Swedish Saab automobile company, on Monday, December 19, 2011, filed for bankruptcy. Saab past nine months trying to survive the bankruptcy, but its final failure.
Reported by Reuters on Tuesday, December 20, 2011, Saab was founded in 1937 in Sweden with the help of the government to make airplanes. Until eventually split into two Saab AB (aircraft industry) and Saab Automobile (car industry). Saab Automobile and then start making vehicles in 1947 with first production was launched two years later.
“That was the final nail in the coffin for these lovely company,” says Saab chief executive, Victor Muller. Saab has been producing cars for 64 years. But lately declining car sales.
Saab glorious period of the early 80’s. Saab won a reputation as pioneer of turbocharging technology. However, towards the end of the 80s, Saab continue to losses. General Motors later bought 50 percent of Saab Automobile from Saab-Scania in 1990.
Ten years later, GM bought 50 percent stake again. For 20 years owned GM, Saab only profit in 2001. The lack of any new product innovation, making quiet Saab enthusiasts. Plus they are getting hard to get credit from banks.
GM then in the year 2008-2009 and the crisis hit in early 2010 to sell Saab to Spyker, a Dutch sports car company for 400 million dollars. Now the company was named Swedish Automobile.
The middle financial difficulties and needed substantial capital to re-create a new car. Swedish Automobile trying to find funds to various parties including the Chinese automotive company and distributor of Youngman Pang Da.
But it did not work, the article is not willing to give GM a license transfer technology to the Chinese company. And now Saab should get into the mortality.