R.I.P. Saab

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New York (Gaea News Network) — General Motors is shutting down popular Swedish car brand Saab, after it failed to close a deal.

General Motors has announced earlier in the year that it is close to reaching a deal with Swedish carmaker Koenigsegg. Unfortunately for Saab, the deal did not materialize.

John Smith, GM vice president of corporate planning and alliances, said that Koenigsegg discovered some issues that they didn’t think “could be overcome in a timely fashion”.

Subsequent attempt to make a deal with Dutch carmaker Spyker also failed to conclude in time, according to GM.

GM informed that it still intends to sell some Saab 9-3 and 9-5 technologies to Chinese automaker Beijing Automotive Industry Holdings Co. Ltd. as a result of a deal which was announced last week.

According to GM Europe President Nick Kelly, GM needed a quick resolution, a statement which effectively seals the fate of Saab.

GM will stop Saab production but warranties will be honored and spare parts will be available, accordiing to GM.

3,400 Saab employees will be affected by Saab’s closure, said GM Spokesperson Chriss Pruess.