Saab: Swedish Carmaker Born From Jets Files For Bankruptcy After 64 Years

Despite not being the most popular of cars on the road, Saab has been around long enough for motorists to take notice and build a reputation for understated quality.

Saab files for bankruptcy

With the car brand’s original roots taking it back to fighter jets, one of the trademark features of Saab sedans were its “backwards” switches that mimic those found in the cockpit of jets. Despite its uniqueness and solid build quality, the Swedish automaker ran into trouble times and now are filing for bankruptcy after 64 years.

Swedish Automobile, the company’s parent, filed for bankruptcy earlier today in Vanersborg, Sweden. It said it “does not expect to realize any value from its shares in Saab Automobile” and “will write off its interest in Saab Automobile completely.”

Saab CEO Viktor Muller added that the Swedish brand’s death was confirmed when its previous owner, GM, rejected a bid by Zhejiang Youngman Lotus Automobile Co. Muller for the brand.

“This is the darkest day in my career, probably in the history of Saab. But we had no other alternatives,” Muller was quoted as saying by Swedish media.