Saturday, January 10, 2009

Report : GM unable to find buyers for Saab and Hummer

According to trusted sources, General Motors is unable to find buyers for Saab. GM put Saab under strategic review last month as a part of its recovery plan submitted to Congress. Fritz Henderson, GM’s vice chairman and chief operating officer, previously said that GM is looking to sell Saab as soon as possible.

Apart from the $13.4 billion in loans that GM received from President George W. Bush last month, the Swedish government has approved a $3.4 billion package for its struggling auto industry. Saab and Volvo are expected to get the biggest chunk of the loan.

The same sources say that GM is also unable to find a buyer for Hummer which was out under “strategic review” in June. So Hummer doesn't have any support from either GM or the American government.

Source: [ Automotive News]

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