After canceling a earlier deadline of December 31, General Motors has given potential suitors until January 7 to come up with a bid for Saab or the storied Swedish brand will go the way of the dodo. On a business level, the move to rid itself of Saab makes sense. Saab is a perennial money loser and it has never quite figured out how to handle the brand.

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General Motors Co. has set a deadline of Dec. 31 for the date when it was going to decide on the future of Saab but Saab board member Paul Aakerlund has been quoted by Bloomberg News to have said that “it is not a date that’s holy.” Aakerlund, who also heads the IF Metall union at Saab, said that GM is willing to wait beyond this date while it reviews remaining bids before deciding.

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There are almost too many stories and rumors about Swedish automaker Saab to keep up with, as the latest reports suggest not one but two Dutch billionaires are involved in a new deal that would see Spyker purchase the loss-making division from General Motors.

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Those digging the grave for Saab might want to put their shovels down after Spyker Cars has submitted a new proposal to purchase the Swedish automaker from General Motors. On Friday GM announced that a deal could not be reached and said it would begin an orderly wind down for Saab.

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Saab got some much-need infusion of funds when Beijing Automotive Industry Holding Co. paid 1.4 billion crowns ($197 million) to purchase the intellectual property rights and equipment to make Saab’s 9-5 and to purchase some technology rights to the 9-3, according to a report from Swedish business daily Dagens Industri.

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When Saab's sale to Koenigsegg flamed out in late November, many presumed it was the end of the line for the brand, much as Penske's withdrawal spelled the end for Saturn. It now looks like those pessimists may not have been far from the mark but there could be a new savior in town.

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Yesterday’s positive news for the Saab faithful has once again been met with the grim reality of the Swedish automaker’s situation. Just 24 hours ago news emerged that China’s Beijing Auto (which supported the Koengisegg-led purchase of Saab) had secured $2.93 billion in loans from the Chinese government – which would presumably be used to purchase the European automaker in its entirety.

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Geely is already Ford’s preferred bidder for Volvo but the Chinese automaker is also keen on acquiring the Saab business from General Motors now that the deal with Swedish consortium Koenigsegg AB is over. [Autocar] Another day another supercar bites the dust. This time a Pagani Zonda F, which met its demise on the streets of Hong Kong.

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Saab’s future will be on the agenda of meetings that will take place this week after Koenigsegg Automotive AB withdrew its bid to buy the financially-distressed General Motors Co. brand. Saab CEO Jan Ake Jonsson and officials from the Swedish government are in Detroit to meet with GM management and potential new buyers.

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In contrast to reports that recently came out, Beijing Automotive Industry Holding Corp. might still be interested in buying Saab, according to the company’s general manager Wang Dazong.When asked by reporters last Monday at the China-European Union business summit, Wang wouldn’t confirm whether BAIC would approach General Motor Co.’s Saab as a solo buyer or only as a part of a consortium.

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The production of the 2011 Saab 9-4X crossover will push through even though Saab is no longer under GM. It is reported that the crossover, which was previewed at the Detroit auto show last year in the 9-4x concept, is due to hit showrooms at the latter part of next year.

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It’s offical, GM has agreed to sell Saab to Swedish supercar makers Koenigsegg! But here are the photos that prove Saab is sticking to what it does best. The camouflage is slowly coming off and these are the best pictures yet of its new flagship, the 9-5, ahead of its debut at Frankfurt in September.

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According to the latest reports, it appears that General Motors signed a letter of intent to sell the Saab brand to Koenigsegg, the Swedish supercar manufacturer and a group of Norwegian investors. If the sale will be made, then GM will have to provide $500 million in assets and cash, plus production equipment for a new Saab model but also the $150 million of cash already in Saab’s account.

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General Motors does not mean to sell any of its brands apart from Hummer, company CEO Rick Wagoner has verified.

Asked whether the company was going to scatter its brands, Wagoner informed Automotive News: “Our focus right now in this regard is exclusively on Hummer. We want to see how that plays out. We are getting some interest in it.”

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Swiss tuner Hirsch Performance has revealed a new tuning program for the Saab 9-3 Convertible. Sporting a new aerodynamics package and an engine upgrade, the car takes only 6.4 seconds to accelerate from zero to 100km/h and achieves a top speed of 260km/h (162mph). The Hirsch Edition model will be officially available only in Germany.

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