GM to begin wind down of Saab

Stockholm: GM says it has failed to sell its Swedish car brand Saab and will begin “an orderly wind-down of Saab operations”.

GM had been in talks with the Dutch speciality car maker Spyker over a sale. Talks with Sweden’s Koenigsegg also fell through earlier this year.

“We regret that we are not able to complete this transaction with Spyker Cars,” said GM Europe boss Nick Reilly.

GM had been trying to sell Saab as part of its turnaround plans since January.

Mr Reilly added that all debts would be paid and that the winding-down would be “an orderly process”.