GM continues to stand in the way of Saab’s lifeline investment deal with two Chinese investors. Pang Da and Zeijiang Youngman Lotus Automobile signed a memorandum of understanding with Swedish Automobile (the owner of Saab) at the end of last month agreeing to purchase 100 per cent of the embattled manufacturer for 100 million euros ($137 million).
But GM rejected the initial deal two weeks ago, and has since rejected a second proposal prepared by the Chinese investors.
GM spokesman James Cain told Swedish newspaper Dagens Industri a 100 per cent takeover could hurt GM’s position in emerging markets like China. "Saab and Youngman can do whatever they think is best for the company," Cain said. "But if it is a 100 per cent takeover of Saab, they are going to do it without the cars we deliver, the 9-4X, and without GM's technology."
In retaliation to GM’s response, Saab sympathisers have smashed the Detroit-based manufacturer’s Facebook page with hundreds, potentially thousands, of posts. GM has not responded to any of the comments so far.
Production of Saab vehicles has been suspended since April because the company doesn’t have the money to pay it employees or suppliers. Pang Da and Youngman believe they can return Saab to profit within three years – if the deal is allowed to go ahead.