GM's hope that Saab might continue on as a standalone automaker in 2010 with a little financial assistance from the government of Sweden has hit a major snag. Sweden's Enterprise and Energy Minister Maud Olofsson has said that she's "deeply disappointed in General Motors," and calls its actions "irresponsible."
From what we can gather, there is absolutely zero chance that the current administration in Sweden will give any money to General Motors on behalf of Saab, though the possibility does remain that a loan of up to five billion kronor (450 million euros, $566 million) could come from the European Investment Bank with Sweden acting as guarantor.

The fact that Sweden is reluctant to put its backing behind Saab shouldn't come as a surprise. Since GM purchased the once quirky automaker, it's found itself in a constant struggle to actually turn a profit on the investment. The Swedish government doesn't seem to think it could do any better.

[Source: Detroit Free Press]

Share This Photo X