General Motors sells Saab to Spyker: Sale to close mid-February

In a last minute deal to save Saab, GM has struck a deal to sell the Swedish automaker to Spyker, a tiny Dutch company that until today was best known for selling high-end sports cars.

In a statement John Smith, G.M.’s vice president
for corporate planning and alliances, said,“General Motors, Spyker Cars and the Swedish government worked very
hard and creatively for a deal that would secure a sustainable future
for this unique and iconic brand.

GM began shutting down Saab earlier this year, but the deal will keep Saab in the new car business until the the transaction closes.

But Saab is far from being out of the woods. Among the uncertainty of the brands survival sales plunged 50 percent in the first half of 2009.

Also it will be an uphill challenge for the new company to be named Saab Spyker Automobiles to turn a profit.

Currently Spyker builds and sells only about 30 to 50 made-to-order cars a year for about $250,000 each while Saab build 90,000 car with a total of 3,400 employees. Spyker currently employs about 100 people.

The exact details of the sales transaction remain undisclosed.

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