A lawsuit has been lodged against GM by Spyker, the Dutch sports car company and parent business of the all-but-dead Saab. General Motors is alleged to have intentionally sabotaged a possible sale of Saab to Chinese buyers, which pressured the long-time Swedish auto company into bankruptcy. Are you currently in the market to sell or purchase a used or new SUV? If this portrays you, stop by the inventory at Gus Johnson dealership Spokane!
Spyker files lawsuit over continuing crisis
In spite of being in business for quite a while, Saab was seriously on the ropes for several years before its bankruptcy, largely thanks to terrible sales. However, the brand is known as legendary for numerous reasons, most notably perhaps as a result of reputation Saab automobiles had for safety and the distinctive fastback.
GM really acquired Saab at one point, but then, during the General Motors bankruptcy, it sold Saab off in 2010 to Danish sports car company Spyker. Spyker then tried selling the brand to somebody else until General Motors came in and ruined the sale supposedly. GM is getting sued for $3 billion by Spyker for this very reason.
Dispute involves intellectual rights
According to the lawsuit, General Motors kept Pang Da Automobile Trade Co. and Zhejian Youngman Lotus Automotive from funding Saab. It may be true since General Motors may not want its engineering and technology in the hands of a Chinese automaker. Most of the more recent Saab models have the General Motors technology in them, according to AutoBlog.
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However, a tentative plan, called the Framework Agreement within the negotiations, would have made any General Motors technology or design out-of-bounds for any brand new vehicles developed. Brand new vehicles would be developed using the Saab PhoeniX concept car as a framework. However, General Motors said that since there was a modicum of General Motors influence on the PhoeniX, the deal needed approval from GM, which GM was not going to give. When that happened, Youngman lost interest and Saab went bankrupt. Spyker alleges Saab would have been a viable business otherwise and the action was illegal, hence the case.
Nobody wanted Saab
Saab was not selling a lot anyway, so is does not make sense that there is a big fight about it. It was purchased by a consortium called National Electric Vehicle Sweden AB that has Spyker in it too, according to Inside Line. The plan is to start producing electric vehicles.
Saab was dying, which is why it does not make sense that GM would even care about the sale and change. The bankruptcy was to be anticipated. In fact, according to Businessweek, only 25,093 automobiles in Europe and 8,690 Saab automobiles in the United States were sold in 2009, according to Businessweek. In 2010, there were 5,445 sold in the U.S., and there were only 4,612 sold in the United States in the first 10 months of 2011, according to CNN.