SAAB Forces Shut Down This Year

Several years ago, Saab Automobile had filed for bankruptcy and though they will no longer stay on business, marking the end of more than 60 years. After the filing of the bankrupcy report, the Swedish automaker’s owners had already surrendered their assets to the judicial court.Of course Saab fans might figure out and see GM as the major competitor and the villain in this corporate drama and is now reaching the peak of success to the automotive industry. There have been also rumor that the company has forced and paid the said auto maker to get out of the industry and merge their assets to them.

The name of Saab's last concept was not launched to the market due to the said issue and that is the renowned Phoenix which was shown off at the 2011 Geneva auto show, a final bid by the company to show it could rise from nowher. Its turbocharged 2.8-liter engine made 300 horsepower and cabin technology was built around a hard drive-based navigation system.The company, founded in 1947 and owned by GM since 2000, was due to be shut down in 2009 as GM consolidated its brands.Victor Muller, former CEO of Spyker Cars, threw Saab a lifeline, taking over the company and attempting to arrange financing. Most recently, Chinese automaker Youngman Automobile Group was set to purchase Saab. But GM, which still owns Saab technology licenses, spiked the deal by refusing to extend the licensing to Young man.

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