GM’s Sale of Saab to Koenigsegg Collapses

General Motors confirmed Tuesday that its planned sale of Swedish automaker Saab to Koenigsegg Group AB has collapsed with Koenigsegg terminating the sale.

What’s next for Saab has yet to be determined.

“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” GM President and CEO Fritz Henderson said in a statement issued by GM. ”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,” Henderson added.

The failed sale of Saab comes within weeks of GM’s halted sale of Germany’s Opel, though in that case, it was GM that decided not to sell Opel.