Saab's future is back in GM's hands

DETROIT, Nov. 25 (UPI) -- General Motors Co. said it could decide within a week whether or not to abandon Saab, the Swedish brand that lost a buyer Tuesday.

Swedish sports car maker Koenigsegg backed out of plans to buy Saab, blaming delays in reaching a deal.

"The time factor has always been critical for our strategy to breathe new life into the company," Koenigsegg said in a statement, The New York Times reported Wednesday.

For GM, it was the third deal that failed to close in two months. Penske Automotive backed out of a deal to buy Saturn in September. And GM backed away from its intention to sell its Opel and Vauxhall brands in October.

A deal to sell Hummer to a Chinese company is awaiting permission from Chinese regulators.

Saab in particular, "is a weak brand in a market where there are no buyers," said John Casesa, an auto analyst at Casesa Shapiro Group.

"Car companies are in no mood to buy anything and financial sponsors aren't able to buy anything. Saab wouldn't be an easy sale in a good market," he said.