Auto industry analyst Martin Skold at the Stockholm School of Economics, told the Swedish news agency TT GM's decision was "depressing and tragic."
"But right from the start I had very little hope that it would be possible to find a buyer," Skold said. "It is also a big loss for the country, when you think about all the knowledge and competence that has been built up over a long period."
Skold noted that "international car sales have fallen steeply and in Saab's case they have been in free fall. It would have required huge amounts to get Saab on its feet again."
Swedish Industry Minister Maud Olofsson reacted by saying the news was "very bleak."
Lars Ohly of the Left Party, a junior member of Sweden's opposition Red Green coalition, issued a call for proactive government initiatives.
"The important thing now is that the state pursues more proactive policies to stimulate investment, and that it is prepared to get involved in various projects itself in the next few years," he said.
Copyright 2009 by United Press International.
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