GM Phasing Out Saab

GM says it will begin a "wind-down" of Saab operations as the company has failed to find a buyer for the Swedish car brand since January. Talks with Spyker, a Dutch specialty car maker, were in the works, but GM Europe boss Nick Reilly recently announced that the two companies were not able to reach an agreement. Saab has not made a profit since 2001, and has not replaced its 9-5 model (which has been on the market for over a decade), while most companies release new models every five or six years. The Swedish government said it will not step in to save Saab. Saab employs 3,400 people in Sweden, and GM says approximately 8,000 people will "suffer indirectly” from its demise.