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Saab has filed for bankruptcy after a last ditch investment hope failed this weekend.
Financial turmoil has hit Swedish automaker Saab—again—with the car manufacturer admitting it was unable to pay its 1,500 factory workers last week.
The partnership between cash-strapped Swedish car manufacturer Saab Automobile and the Chinese company Hawtai, which was announced last week, has been canceled.
Dutch manufacturer Spyker Cars NV to roll out a rebirth of one of Saab’s most popular models from the 1950s.
General Motors Co. announced last Friday that it would wind down the operations of its Swedish car brand Saab Automobile immediately.
As General Motors (GM) struggles to avoid bankruptcy despite billion dollar loans from the U.S. government, its two classic European manufacturers Saab and Opel are now up for sale.
Owned by struggling American General Motors, the Saab brand faces bleak times ahead.
