Saab Automobile AB Asks For Financial Support From Swedish Government

Posted on 18. Nov, 2008 by in 2000-2009

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Photo Credit: Saab History / 2003 (Stockholm)

According to Auto Motor & Sport, Saab Automobile AB and Volvo have asked the Swedish Government’s finance minister, Anders Borg hat, for financial support for their respective automotive industries if General Motors goes bankrupt.

CNN Money has also confirmed this story, with a statement from Eric Geers, Communications for Saab Automobile AB Global. “Saab spokesman Eric Geers confirmed that his company is also talking with the government about potential support, but declined to be more specific.”

Trollhättan, Sweden is where the Saab brand started, and where the current Saab 9-3 Sport Sedan, SportCombi as well as the final year of the 9-5 Sedan and SportCombi are produced.

Here is a rough translation of the article from German to English thanks to Babelfish.

Sweden’s Ministers of Finance, Anders Borg Hat has on Monday (17,11.) stated that there are possible state aids for the heavy losses automakers Volvo and Saab have been announcing. Borg said in Stockholm with the conception of a new economic situation prognosis, ” purposeful management” could be necessary for the stabilization of the job market. It did not call details. Saab belongs along with OPEL of Germany, to the tightely connected US auto group, General Motors. Also Volvos mother company, Ford in the United States fights with high losses. Because of their traditional emphasis with premium passenger vehicles, the Swedish enterprises are considered endangered.

This also includes the SCANIA & Volvo truck section and suppliers about 150,000 workers are busy in the Swedish automobile industry. Borg explained, his government counts on a rise of unemployment from at present four per cent on up to 9,2 per cent in the year 2010.

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