GM has been trying to sell off its Swedish brand Saab for over a year now without much luck. Now, it looks like they may have to sell what they can of it.
According to a Swedish business news daily, Dagens Industri, Saab has been able to sell the 9-5 model and it's technology to a Chinese automaker. Beijing Automotive Industry Holding Co. (BAIC) has paid $197 million (135 million euros) for the rights to the 9-5 model as well as some technology from the 9-3 range.
The money affords Saab about 3 months worth of operating capital.
BAIC hopes the technology will help it in its development of its own models.
GM has said it will simply close down Saab if a buyer is not found. The company is still in talks with Dutch luxury automaker Spyker which may still buy Saab. But selling off pieces of the well-known and established Swedish brand may, sadly, be all that GM can manage.
