Beijing Autos says will reevaluate Saab bid

Story by Superior Auto Institute

During this recession, General Motors had found themselves nearly foreclosed on, accepting federal aid and leaning toward decisions to sell some of their car brands. The company has even had to discontinue some of the popular vehicles such as the Hummer and Viper.

Through-out this recession General Motors lost more than $8 billion and received about $50 billion in government aid to help keep their doors open. Even today General Motors is still in debt and has had to seriously consider selling some it’s less profitable car lines such as Opel the European unit. In October, they made negotiations with Canadian auto parts maker Magna International and decided on an amount.

However during this month General Motors backed out of the deal leaving Magna empty handed and upset. General Motors has also moved to sell their Swedish Saab car line and even found a buyer, Koenigsegg Automotive who was backed by a company in China. However after plans were made Koenigsegg walked away from the deal.

Even though the buyer walked away the company in China is still very interested and adds that Koenigsegg’s decision was “regrettable.” Although Koenigsegg said that they pulled out from the deal because they were unable to agree on what method would be best to move the car company from a non-profit company since 2001 to a money making company.

The company reported. "The path of internationalization and progressive development remains an important part of Beijing Auto's strategy. In view of Koenigsegg's withdrawal, we will carefully re-evaluate the project and make the appropriate arrangements.

General Motors was baffled by the deal-breaking as they had hoped to keep Saab alive and moving while their focus pointed toward their four core cars: GMC, Buick, Cadillac and Chevrolet.

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