Saab Automobile AB, better known as Saab (English pronunciation: /ˈsɑːb/), is a Swedish car manufacturer currently under receivership. It was formed in 1945 out of Saab AB, "Svenska Aeroplan AB (aktiebolaget)" (English: Swedish Aeroplane Limited), a Swedish aerospace and defence company, when Saab AB started a project to design a small automobile. The Saab 92, Saab's first production model, was launched in 1949. The parent company merged with Scania-Vabis in 1968, and ten years later, in 1978, launched the Saab 900, Saab's best-selling and most iconic model. In 1989, the Saab car division of Saab-Scania was restructured into an independent company, Saab Automobile AB; General Motors (GM), with an investment of US$600 million, owned 50%. GM exercised their option to acquire the remaining Saab shares in 2000, spending US $125 million to turn the company into a wholly owned subsidiary. GM sold it to the Dutch automobile manufacturer Spyker Cars N.V. (now Swedish Automobile) in 2010.
After struggling to avoid insolvency throughout 2011, the company petitioned the Swedish court for bankruptcy following the failure of a Chinese consortium to complete a purchase of the company; the purchase had been blocked by former owner GM, which opposed the transfer of licenses for patents and technology to Chinese companies. On March 6, 2012 an Indian news paper reported that at least two companies have placed bids for complete SAAB Automobile buy out. These are India's Mahindra and Mahindra and China's Youngman. It is reported that these bids are in the range $300 million to $400 million.
Saab Automobile AB, better known as Saab (English pronunciation: /ˈsɑːb/), is a Swedish car manufacturer currently under receivership. It was formed in 1945 out of Saab AB, "Svenska Aeroplan AB (aktiebolaget)" (English: Swedish Aeroplane Limited), a Swedish aerospace and defence company, when Saab AB started a project to design a small automobile. The Saab 92, Saab's first production model, was launched in 1949. The parent company merged with Scania-Vabis in 1968, and ten years later, in 1978, launched the Saab 900, Saab's best-selling and most iconic model. In 1989, the Saab car division of Saab-Scania was restructured into an independent company, Saab Automobile AB; General Motors (GM), with an investment of US$600 million, owned 50%. GM exercised their option to acquire the remaining Saab shares in 2000, spending US $125 million to turn the company into a wholly owned subsidiary. GM sold it to the Dutch automobile manufacturer Spyker Cars N.V. (now Swedish Automobile) in 2010.
After struggling to avoid insolvency throughout 2011, the company petitioned the Swedish court for bankruptcy following the failure of a Chinese consortium to complete a purchase of the company; the purchase had been blocked by former owner GM, which opposed the transfer of licenses for patents and technology to Chinese companies. On March 6, 2012 an Indian news paper reported that at least two companies have placed bids for complete SAAB Automobile buy out. These are India's Mahindra and Mahindra and China's Youngman. It is reported that these bids are in the range $300 million to $400 million.