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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Koenigsegg gives up bid for Saab AFP - Wednesday, November 25 Send IM Story Print A Cadillac is mirrored in Saab signage at a dealership in Pasadena California. Swedish luxury carmaker Koenigsegg said Tuesday it was giving up its bid to acquire Saab Automobile from its US parent company General Motors. STOCKHOLM (AFP) - – Swedish luxury carmaker Koenigsegg said Tuesday it was giving up its bid to acquire Saab Automobile from its US parent company General Motors, saying costly delays made the deal too uncertain. The announcement plunged Saab's future into doubt. "We regret that after six months of intense and goal-oriented work we have come to the painful and difficult conclusion that we are not going to be able to carry out the acquisition of Saab Automobile," the head of the company, Christian von Koenigsegg, said in a statement. Koenigsegg announced in September that it had teamed up with Beijing Automotive Industry Holding Co Ltd (BAIC) to buy Saab from GM. But it still needed a 400-million-euro (600-million-dollar) loan from the European Investment Bank and wanted the Swedish government to act as a guarantor. Swedish media have suggested that Saab was running short of money to continue its day-to-day operations, and doubts have flourished among experts and commentators about whether Koenigsegg would have the necessary expertise to run a major car company. Koenigsegg Group, founded in 1994, has just 45 employees and produces 18 high-end sports cars a year at more than a million euros (1.4 million dollars) each. Saab, by contrast, employs 3,400 people in Sweden alone and sold just over 93,000 cars worldwide in 2008. Koenigsegg initially announced its plan to acquire Saab in June, and the deal was originally expected to be concluded by the end of October but has suffered from repeated delays. The Swedish government, which has repeatedly refused to take a stake in the struggling carmaker, as of Tuesday had still not decided whether to act as guarantor for the EIB loan. "The time factor has from the beginning been critical for our strategy to breathe new life into the company. Unfortunately, delays in completing the deal have led to risks and uncertainties that prevent us from successfully carrying out our business plan for Saab Automobile," Christian von Koenigsegg said in the statement. In an interview with Swedish news agency TT, he stopped short of blaming the government for the costly delay. "I don't want to point the finger. It's an incredibly complicated process," he said. "We had a business plan but when Saab is bleeding and can't grow as long as we're waiting (for a decision), the economic implications and outcome of our business plan become too unclear," he said. General Motors said it was "disappointed" by Koenigsegg's decision. "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. "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," Henderson said. "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." Saab spokesman Eric Geers meanwhile told AFP Koenigsegg's decision came as "a surprise." "We'll see what happens now. It's up to GM, the owners," Geers said. Under GM's stewardship spanning almost two decades, Saab rarely posted a profit and last year lost 3.0 billion kronor (241 million euros, 341 million dollars at the time). While some 3,400 people are employed at Saab's factory in Trollhaettan, a town of 55,000 in southwestern Sweden, another 12,000 work for suppliers or subcontractors that directly rely on the automaker for their income. 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