Saab is Bankrupt

Today, Saab filed for bankruptcy protection. Other divisions of GM that are going away are Saturn, Pontiac, and Hummer. At one time GM was the engine of america. As late as 2000 it was the biggest company by revenue in america and its market capitalization was over 50 billion. Today its market cap is a little over one billion and things look very very bleak.

Hummer fell apart when gasoline went over $4/gallon last year. Sales did not recover this year, but are 50% of what they were last year. Still, Saab was a good brand. a very solid car that was built tough in Sweden. Cash strapped GM, once world's biggest automaker is now cutting back in a desperate attempt to survive.

The CARtastrophe known as General Motors is falling apart. Saab is one more piece of evidence that the industrial and financial model used by this once great company is obsolete. My predictions are for an innovazone in the future. These hot beds of activity are what will bring innovation back. The innovazone is a center for innovation that will use technology to create new exciting products.