SAAB has new Chinese owners.  The car maker was sold at a loss, after it filed for bankruptcy in September.  SAAB hasn’t made any cars in its factory in Sweden, since April!

SAAB was originally offloaded by GM to Dutch company Spyker (now Swedish Automotive).  Chinese distributor Pang Da Automobile Trade, and auto manufacturer Zhejiang Youngman Lotus Automobile will pay about U.S.$142 million for SAAB.

SAAB joins Volvo in becoming a Chinese owned company.  In 2010 Volvo was sold by Ford, also at a loss, to Chinese company called Geely.

SAAB sales in the U.S. suck, in September only 429 cars were sold.  So far for the year 2011 only 4,612 cars have been sold.  In 2003 SAAB sales in the U.S. were ten times that (40,000 cars)!