GM Media Archives Search

Progress Reports

GM to Acquire AmeriCredit 07/22/10
Avalanche, Camaro and Terrain earn top honors in J.D. Power APEAL study 7/22/10
GM Nets Five of Edmunds.com’s Top 10 Launch Awards 07/12/10
GM Increases Number of J.D. Power Initial Quality Study Awards 06/18/10
2010 Buick LaCrosse Named a “Top 10 Best Dark-Horse Car of 2010” By Edmunds.com 06/16/10
2010 Chevrolet Equinox, GMC Terrain Earn IIHS Top Safety Pick Award 06/02/10
Buick, Cadillac Top Brands in Vehicle Satisfaction Awards 05/25/10
GM Reports First Quarter 2010 Results 05/18/10
62 GM plants eliminate waste to landfills 05/11/10
Cadillac CTS-V Takes Top Honors in Texas 05/11/10
GM To Invest $890 Million To Build Cleaner, More Fuel-Efficient Engines 4/27/10
GM Pays Back Government Loans in Full 04/21/10
FAQ on GM’s government loan payback 04/21/10
Chevrolet Equinox and Camaro Named Ward’s Auto Interior of the Year Winners 04/13/10
GM CFO: GM on the Path Toward Profitability 04/07/10
GM sales improve for sixth straight month led by crossovers, Buick LaCrosse, Chevrolet Camaro 4/01/10
Chevy named Best Exterior Design for Non-luxury Brand by KBB
LaCrosse, Sierra 2500 HD, Camaro and Equinox earn top honors at Chicago Auto Show 02/17/10
Three Chevrolet Vehicles Named to Kelley Blue Book’s kbb.com Top 10 Family Cars 02/16/10
GM Reaches Agreement to Sell Saab to Spyker 1/26/10
  • Share
  • Print

General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

“Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward.  The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals.  Other terms and conditions specific to the sale will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank.  Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.”

Editor’s Note: This deal was finalized on February 23 at 11 a.m.

GM To Be First Major U.S. Automaker to Manufacture Electric Motors 1/26/10
Ed Whitacre to Continue as CEO; GM Commits to Paying Loans by June 01/25/10
GM Makes First Payment on Government Loans 12/18/09
GM to Begin Repaying Federal Loans in December Ahead of Schedule 11/16/09
GM Market Share Up; October Marks First Sales Increase in 21 Months 11/03/09
General Motors Gaining Market Share in October According to Edmunds.com 10/16/09
GM Invests $230 Million to Tool Up for 2011 Chevrolet Cruze and Volt 10/14/09
General Motors Signs Agreement For Sale of HUMMER to Tengzhong 10/09/09
90 Days Post Bankruptcy, A Different GM Emerges (Part 1) 10/07/09
90 Days Post Bankruptcy, A Different GM Emerges (Part 2) 10/07/09
90 Days Post Bankruptcy, A Different GM Emerges (Part 3) 10/07/09
GM to Sell Majority Stake in Opel/Vauxhall to Magna/Sberbank 09/10/09
GM’s August Sales Up 30 Percent Over July 09/01/09
GM Increasing N. America Production, Adding Jobs to Meet Demand 08/18/09
General Motors and Koenigsegg Group Sign Deal on Sale of Saab 08/18/09
A New GM Kicks Into High Gear at Product and Technology Event 08/11/09
Chevrolet Volt Expects 230 mpg in City Driving 08/11/09
2010 Launch vehicles by Buick, Cadillac, Chevrolet and GMC 08/11/09
New Buick Crossover Will Feature Plug-In Hybrid System 08/06/09
GM’s Board of Directors’ Statement on the Newly Launched GM 08/05/09
GM Resumes Leasing in Five States 08/03/09
GM July Retail Sales Up for Fifth Consecutive Month 08/03/09
GM Announces Leadership Appointments and Retirements 07/30/09
GM Names New Members to Board of Directors 07/23/09
GM Announces Major Leadership Changes 07/23/09
Chevrolet Launches ChevroletVoltAge.com 07/16/09
The New General Motors Company Launches Today: Part 3 07/10/09
The New General Motors Company Launches Today: Part 2 07/10/09
The New General Motors Company Launches Today: Part 1 07/10/09
GM 363 Asset Sale Approved by U.S. Bankruptcy Court 07/06/09
GM selects plants for future small car assembly 06/26/09
What Quality Gap? 6/23/09
GM, Koenigsegg Group AB Reach Tentative Agreement on Saab 06/15/09
GM Opens Largest, Most Advanced Automotive Battery Lab In The U.S. 06/08/09
Fritz Henderson’s Senate Testimony on Dealer Consolidation 06/03/09
General Motors, Penske outline proposed deal for purchase of Saturn 06/05/09
Summary FAQ on GM’s Chapter 11 Filing 06/03/09
GM Vehicle Protection,  Incentive Programs will Continue 06/02/09
General Motors Announces Preliminary Agreement To Sell HUMMER 06/02/09
Customer FAQ on GM’s Chapter 11 Filing 06/01/09
New GM-UAW Labor Agreement Eliminates Competitive Gap for GM 05/29/09
GM Announces Plans to Build Small Car in U.S. 05/29/09
GM Reducing Dealer Count from 5,969 to 3,600 by 2010 05/15/09
Four Core Brands to Focus New Product Development 04/27/09
LEGAL DISCLOSURE:
In this report we use "plan," "project," "position," "will," and similar expressions to identify forward-looking
statements that represent our current judgment about possible future events. We believe these judgments
are reasonable, but we do not guarantee any events or financial results. Our actual results may differ
materially due to a variety of important factors discussed in our most recent reports on SEC Forms 10-K,
10-Q and 8-K, which may be revised or supplemented in future SEC reports.