Saab News

The Times has published a "need to know" summary of the world economy today.  The article details the key players within each industry sector and it's not surprising that the automotive industry dominates the column inches under the "engineering" banner.  Vansdirect.co.uk has continuously reported on the crumbling van and car market and today's article is further evidence of the state of the world's affairs.  Here is the "engineering" section presented in full:

The Swedish car maker Saab, recently cut off by parent company General Motors, is to cut 750 jobs in an attempt to survive.  The job losses will be at Saab's only factory based at Trollhattan, Sweden which employs approximately 2,000 of the car makers 4,000 staff. 

Further to yesterday's article, Vansdirect can confirm that Saab has filed for bankruptcy protection and is now looking for new investors.  The move, the outcome of an overnight board meeting, may mark the beginning of the break-up of General Motors (GM), Saab's US parent company.

General Motors, the parent company of Vauxhall, will allow another subsidiary to collapse amidst the current economic turmoil. Saab could file for bankruptcy protection within days after GM have failed in their efforts to sell the brand and following the Swedish Government's decision not to intervene.