Saab threw white towel into the ring and says good bye
Saab Automobile has finally threw white towel into the ring and declared itself bankrupt on Monday. The Swedish car maker stopped making cars since April due to lack of funds. The company forced to say good bye after the former owner GM blocked their last rescue plan by Chinese investor Zhejiang Youngman Lotus Automobile.
Saab is one remarkable car maker that well-known for its innovation, green technology, safety, and turbo-charging system in the automobile industry. The company was founded in 1937 and it has been always making notable cars for 64 years in the industry including the Saab 93B, Saab 900, and the most recent Saab 9-3 and Saab 9-5. However, their car sales don’t really went good and the total production of Saab cars in 2010 is less than 50,000 units. This has because the company suffers for money in first quarter of 2011. Many rescues were attempts to the company and the last one was Zhejiang Youngman who intends to buy 54% of Saab for 245 million euro.
It’s really sad to see such a good car brand was killed by GM indirectly after the Saturn. For whoever own Saab cars, you may keep it nicely in the garage as it will be a piece of history in the future.
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