In a startling turn of events, General Motors has reversed its decision to sell Saab to Spyker Cars.
“After considering the potential of Saab within General Motors, the board of directors and senior management has decided that we are capable of doing a much better job than GM has done in the last 20 years,” said GM Chairman and CEO Ed Whitacre. “As such, we are now exercising our legal right to buy back Saab from Spyker. We’re within the 100-day reversal period.”
After a long and grueling process, GM finally came to an agreement with Spyker Cars, NV. to sell Saab to the Dutch supercar maker in late January (2010). The move to buy Spyker back marks GM’s reversal of that decision.
“While our contract with GM does include a buyback option, we are going to charge GM for it,” said Victor Mueller, Spyker Cars Chairman and CEO.
And he’s not kidding! GM announced it will pay $410 million to buy back the legendary Swedish brand. That’s almost a 400 percent increase compared to the amount Spyker paid for Saab in the beginning of 2010.
GM’s plan of action for Saab remains unclear at this point, but the company said that it plans to provide the brand with twenty all-new models within the next five years.
“We will reinvent Saab from the ground up,” said Whitacre. “We have decided to scrap all future product plans at this time and start from the beginning.”
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