General Motors Co. will shut down its Saab brand after announcing today that it could not conclude a deal to sell the Swedish automaker. It is the latest setback in GM's efforts to sell unwanted brands, including Saturn and Opel. GM officials are expected to provide more details at a 9:45 a.m. conference call.
GM Chairman and interim CEO Ed Whitacre warned earlier this week that it may close Saab by the end of the month if a deal cannot be reached with possible buyer Spyker Cars N.V.
"Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution," GM Europe President Nick Reilly said.
The deal's collapse affects about 3,400 employees globally and 1,100 dealers -- including about 218 in the United States.
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