(Newser) - Saab finally threw in the towel today, after former owner General Motors once again vetoed a rescue plan involving China’s Zhejiang Youngman Lotus Automobile. Saab’s current owner, Swedish Automobile, filed for its bankruptcy, saying that "the company, without further funding, will be insolvent, and that filing bankruptcy... More »

Saab Could Go Bankrupt This Week, Union Warns

Its main plant has been closed since April

(Newser) - Saab has until Friday to pay its workers—or else. This is the third straight month that the Swedish automaker has failed to pay its workers on time, and last Friday IF Metall put in a request for wages for 1,486 of its blue-collar workers who were due to... More »

GM Strikes $400M Deal to Sell Saab

Dutch luxury car maker Spyker snaps up dying brand

(Newser) - GM has reached a deal to sell its otherwise doomed Saab brand to Dutch luxury car maker Spyker Cars NV for $74 million in cash and $326 million in preferred stock. The deal is dependent on Sweden agreeing to guarantee a $563 million European Investment Bank loan to the Swedish... More »

GM to Close Down Saab

After another failed sale, GM will begin 'orderly wind-down,' it says

(Newser) - GM has failed in a last-chance bid to sell its Saab unit and will now settle the Swedish automaker’s debts and “wind down production and the distribution channel in an orderly manner.” A deal with Dutch sports-car maker Spyker just fell through, a month after the sale... More »

Saab Veering Toward Junkyard

GM's failed bid to unload Swedish automaker may spell its doom

(Newser) - GM’s bid to sell its Saab unit to a small Swedish automaker has fallen through after Koenigsegg pulled out yesterday, citing costly delays in the closing process. Saab’s managing director tells the Wall Street Journal it’s “premature” to write the employer of 4,000 off, but... More »

GM Sells Saab to Tiny Swedish Custom Automaker

(Newser) - Saab, the struggling Swedish company owned by GM, was rescued today by a consortium led by Koenigsegg Automotive AB, a tiny luxury automaker that produces only a dozen vehicles a year. GM said the sale would include an expected $600 million funding commitment from the European Investment Bank, guaranteed by... More »

Vehicles That Drove GM to Bankruptcy

(Newser) - With the move finally official, Matt Hardigree, for Jalopnik, lists the 10 vehicles that bankrupted General Motors:
  • Chevrolet SSR: “Meant to capture the imagination of buyers. Unfortunately, few buyers were imagining an expensive, gas-guzzling convertible truck that …was basically unusable as a truck."
  • Saturn L-Series: Trying “
... More »

Foreign Bidders See Opportunity in Detroit Mess

As GM, Chrysler spin off units in their wake, the global auto landscape shifts

(Newser) - With Chrysler in bankruptcy and General Motors at the precipice, foreign companies are preparing bids for parts of the US auto industry, the Wall Street Journal reports. The result will be a broad global reshuffling as companies like Italy’s Fiat, France’s Renault, and even China’s Geely buy... More »

Renault May Acquire Saturn; Chinese Firm Bids for Saab

GM courts foreign buyers in fire sale

(Newser) - Renault is in talks with General Motors about acquiring its Saturn brand, the Wall Street Journal reports. Demonstrating the considerable foreign interest in GM divisions, China’s Geely Automobile Holdings has submitted a bid for Saab. GM is looking to cut unprofitable units ahead of a June 1 restructuring deadline.... More »

Sweden to Saab: Tough Luck

The G.M.-owned Swedish automaker seeks a buyer to save itself

(Newser) - 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... More »

Saab Seeks Protection From Creditors, Break From GM

(Newser) - Saab applied for protection from creditors today, after parent company General Motors said this week it planned to cut the company loose, Bloomberg reports. In a process much like Chapter 11 bankruptcy, the Swedish automaker will restructure and look for funding with the goal of spinning off from GM or... More »

Ford May Sell Off Volvo

Company's US sales off 28% in '08; Swedish government in talks

(Newser) - Ford is looking to cut costs wherever it can, and that might mean selling off its Volvo unit, the Wall Street Journal reports today. US sales for Volvo dropped off 28% in the first 10 months of 2008, and Ford, bleeding cash, plans to trim down and focus on its... More »

13 Stories