Zhejiang Youngman Lotus Automobile has been jettisoned from the dwindling pool of bidders for Saab after tendering an offer of $492 million for the whole kaboodle. Exact reasons weren't given for Youngman leaving the table, but according to a report in Autoweek.nl, "Chinese bureaucracy" was partially to blame and there apparently wasn't complete confidence in the Chinese company's finances.

Reports say the bidding is meant to close in the next week, but we still don't know who all the bidders are – India's Mahindra & Mahindra, China's Geely/Volvo and at least one as-yet-unknown entity are after the whole company or select assets. Swedish media was hinting at another bidder with electric car knowledge, not from China, to take control of Saab. And if that same Autoweek.nl story is correct, Spyker's Victor Muller didn't leave the premises empty-handed, as "Spyker would be the licensing agent of the Saab 9-5 and continue to be paid for its use."


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 15 Comments
      Logan
      • 2 Years Ago
      I would rather have them be saved by BMW but hey anyone is good
      pablo94sc
      • 2 Years Ago
      Youngman Lotus added a new bid of $552 as of the news today - http://www.businessweek.com/news/2012-06-01/mf-global-bloxham-saab-weavering-capital-rangers-bankruptcy There's still some hope yet!
      FIDTRO
      • 2 Years Ago
      What's really a shame is that Saab built cars with the customer heavily in mind, rather than just profits. I don't drive one, but I really like this company. Here's hoping someone saves it!
      Avinash Machado
      • 2 Years Ago
      Hope Saab will be rescued.
      Kumar
      • 2 Years Ago
      Mahindra eh? Well that's certainly one way to get a dealer network in the US to sell their trucks and other vecs.
      chromal
      • 2 Years Ago
      Here's hoping in spite of it all for SAAB Auto to somehow live on in a meaningful way (e.g.: made in Sweden).
        • 2 Years Ago
        @chromal
        [blocked]
      J D
      • 2 Years Ago
      Smart to bail on Saab. They built decent cars (though the styling was a bit polarizing), but they NEVER knew how to manage the books and ran at a loss almost every year. You just can't make cars like that. They are a textbook case of how NOT to run a car company. It's no surprise that even the Chinese don't want to take on this pandora's box.
        • 2 Years Ago
        @J D
        [blocked]
          • 2 Years Ago
          [blocked]
      AJ
      • 2 Years Ago
      Someone needs to rescue saab so that they build this beauty.
      Justin Shaw
      • 2 Years Ago
      the only reason I would be looking to save save aside from their FWD knowledge, would be their expertise with turbos. Don't forget, they were the first ones to give the average consumer a turbo back in the day.
      • 2 Years Ago
      [blocked]
      Michael Scherping
      • 2 Years Ago
      Man I wish BMW would take the reigns. That would be so awesome for both parties. Mazda and SAAB could also benefit with some synergies in some co-development. And maybe even PSA. I'm sure GM wouldn't have a problem with that seeing as they themselves struck a deal with PSA too.
    • Load More Comments