GM and Ford turned out to be bad partners for Saab and Volvo because they were so huge that there was little way either (relatively small) firm would get much attention and therefore priority.

Tata might need a volume seller to help its Jaguar/LR arm with economies of scale. Porsche (had it not gone off and tried to buy VW, which has now been put on the back burner) would have been an ideal match for Saab in particular. If Proton had any money, it could probably use a semi-upscale manufacturer to lend its own line of cars some more engineering expertise, while the Saab or Volvo line got breathed on by Proton’s Lotus subsidiary.

Maybe Magna would be a good fit for one of them (Magna-Steyr already build the 9-3 convertible).

But Fiat Auto SpA would not be a good fit. They have THREE upscale brands as it is (Lancia, Alfa, and Maserati), and all three of them are keeping a recently resurgent Fiat’s hands full.

PSA might be a good fit for Volvo, but Renault-Nissan wouldn’t be. They’re trying to establish their Infiniti brand around the world, and Volvo and/or Saab would just distract from that. PSA has Peugeot and Citroen, both of which offer mainstream vehicles, although Citroen does offer the poor-selling C6 in Volvo/Saab’s price range. But they’d be a much better fit for either firm.

Beyond that, any of the major Chinese firms might be interested, if only to gain either company’s engineering (and particularly their vehicle safety) expertise.

All that to say, there are a few options. And I sincerely hope that both Saab and Volvo enjoy a rich future with a better partner than either of them have now.