Is Saab sunk? Not quite yet

Spyker Cars considers buying Saab.

Automotive News

Automotive News

The Saab saga continues: Spyker Cars, a producer of expensive sports cars, and its Russian owner, Converse Bank, have submitted a bid to General Motors to buy Saab, a source said last week.

Saab is back in play after a bid by Koenigsegg Group AB, another tiny sports car maker, fell apart last month.

Last week the GM board was poised to kill Saab. But it said in a statement that it would accept bids through December. Lacking a good bid, "We will begin an orderly wind down of the global Saab business at that time," the board said.

Other potential bidders include a state-owned Chinese automaker, Beijing Automotive Industry Holding Co., according to news reports.

Spyker is a publicly traded Netherlands maker of hand-built sports cars. Spyker built 21 cars in the first half of this year.

"People may wonder why a company that makes less than 100 cars a year can benefit from buying a company that makes more than 100,000," Spyker CEO Victor Muller said last week at the Los Angeles Auto Show. "Over time there are massive benefits. The main benefit is that it is not closed down."

(Source: Automotive News)