Saab sale still has some life


After a deal with Swedish automaker Koenigsegg Group AB fell through last week, Saab is back on the auction block with a very interested Asian automotive company taking a look.

Beijing Automotive Industry Holding Co., originally a partner in the scrapped bid to buy Saab from General Motors Co. said it will “move fast” on the brand, stopping short of saying another bid would be made.

The deal for the Swedish-based badge crumbled last week when bidder Koenigsegg walked away saying it could not meet GM’s deadline for the sale. The sale offer was partially backed by Beijing Auto, which had a failed attempt at the Opel unit earlier this year.

General Motors has been trying to offload the fledgling brand since last June with the automaker entered bankruptcy protection in the U.S.

Saab’s sales have slumped as of late with a 62 per cent through October in the U.S. this year. European figures are down 59 per cent over that same timeframe.

- With files from Bloomberg News