It's official. Some 61 years after it was founded, Saab has folded. The company made the announcement today after it was unable to secure promised funding.
It had been courting various partners for a while, but was pinning its hopes on a couple of Chinese auto companies and investors who had ordered cars to sell in that country. The problem is that when you order vehicles, you really need to pay for them.
The Swedish and Chinese companies continued to barter back and forth, but in the end, General Motors, which sold Saab in 2010 but still held key technology licenses, finally said enough is enough. GM refused to okay the latest transaction, the Chinese automaker has withdrawn, and Saab has filed for bankruptcy.
It's not easy or cheap to run a car company, and when GM originally cut it loose, its future was iffy even as its new owners were optimistic. Still, it made some really sweet cars in its day, and it's always hard to see something go, especially one that had such a history. RIP, Saab, and thanks for the ride.
