Detroit, Michigan – General Motors has confirmed that the proposed sale of Saab to Koenigsegg Group AB has fallen through.

The company said that sale of the Saab subsidiary was terminated at the discretion of the buyer.

“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said Fritz Henderson, GM president and CEO. “Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB. Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week.”

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