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."
Swedish Auto Aid
As both General Motors and Ford try to unload their respective Swedish brands, Saab and Volvo's country of origin has stepped in to provide a little financial relief. Sweden will provide up to 25 billion crowns ($3.1 billion) in emergency loans and lines of credit to both Saab and Volvo, though reiterated it has no plans to take any stake in the two auto brands. Most of the federal aid will be comprised of a 20 billion crown line of credit, while 5 billion will be offered in "rescue" loans. In a