GM sued for $3 billion over Saab collapse

General Motors is facing a $3 billion law suit alleging it drove Swedish manufacturer Saab into bankruptcy.

Dutch sports car maker Spyker, which bought Saab from GM in 2010, is claiming that the US giant prevented it from securing agreements with Chinese companies that would have provided the investment to secure Saab’s future.

The $3 billion figure is based on Spyker’s calculation of what Saab would have been worth in 2016 after the launch of new 9-3 models.

Saab went bust on 19th December last year, Spyker and its CEO Victor Muller having spent months trying to secure a rescue deal for the company.

The most likely agreement, with Chinese giants Pang Da Automobile and Zhejiang Youngman Lotus, collapsed after GM threatened to stop supplying its technology to Saab.

In a statement announcing the suit, Spyker says; “GM’s actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM’s tortiously interfering with a transaction between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and remain a solvent, going concern.”

Muller says Spyker has worked relentlessly on the suit ever since it was forced to file for Saab Automobile’s bankruptcy. The suit; “seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM’s unlawful actions.

“We owe it to our stakeholders and ourselves that justice is done and we will pursue this lawsuit with the same tenacity and perseverance that we had when we tirelessly worked to save Saab Automobile, until GM destroyed those efforts and deliberately drove Saab Automobile into bankruptcy.”

According to media sources GM is refusing to comment until it has seen the law suit.

Words by: Andrew Charman