Beijing Autos says will reevaluate Saab bid

Story by Superior Auto Institute

General Motors has had a tougher time than other car industries during this recession; they claimed $50 billion of government aid and lost more than $8 billion. GM has elected to offer only four brands Chevrolet, Buick, GMC and Cadillac while others such as Saturn and Dodge viper will all be suspended by the end of 2009.

General Motors made a decision in October that they would sell their European Opel Unit to Magna International out of Canada. Though in early November they elected to keep Opel and try to restore the brand.

Now not even a month later GM has decided to sale enough non-profit making company, Saab. They found a Swedish company willing to buy Saab but the buyer became reluctant to purchase the company when the numbers showed Saab was not making any profit and really had no intentions of gaining any profit. A huge turnaround would have to happen in order to keep Saab a money-making company. Koenigsegg, the Swedish company grouped with a company out of Beijing to buy the company but when Koenigsegg backed out of the deal Beijing took matters in their own hands and pondered making a bid on Saab themselves.

When giving a statement, Beijing Autos said that Koenigsegg’s decision to pull out was “regrettable.”

In another report given, Beijing said. "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.”

In other business related to General Motors, Hummer is awaiting approval to be bought by Chinese manufacturer Sichuan Tengzhong Heavy Industrial Machinery Corp.

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