Ecclestone, Genii, pull out of Saab bidding race

[John S]

This leaves just one chance now, with Spyker, to save the SAAB brand.

Bernie Ecclestone and Genii Capital have pulled out of the running to buy the beleaguered Swedish carmaker Saab.

"Genii Capital believes that the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a solid business platform for the future and closing the transaction," the Luxembourg based company said in a statement.

It emerged earlier this month that the familiar F1 names were facing off with Spyker, the Dutch specialist sports car maker that competed in F1 in 2007, to buy the currently General Motors-owned Saab.

Genii, headed by Gerard Lopez, recently bought a controlling stake in Renault's formula one team. Ecclestone, the F1 chief executive, was a part of Genii's Saab-bidding consortium.

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[lkjohnson1950]

GM is not really interested in saving Saab or Saturn. The Penske-Saturn deal fellmthrough because GM would not guarantee to supply cars until Penske could get his Chinese connection up and running. This sounds like a similar situation. Given that GM is shutting down factories and laying off workers left and right, I don't see why they can't gear up to produce a few extra cars.

Lonny

[cosworth151]

It looks like the sale to Spyker has gone ahead. GM has sold Saab for $74 million.

http://www.autoweek.com/article/20100126/CARNEWS/100129947

[Jericoke]

Given that GM is shutting down factories and laying off workers left and right, I don't see why they can't gear up to produce a few extra cars.

Who's going to pay for the cars?

GM is completely hamstrung, and saving jobs in Sweden with American tax dollars is a low priority.  Same with propping up a chain that is planning to sell Chinese cars.

If Penske or Spyker is willing to cover costs now, then GM will keep building.  Otherwise, they literally have no money to run the factories.

[Willy]

Nice to hear that SAAB will continue under Spyker.

But it is sad to see all those extra tax dollars go to GM, Ford & Chrysler when they are their own worst enemies by making crap for the last 40 years.

The govnt should have made the payments contingent on a clean sweep the each boardroom.

[cosworth151]

Ford didn't take one cent in government tax money. They just posted $2.7 billion in net income for last year. With the myth of Toyota quality finally exposed, Ford will do even better this year.

The last thing we need is more government interference with the auto industry. That leads to lunacy like discontinuing Pontiac while keeping stodgy old Buick.

[Jericoke]

Ford didn't take one cent in government tax money. They just posted $2.7 billion in net income for last year. With the myth of Toyota quality finally exposed, Ford will do even better this year.

The last thing we need is more government interference with the auto industry. That leads to lunacy like discontinuing Pontiac while keeping stodgy old Buick.

Honestly, dropping Pontiac was a good idea.  There isn't room for a 'discount' division any more.  The same line makes (made) Pontiacs and Buicks, and they made a lot more money per unit with the Buicks.

As you point out, Ford is making money, and one of Mullaly's first decisions was to stop losing money on the Focus.  He believes they should make money on every single car sold.

[cosworth151]

Chevy is their "discount" line. Pontiac has been their performance division since the late 1950's. Buick is just a cheapened, toned down Cadillac for really, really old middle management types. Pontiac usually outsold Buick by at least 2 to 1. Buick, and now, GM, has nothing that could compare to the Solstice or G8.

[Jericoke]

Chevy is their "discount" line. Pontiac has been their performance division since the late 1950's. Buick is just a cheapened, toned down Cadillac for really, really old middle management types. Pontiac usually outsold Buick by at least 2 to 1. Buick, and now, GM, has nothing that could compare to the Solstice or G8.

I know that I'd rather drive a Pontiac than a Buick.  However, most people don't want a 'performance' car any more.  It's sad, but true:  a car company has to make cars that people want.  That's why Ford is doing well without a 'car guy' making decisions.

Profitable Ford does just fine without anything to compare to the Solstice or G8.  I'm sad to see them go as an automotive fan, but as a consumer, I wasn't going to buy either anyway.  (I wish Ford made a performance wagon, the Mazda is just a little tight on me.  My next car will probably be an Escape.)

[lkjohnson1950]

GM retained Buick because Buicks are huge in China. They sold more Buicks in China than they did in the US, and US sales are quite respectable. Pontiac died because the G6 was a big flop. They took a very nice Opel and dumbed and numbed it down so much even Americans didn't want it. On top of that neither the GTO nor the G8 sold anything like what they were expected to sell, so Pontiac lost the performance luster they had for so long. Too many strikeouts and not enough hits. Very sad.

Lonny

[cosworth151]

Profitable Ford does just fine without anything to compare to the Solstice or G8.

Mustang. High performance with the drive wheels on the back, where they belong. 

I can't recall the last time I saw a Buick that didn't have a little old blue haired lady peeking over the dash.

[Willy]

I can't recall the last time I saw a Buick that didn't have a little old blue haired lady peeking over the dash.

That is so true!!

And I think they only make them in beige.

Out here in British Columbia (and I'm sure many other places) we issue a different coloured licence plate to Veterans.
There are more beige coloured Bruicks with light blue Veteran's plates on them then you can shake a stick at.
 The nice thing is you can see them far off and avoid then at your peril.