Sweden was balancing between hope and despair yesterday after US carmaker General Motors gave its Swedish brand Saab a one-month respite to find a new owner or face closure, Swedish media said.
"A month-long voyage between hope and despair," news agency TT said, after an announcement by GM late on Tuesday that it would evaluate potential bids by the end of December or shut the loss-making marque down.
The decision comes after Swedish niche sportscar maker Koenigsegg withdrew its bid for Saab on November 24.
Saab, which built its first prototype cars in 1947, now risks simply disappearing.
Nonetheless, Saab chief executive Jan-Aake Jonsson told TT GM's announcement was "the best decision one could hope for," shortly before flying home from Detroit where a meeting had taken place between representatives from Saab, GM and the Swedish government ahead of a GM board meeting to discuss Saab's fate.
"It was an important answer we received today. It shows GM is looking at future possibilities for Saab with a new owner," Annette Hellgren, the head of Saab's Unionen union, told TT.
GM said its board would "evaluate potential bids between now and the end of December. At that time, we will determine whether a suitable arrangement for Saab exists. If not, we will begin an orderly wind-down of the global Saab business at that time."
"They've given us 30 days. That means they'll let us go after New Year's," Joergen Landin, a Saab employee of more than 30 years, said yesterday as he arrived for his shift at the Trollhaettan plant in southwestern Sweden.
"But we haven't given up all hope yet. That's what I need to believe," he added.
Tabloid Aftonbladet, Sweden's most widely read newspaper, said closure of the iconic brand remained "just around the corner".
According to Dagens Nyheter, "Saab's two decades under GM's wing were a disappointment for both parties and serves unfortunately as a deterring example for potential bidders."
The daily said "uncertainty and worry" would continue for the coming month, noting that "Saab's profitability problems can't be resolved, even if GM finds a buyer."