Saab
Saab Fans Occupy GM Facebook Page
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Even as the Occupy movement is being disbanded around the world, one branch of the movement just had a resurgance, as Saab fans “occupied” the Facebook page of General Motors. Saab fans blame GM for holding up the sale of Saab to their potential saviors – whoever they may be (so far it’s been Russian businessmen, American…
Audi A6 Ties Infiniti M37 in Latest Consumer Reports Midsized Luxury Sedan Ratings
Consumer Reports recently compared four luxury sedans in the January issue of the magazine, pitting the Audi A6 against the Infiniti M35h, Mercedes-Benz E350 BlueTec and Saab 9-5, with the refreshed A6 receiving an overall test score of 93, tying Infiniti’s M37 at the top of the charts. The previous generation A6 had scored a…
Saab 9-4X May Be The World’s Rarest New Vehicle
An article in Automotive News proposed that the Saab 9-4X crossover may be the world’s rarest new vehicle on sale. Although Saab had planned to sell between 15,000 and 20,000 examples globally this year (with half of sales conducted in the United States), a mere 194 have been sold through October in the United States….
GM Threatens to Halt 9-4X Production for Saab Pending Sale to Chinese Automakers
General Motors has announced that it will cut ties with Saab over its pending sale to two Chinese automakers. The threat has some very real consequences with GM stating it would cease manufacturing of the 9-4X crossover for Saab, as well as stop delivery of the parts it currently supplies the Swedish automaker with. “Although…
GM Challenges Chinese Acquisition Of Saab
Saab‘s matchmaking saga is the stuff of cinema. Facing compounding financial dilemmas and a series of unsuccessful talks with a number of investors, the troubled Swedish automaker had little going for it. Just as Saab was close to finally making a deal with its Chinese investors, Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus…
Chinese Buyers Pledge $850M in Long Term Saab Funding
After much back and forth over the past months between Swedish Automaker Saab and Chinese suitors Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., it seems like funding for Saab is very much back. The Chinese companies have both agreed to buy the Swedish automaker, providing the company with some much needed…
New Saab 9-3 Photo Leaked?
Now that Da Pang and Youngman have agreed to buy the Swedish Automaker, lock stock and barrel (for a price of 100 million euros/$142 million), Saab can now get on with what it does best, namely making quirky cars.
Saab Production May Restart In 8 Weeks
According to Inside Line, Saab may be ready to re-start production at its factories in as little as 8 weeks, after being sold to two Chinese automakers for $142 million. While Saab was valued at $660 million this summer, both Pang Da and Zhejiang Youngman Lotus Automobile Co. managed to purchase the company at a rock…
CEO Victor Muller Refuses Saab Takeover By Chinese Automakers
According to Saab CEO, Victor Muller, a takeover offer of the Swedish brand by China’s Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. has been turned down. Although initial talks were intended to aid Saab in raising capital, Muller explains during a Reuters interview, “The token offer was unacceptable because it would…
Saab To Get $70 Million Lifeline From Private Equity Firm
U.S. private equity firm North Street Capital will give Saab a $70 million investment, including an equity stake worth $10 million and a $60 million loan to the ailing car maker. With Chinese-backed financing looking increasingly unlikely, the investment from North Street Capital, a firm run by auto enthusiast Alex Mascioli, will give Saab the…
Saab Administrator In Charge Of Bankruptcy Proceedings Wants Out
The administrator in charge of the Saab bankruptcy proceedings has told a Swedish court that the process must stop. “The money is not enough to continue the reorganization,”said Guy Lofalk in an interview with Reuters. “Now, an application [to terminate the reorganization] has been mailed. It should be on the court’s desk tomorrow.” Lofalk said…
Saab Confirms Loan from China’s Youngman
Narrowly escaping bankruptcy and liquidation for the 17th time (ok, maybe that’s an exaggeration), Saab has confirmed receipt of a 70 million Euro payment from Chinese investor and automaker Zhejiang Youngman Lotus Automobile Co. Far from a magic wand that will make all of Saab’s troubles go away, the automaker continues to operate in its…
Saab 9-5 Is Singapore’s Car Of The Year
The tiny island nation of Singapore is best known for its laws banning chewing gum and instituting corporal punishment against criminals, and apparently, a big lover of the Saab 9-5. The obscure Swedish sedan was named “Car of the Year” by a local publication called “Consumer Guide”, according to Saab’s PR department. Car taxes in…
Saab 9-3 eAWD Demo Vehicle to be Showcased at SAE All-Wheel Drive Symposium
At this week’s SEA All-Wheel Drive Symposium in Bloomfield Hills, Michigan, OEM supplier BorgWarner will show off its next generation of AWD systems including a new hybrid-electric setup. The system, known as eAWD, will be fitted to a Saab 9-3 and BorgWarner claims it will offer, “superior stability and traction with lower emissions and up…
Spyker Bought By American Private Equity Firm
U.S. private equity firm North Street Capital, has purchased Spyker, after a deal to sell the Dutch outfit to Russian investors fell through. The Financial Times reported the news after viewing a preliminary draft of the announcement. It’s unclear how the Spyker sale will impact parent company Swedish Automobile, and its attempts to restructure Saab,…
Saab To Reach Deal With Chinese Investors By End Of this Year
After more than a year of struggle under Spyker’s management, many thought Saab would have succumbed to its financial woes already, yet somehow the Swedish automaker has been able to pull a few tricks out its bag just as it would seem that its luck had run out. The latest reports indicate that Saab’s two…
Swedish Authorities Seize Saab Museum Collection
Saab‘s museum collection of historically significant vehicles was seized by Swedish authorities from the company’s museum. The Swedish Enforcement Office took possession of the museum and other contents, including 13 exhibits, 22 engines and six workshop tools. Saab is said to owe parts suppliers more than $31 million in overdue payments, and the Swedish government…
Saab Granted Court Protection From Creditors
The Saab soap-opera continues, but this week the news is good. Saab just won a court appeal to protect it from creditors while it awaits funding from its Chinese investors. Earlier this year, two Chinese companies, Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. agreed to buy shares in Saab, totaling $334-million….
Volvo Owner Geely Insterested in Saab
Saab‘s days as an automaker might not yet be numbered. According to a recent report a Chinese automaker may be interested in purchasing the bankrupt automaker. “I’ve heard this one before,” you’re probably thinking to yourself. But this time it’s different…. we promise. According to Sweden’s Dagens Industry, the interested Chinese suitor is none other…
Swedish Government Rejects Saab’s Request For Bankruptcy Protection
It was just yesterday when we reported that Saab was seeking government protection against bankruptcy, but now it seems like this step has failed. A Swedish court has rejected a protection and voluntary reorganization plan, citing that it does not believe any steps the automaker makes will help it to recover. Saab is “disappointed” with…
Saab Files for Bankruptcy Protection
Another week and another sob story regarding Saab. The troubled automaker has just applied for protection from creditors, and is trying to avoid the bankruptcy petition made by the unions. A once thriving manufacturer that made fighter aircraft, trucks and automobiles, the auto division of this 65 year-old company has been struggling ever since General…
Saab to Apply for Creditor Protection as Bankruptcy Looms Yet Again
Debt ridden Saab is to apply for court protection from its creditors in a bid to stave off bankruptcy get again. For months, the automaker has struggled to raise finances to pay off suppliers, and as a result, has halted production. Saab was rescued from bankruptcy last year by Dutch owner, Swedish Automobile (formerly Spyker),…
Saab Has Ability To Pay Debts According To Probe By Swedish Agency
Sweden’s debt agency is claiming they have successfully investigated a handful of Saab bank accounts with some success. On Friday, the agency uncovered $796,291 which is enough to cover debts owed to the first four companies waiting for payment. The debt agency has contacted other banks holding Saab accounts in order to understand exactly where the Swedish automaker stands….
Swedish Debt Enforcement Agency Begins Collection Process Against Saab
Sweden’s regulators started the collection process against Saab Automobile after the struggling automaker failed to meet a Tuesday deadline to pay two suppliers. ”We’ve just begun by looking at what kind of bank accounts they have and what kind of collateral there might be” in the process that started Wednesday, Tommy Barkman, a case worker…
