The iconic Swedish car brand may be near its end.
Bloomberg: General Motors Co. may shut its Saab unit after Koenigsegg Group AB canceled a planned acquisition of the Swedish company, a person familiar with the matter said.
GM’s board will review the future of the bankrupt unit at a Dec. 1 meeting, said the person, who asked not to be identified because the talks aren’t public. Directors could opt to keep Saab, as they did when deciding earlier this month to cancel a sale of the Opel brand in Germany, the person said.
As the story notes, GM has a contingency plan for Saab similar to a process being used to wind down Saturn. Saab owners would continue to be covered by GM warranties and be assigned to a new dealership for service.
Through October of this year, GM sold only 7,441 Saabs in the U.S., a 62 per cent drop from the same period in 2008, according to the AP. In October, only 513 Saabs were sold nationwide.
Read the whole thing here.
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