A rescue plan to save Saab has hit another road block as General Motors decides to stop supplying Saab 9-4X vehicles as well as automobile technology to Saab’s Chinese owners. According to GM, Saab’s third quarter results showed that it is not in the best interest of GM shareholders to continue investing time and money into the company. While Saab Cars North America has suspended warranty coverage on vehicles, GM says they will continue to cover any warranty remaining on Saab vehicles sold under GM ownership. This includes any 2009 and earlier model vehicles sold in the US and Canada.
Saab Cars North America has told owners of newer vehicles to keep receipts of all related warranty work or services performed until further notice. They said they are suspending the processing and payment of all claims, including recalls, towing, certified pre-owned coverage and no-charge maintenance until further direction from Saab Automobile AB, and that any unsold vehicles still sitting on dealers lots will be sold “as is”.
Saab has not filed for either Chapter 7 bankruptcy, which would lead to the liquidation of the company, or for Chapter 11 bankruptcy, which would result in the reorganization of the company under court supervision and protection from creditors.