Saab Hits the End of the Road, Declares Bankruptcy
Saab, known for its quirky designs and turbocharged cars, declared bankruptcy Monday in Sweden, officially ending its struggle to stay afloat.
Saab CEO Victor Muller said "the last nail in the coffin" was previous owner General Motors Co.'s rejection of a Chinese company's attempts to gain control of the ailing Swedish brand. Theoretically a new buyer could step in during the bankruptcy process, but that appears unlikely.
Originally an aircraft maker, Saab starting making cars after World War II. The landmark Saab 99 debuted in the late 1960's and became Saab's first turbocharged model. Sales of Saab automobiles peaked in 2006 with 133,000 bought. By 2009, just 27,000 were sold.