GM prefers to kill Saab’s new model 9–5 than sell it to a competitor, General Motors' vice chairman Bob Lutz said.

Although standing ready for production, Saab’s long-anticipated new model 9–5 may never reach the consumers as General Motors plans to wind down the Swedish auto brand.

“It would be so sad that it never sees the light of day despite that it’s a fantastic car,” GM vice chairman Bob Lutz told the TT news agency, adding that the model is not likely to make it to market.

According to news reports, GM will hold on to the 9–5 technology, move it to China and release it under a Buick badge. But Bob Lutz rejects all such rumors as “completely wrong”.

Last Friday GM decided on the liquidation of Saab and appointed restructuring group AlixPartners to supervise the orderly wind down. The American car giant also said it had received several proposals for Saab and is continuing to evaluate these suggestions.

However, GM would rather shut down Saab than sell it to company it didn’t have faith in. Bob Lutz said it’s unlikely that the winding-down process would be stopped in favor for any of the suitors that have approached GM.

“We’ve pushed the wind down button and now we intend to wind down the company” he said, adding that its takes enormous financial muscles to save the loss-makimng Swedish carmaker.

“If you want to earn a small fortune on Saab, you have to start with a huge fortune,” he told the TT news wire.

“Rather an end filled with terror than terror with no end”.

Jöran Hägglund, state secretary at the Swedish Ministry of Enterprise, travelled to Michigan on Saturday for talks with the management of GM. He will also meet Volvo’s owner Ford.

Several groups, including Dutch sportscar maker Spyker and a group comprised of Formula One boss Bernie Ecclestone and a Luxembourg investment firm, have said they presented GM with last-ditch bids to rescue Saab.