Saab
Saab Dealerships Seek New Manufacturers
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Nails just keep dropping in Saab‘s coffin, despite Chinese company Youngman’s attempts to sway the tide otherwise. The latest detail in what’s become a sad saga of failure has to do with dealerships and their reaction to being caught in the fallout. It’s probably easy to forget, but if an automaker goes belly-up, the folks…
Saab’s EU Loan Paid off by Swedish Government
Now, the Debt Office has reported that the outstanding balance on the loan (equivalent to some $325 million) has been paid, making the Swedish government the former automaker’s largest creditor.
Saab Museum Saved from Liquidation
Last week we reported the news that Saab was auctioning off the vehicles in its museum, with over 120 different models looking to be separated from one another. It appears that Saab enthusiasts and the city of Trollhättan, where the museum is located, wasn’t too keen on that idea. The museum has been saved thanks…
Turkish Private Equity Firm Confirms Saab Bid in the Works
A Turkish private equity firm, Brightwell Holdings, has announced its interest in placing a bid on now bankrupt Swedish automaker, Saab. The firm, based out of Istanbul, invests in energy, transport and technology and wishes to buy all of Saab and wishes to keep production in Sweden. “We will make a bid very shortly, there’s…
Youngman Extends Another Bid For Saab
Just when it seemed Saab would be gone from news headlines for good, Youngman swooped in again to make a bid. Apparently the company hasn’t given up on getting Saab back up and running. According to Dagens Industri, a Swedish business news organization, the Chinese firm is submitting a £430 million offer, or about $560 million….
Saab Bankruptcy Endangers Spyker Existence
Bold and ambitious, Victor Muller founded Spyker Swedish exotic sports cars before purchasing Saab, believing in its return to past glory under his leadership. Confident in his abilities, Muller’s gamble on Saab put Spyker in danger as well. Following Saab’s devastating bankruptcy, Swedish Automobile N.V. (Swan for short, formerly Spyker Cars N.V.) have announced that there…
Saab Museum Cars To Be Auctioned Off
Next on the chopping block for Saab is the auctioning of over 120 Saab models from the Swedish automaker’s museum at its headquarters in Trollhättan. Car collectors from all around the world will now have the opportunity to own some very rare and even one-off concept models from Saab’s museum including their UrSaab prototype, the automaker’s…
GM Offers Saab Owners a Little Incentive
It seems that General Motors is feeling a little guilty for how things went down with Saab, but just a little guilty. GM will be contacting 70,000 plus Saab owners and offering them the “GM Saab private offer” to help quell any negative feelings left over after the closing of Saab’s doors. The incentives won’t…
Saab Sends Workers Back to Finish Stagnant Production Line
Just about 100 more Saabs will roll off the line after the Swedish automaker decided to send some employees back to finish incomplete units still standing in the factory. The company was plagued with financial problems after changing hands from GM to Spyker Cars and ultimately Swedish Automobile. That forced them to shut down despite…
Mahindra Interested in Saab?
Reportedly talks are underway between Mahindra & Mahindra and Saab’s administrators, though so far, as to which Saab assets are up for grabs, little has been revealed, Mahindra & Mahindra in particular, remaining very tight lipped on the matter.
Top 10 Automotive News Stories of 2011
As another calendar year draws to a close it’s time to take a look back at the top 10 biggest stories of the year in the auto industry. It’s been a busy 12 months, starting all the way back in March when the Fiat 500 officially went on sale, marking the return of the brand…
US Saab Dealerships Looking To Liquidate Inventory
Lost in the news regarding Saab‘s bankruptcy is the impact on US dealerships as they were forced to sell all vehicles as is and with no warranty since December 19th, 2011. Many dealerships are looking for ways to liquidate their inventory as all 188 US dealerships were also notified that all factory incentive programs and…
Saab Phoenix Architecture Sold to China’s Youngman
Though Youngman’s attempts to save Saab proved futile, it appears that the Chinese automaker isn’t giving up on Saab-related assets. Youngman announced that they’ve acquired the rights to Saab’s Phoenix vehicle architecture and also announced that they have intentions of setting up a firm in Sweden to develop a new car based on the Phoenix…
GM to Cover Warranties On Saabs Sold Before February 2010
Just yesterday we reported that Saab has announced that it will not honor any warranties effective immediately and they also advised their dealers to sell off the remaining cars ‘as is.’ This news will surely anger anyone who currently owns a Saab that had some warranty left on it. However, General Motors is coming to…
Saab Suspends Warranty on North American Vehicles
After filing for bankruptcy on Monday morning, Saab is now suspending all warranty coverage on its North American cars. Saab dealers have been told that all remaining vehicles they have on the lot are to be sold as is with no coverage; The warranty booklets were even removed from the information packets of new Saab’s….
Youngman and Turkish Government Interested in Saab Assets
It’s probably not surprising, but considering the money it’s already put out to try and save Saab, China’s Zhejiang Youngman Lotus Automobile Co Ltd, is still interested in acquiring what assets it can
Saab Files for Bankruptcy
Saab’s financial rollercoaster seems to have come to what many have speculated would be its inevitable conclusion, with the Swedish automaker today announcing it has filed for bankruptcy with the District Court in Vänersborg, Sweden. The news comes as Saab was seeking to reorganize, with the struggling car maker desperate to arrange funding. The most…
Saab Gets Last Minute Payment to Help Keep it Afloat
Youngman has repeatedly tried to buy into Saab, but the latest deal was vetoed by General Motors, which still owns licenses for Saab technology.
Saab Turning To Youngman For Loan In Order To Avoid GM’s Approval
Saab‘s clock is ticking quickly to find a way out of bankruptcy with just a “very few days” left to find a loan. Unfortunately, General Motors has been playing a vital role in blocking Saab from selling any of the company to a Chinese automaker, forcing Saab to try to find a loan. Since Saab…
Saab Could Lose Court Protection From Creditors
Saab has officially been struggling for two whole years now, since its problems first came to light in December, 2009. With time, it has seen some positive developments, but things don’t look any better for the foreseeable future. A few months ago, Saab had received a court order that prevented its creditors to push the…
Pang Da Still Interested In Saab
It seems like there’s more people involved that are interested in saving Saab than there are interested in purchasing their vehicles. Nonetheless, the drama continues to unfold as we reported yesterday that the Bank of China would come to save Saab, but the Chinese firm Pang Da is still expressing interest. Pang Da is still…
Chinese Bank May Come To Saab’s Rescue
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Saab’s sob story saga might be coming to an end, though the information surrounding their pending acquisition is murky at best. Rumors swirled quickly around the media yesterday that the Bank of China, fourth-largest by market value had planned to acquire just under 50 percent of the company. Those reports are now being corrected— it’s a bank in…
Bank of China Tipped as Latest Saab Savior
Although Saab has been struggling for the past year, don’t bet against it. All but doomed when GM sought to stop Saab’s deal with the Chinese Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co., Youngman is now proposing a new deal with Bank of China, the country’s fourth largest bank by market…
Saab Suitor Vladimir Antonov Arrested In England
Vladimir Antonov, the Russian “businessman” who attempted to buy Saab earlier in the year, has been arrested in England over charges of involvement in a massive money laundering scheme in Lithuania. Antonov, owner of Portsmouth F.C. (a British soccer team) and his partner Raimondas Baranauskas, were released on bail and ordered to surrender their passports. Both…
