Detroit, Michigan – The Swedish government has no plans to buy stakes in Saab or Volvo from their parent companies and is not currently planning on issuing any further aid, according to a report by Automotive News. The Sweden-based auto companies are owned by General Motors and Ford, respectively.
Joran Hagglund, the state secretary of the Swedish state, said to reporters at the Detroit Auto Show that the Swedish government will not become an owner of either company, and that GM and Ford must take full responsibility for any actions that must be taken to secure the future of the two brands.
In December, the Swedish government announced that it would provide the equivalent of up to US$3.1 billion in credit guarantees and emergency loans to its ailing auto industry, but that it had no plans to buy stakes in Volvo or Saab. Hagglund said that there have been no discussions on any further aid beyond the funds already promised.
According to the report, Ford CEO Alan Mulally said that several potential bidders have expressed interest in Volvo, but General Motors has not found any buyers interested in Saab.