Even Swedes Don't Want Saab: Today's Outrage

NEW YORK (TheStreet) -- Saab, the one-time luxury Swedish automaker, has lost so much cache that not even national pride appears to be enough to save the brand.

Koenigsegg, the Swedish specialty car company that had stepped up as Saab's savior, walked away yesterday because it couldn't agree with investors about how to save the brand from the mass-market ignominy inflicted by General Motors.

Such are the perils of globalization. Now GM needs to find a plan B. Will it keep Saab? Can it afford to keep the business alive long enough to find a new buyer?

I don't see Ford (F Quote) stepping in, considering its own issues with Volvo, the other one-time Swedish great. Toyota (TM Quote) and Honda(HMC Quote) have built their own luxury lines and wisely maintained their focus on fewer core brands. Daimler (DAI Quote) is glad to be free of Chrysler to focus on its Mercedes style of luxury and BMW is pretty much a solo act again after shedding Rover.

Frankly, I'd be surprised if any Western automakers are interested.

So Saab's savior may come from the East.

Beijing Automotive Industry Holdings, which had planned to become a minority owner of Saab as part of the Koenigsegg deal, says it remains keenly interested in internationalization and will "carefully re-evaluate" the situation.

What a delicious turn of events it would be if the Chinese, whose mass market exploits are legendary, could return Saab to its former glory as a premium brand.

Such a feat would redefine China's role in the global economy. And that is going to happen at some point, of that I am sure. Maybe not with Saab, but with some global brand.

Are you ready for the switch from "made in China" to "owned by China"?

For Saab, that may be the only remaining hope.

--Written by Glenn Hall in New York.

More on Saab

Beijing Autos Says Will Reevaluate Saab Bid.

GM Deal Fails: End of Road for Saab?

GM statementon termination of Saab sale.