SAAB filed for bankruptcy yesterday, giving up a desperate struggle to stay in business after previous owner General Motors blocked takeover attempts by Chinese investors.

The owner of Swedish car maker Saab says it does not have the money to pay employees’ wages.

A small, privately owned Chinese carmaker has saved Sweden’s Saab Automobile from imminent collapse through an agreement to provide €150m in funds for the ailing brand.

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

The Saab car brand is to disappear after owner General Motors announced today it had failed to find a buyer.