Farval means goodbye in Swedish (or so the online translator told us). We’d like to say that GM sold Saab, but it didn’t: Saab was literally given away. Well, technically it hasn’t happened yet, but the agreement is done, and we guess that’s news.
The company is going back into the hands of the Swedes, specifically to super car builder and random letter mashup, Koenigsegg. According to the Wall Street Journal, the purchase price is basically zero. GM just needs to get rid of the brand. The deal is hinging on the ability for Koenigsegg to get loans from the European Investment Bank to operate the business.
GM would work with the new owners to transfer technology and “services” to aid them in operating the company.
The story refers to Saab as a “loss making” unit for GM, which is factually correct. It does seem to ring with a strange tone implying that the company was never profitable, which it of course was for decades. Now it’s a “loss maker” a lot like most of the stuff GM seems to have come into contact with lately.
Click the link for the full skinny from the Wall Street Journal
