Sweden has ruled out rescuing Saab after talks with potential buyer Koenigsegg collapsed.
The Swedish prime minister, Fredrik Reinfeldt ruled out a government bail-out of the brand saying he would not put “taxpayer money intended for healthcare or education into owning car companies”.
Instead ever hopeful of finding a buyer for the carmaker, the Swedish government has agreed to grant loans to support the sale.
However according to Bloomberg.com, GM could now plan to sell the Swedish brands assets and discontinue the brand. Those rumoured to be planning to snap up assets including production machinery include Beijing Automotive.
The Swedish government said it would not interfere if GM chose to liquidate Saab.
According to The Guardian, the prime minister said: “You cannot save jobs just by pushing in taxpayers’ money if you don’t have the competitiveness to survive in a tough industry with overcapacity.”
GM’s board of directors are expected to meet today to determine the future of Saab.
Source:contracthireandleasing.com/
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