Who bought Saab after GM?
After General Motors (GM) filed for bankruptcy in 2009, the fate of the Saab automobile brand was uncertain. However, in 2012, National Electric Vehicle Sweden (NEVS) stepped in and acquired the assets of Saab, reviving the iconic Swedish car company.
The Downfall of Saab Under GM's Ownership
Saab, the Swedish automaker known for its innovative and quirky designs, had been struggling for years before GM's bankruptcy. GM had acquired a 50% stake in Saab in 1990 and eventually took full control of the company in 2000. However, GM's ownership did not bring the financial stability and resources that Saab needed to remain competitive in the global automotive market. Saab faced a series of financial crises and production shutdowns during GM's tenure, ultimately leading to the company's bankruptcy filing in 2009.
The Acquisition by National Electric Vehicle Sweden
After Saab's bankruptcy, several potential buyers emerged, including Chinese and Swedish investors. In 2012, a consortium led by National Electric Vehicle Sweden (NEVS), a Swedish-Chinese company, acquired the assets of Saab for $245 million. NEVS' plan was to revive Saab and focus on the development of electric vehicles, capitalizing on Saab's reputation for innovative engineering and design.
NEVS' Plans for Saab's Future
- Transition Saab to electric vehicle production: NEVS aimed to transform Saab into a manufacturer of electric vehicles, leveraging the company's expertise in engineering and design.
- Expand Saab's global presence: NEVS planned to relaunch Saab in global markets, including China, where the company saw significant growth potential for electric vehicles.
- Maintain Saab's unique brand identity: NEVS recognized the importance of preserving Saab's distinctive design and engineering heritage, which had made the brand popular among enthusiasts.
While the future of Saab under NEVS' ownership remains uncertain, the acquisition has provided a new opportunity for the iconic Swedish brand to reinvent itself in the rapidly evolving automotive industry.
Who makes Saab parts now?
Orio is the new name for the former Saab Automobile Parts AB, which was the sole provider of genuine Saab parts for over 70 years. The company was originally founded in 1937 as Svenska Aeroplan AB (Swedish Airplane Corporation), which later became Saab AB.
Who owned Saab before GM?
After the company's 20-year merger with Scania-Vabis came to an end in 1989, American car giant General Motors took a 50 per cent share of the new Saab Automobile business before making the company a wholly-owned subsidiary in 2000.
Did Saab use GM engines?
General Motors would continue to supply Saab with engines and transmissions, and also completed vehicles in the shape of the new Saab 9-4x from GM's Mexican factory.
Was Saab owned by Subaru?
GM bought out Saab Automobile completely in 2000, rolling out a line of rebadged models that were tepidly received, though a version of Subaru's WRX called the Saab 9-2X Aero garnered critical praise.
Why did GM shut down Pontiac?
Amid the financial crisis, General Motors needed a government bailout. Congress agreed but required the company to restructure its business and cut costs. In the end, GM decided to eliminate several brands, including Pontiac. The last car to wear the arrowhead badge was a G6, which ended production in early 2010.
Did GMC buy Saab?
GM bought out Saab Automobile completely in 2000, rolling out a line of rebadged models that were tepidly received, though a version of Subaru's WRX called the Saab 9-2X Aero garnered critical praise. The 2009 economic crash and GM's bankruptcy spelled doom for Saab.
Who owns Saab right now?
In June 2011, the British company sold its remaining stake bringing its 16-year involvement in Saab to an end. As of August 2020, Investor AB owns a 30.16% stake in the company (39.69% of the voting rights) and is the top owner.
Why did GM ruin Saab?
SAAB failed because of the bankruptcy of GM and due to lack of investment in producing compelling products in good time. The new 9--5 had just started being delivered to customers when the plug was pulled. The previous 9--5 was based on the GM 2900 platform which dates from 1988.
Does Saab use GM engines?
General Motors would continue to supply Saab with engines and transmissions, and also completed vehicles in the shape of the new Saab 9-4x from GM's Mexican factory.
Can you still get parts for Saab cars?
The Swedish company stopped car production in 2011, but we still stock a huge range of Saab spares for popular models including 93, 95, 900, and 99 here at Euro Car Parts, so you can keep your Saab car running smoothly.
