Tag Archives: General Motors Corporation

GM Reaches Agreement to Sell Saab to Spyker

Posted on 26. Jan, 2010 by .

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It has been over a year since GM decided to strategically review Saab Automobile, but just over 20 years since they’ve been owned by GM .

Today, Spyker Cars, N.V. acquires Saab Automobile from GM, marking a new era for the company.

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GM Reaches Agreement to Sell Saab to Spyker

2010-01-26

DETROIT – General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

“Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances.

“General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we’re all happy for the positive outcome,” Smith said.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.”

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About General Motors: General Motors, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 204,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM’s largest national market is the United States, followed by China, Brazil, Germany, the United Kingdom, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.

Saab background: Saab entered the auto business in 1949 with the first model 92. Its aerodynamic shape and advanced technology drew from the company’s roots as an aircraft maker, and helped create what was to become a loyal and passionate customer base. GM acquired a 50 percent stake in Saab in 1990, and acquired the balance of Saab in 2000. As part of its strategy to focus on its four strongest brands in the U.S., GM began seeking a buyer for Saab in January 2009, a concerted effort that led to today’s announcement.

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Tom Wilkinson
Tel: 313-667-0366
Mobile: 313-378-6233
tom.wilkinson@gm.com

Eric Geers
Saab Communications
Tel: +46 520 85110
Mobile: +46 703 205490
eric.geers@gm.com

John McDonald
General Motors Company
Phone: 313-667-3714
Mobile: 313-418-2139
john.m.mcdonald@gm.com

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MEDIA ADVISORY: Saab Conference Call Scheduled 2:00PM EST

2010-01-26

John Smith, vice president, global planning and alliances, will host a conference call for media at 2:00 p.m. EST (8:00 p.m. CET) to provide additional perspective on Saab.

· (800) 398-9367 (U.S.)
· +1 (612) 332-0226 (international/caller-paid)
· No access code is required
· Please provide your name and affiliation and ask for the GM conference call

An audio file of this call will be available shortly after the end of the call at http://media.gm.com.

Technical/broadcast questions:
Steve Griffes
313-220-7982 (mobile)
steven.l.griffes@gm.com

Tom Wilkinson
Tel: 313-667-0366
Mobile: 313-378-6233
tom.wilkinson@gm.com

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Koenigsegg Group AB Terminates Agreement For Purchase of Saab

Posted on 24. Nov, 2009 by .

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2009-11-24

CONTACTS

Koenigsegg Group AB Terminates Agreement For Purchase of Saab

DETROIT — General Motors confirmed today that the proposed sale of its Saab subsidiary to Koenigsegg Group AB was terminated at the discretion of the buyer.

“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said GM President and CEO, Fritz Henderson. “Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB. Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week.”
[…]

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Saab Automobile Plans To Double Dealerships In China

Posted on 23. Sep, 2009 by .

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Photo Credit: Saab China

According to the Trading Markets website, Saab Automobile is evidently planning on doubling their dealerships in China/

This news comes after learning that the old Saab 9-5 production will be continued in China, for China, after the BAIC announcement made earlier.

At this time, there are 16 Saab dealerships in China, so I guess that would bring it to 32?

BEIJING, Sep 23, 2009

Beijing Automotive Industry
Holding Co., Ltd. (BAIC) is considering the local production of Saab brand in China, according to an insider of the leading Chinese automaker, saying that the final result depends on bilateral negotiations.

A consortium headed by Swedish sports car manufacturer Koenigsegg is buying Saab from General Motors Corporation (NYSE: GM), while BAIC has inked an agreement with Koenigsegg on the purchase of the latter’s minority stake.

Saab Managing Director Jan-Ake Jonsson has also disclosed the intention to have local production in China, saying that the company plans to double its dealer number in the country.

Currently, Saab cars are imported into China and sold through the sales network of Shanghai General Motors Co. Ltd. (Shanghai GM), the joint venture between Shanghai Automotive Industry Corporation (Group) (SAIC) and GM.

As the agreement with SAIC will gradually expire, Saab is looking for new partners in China. BAIC General Manager Wang Dazong reveals that his company hopes to form an alliance with Saab just like Renault-Nissan.

Source: www.nbd.com.cn (September 23, 2009

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General Motors Plans To Become Independent Of Itself

Posted on 07. Jul, 2009 by .

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General Motors, on the day of the news about their asset sale being approved by the New York City bankruptcy court, is one step closer to being independent of itself. It sounds like GM trying to mimic Saab Automobile once again, where Saab wanted to become independent of GM carving itself out of the brand portfolio. However, one can only be so independent with governments having a majority stake.

The “New GM” will be a 60.8%” majority ownership by the U.S. Treasury Department & 11.7% Canada & Ontario Governments, giving it an appropriate name of “Government Motors” for the time being with over 70 percent owned by North American governments.

On the other side of the spectrum, I find it almost comical that the remaining 10 percent of the “old GM” will be now given the name “Motors Liquidation Company”. It’s clear that this name for the “old GM” company has only one purpose and I guess that name was given to ensure that’s the case.

The part that I would like more details on is, how much of Saab Automobile is part of the “new GM”, all of it, or some of it?

Here’s hoping a breakdown chart comes out in the future describing in detail, what’s part of that “old GM”.

Here is their press release:

Approval marks another step toward the launch of an independent new GM

GM 363 Asset Sale Approved by U.S. Bankruptcy Court

NEW YORK – General Motors achieved another milestone in its reinvention last night when Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York approved the sale of substantially all of General Motors Corporation’s assets to NGMCO, Inc., an entity funded by the U.S. Department of the Treasury. In connection with the closing of the sale transaction, NGMCO, Inc. will change its name to General Motors Company and continue to operate under GM’s historic corporate and sub brands. The approval marks another step toward the launch of an independent new GM.

The new company will acquire GM’s strongest operations and will have a competitive operating cost structure, partly as a result of recent agreements with the United Auto Workers (UAW) and Canadian Auto Workers (CAW).

The new GM will have lower leverage and a stronger balance sheet, which when combined with a lower break-even point, will allow it to reduce its risk, operate profitably at much lower volume levels, and to reinvest in the business in the key areas of advanced technology and product development. GM’s subsidiaries outside the United States will be acquired by the new company and are expected to continue to operate without interruption.

The new GM will be headquartered in Detroit and will be led by Fritz Henderson as president and chief executive officer and Edward E. Whitacre, Jr. as chairman of the board of directors.

“A healthy domestic auto industry remains vital to the global economy and we deeply appreciate the support the U.S., Canadian and Ontario governments and taxpayers have given GM, and the sacrifices that have been made by so many. This has been an especially challenging period, and we’ve had to make very difficult decisions to address some of the issues that have plagued our business for decades. Now it’s our responsibility to fix this business and place the company on a clear path to success without delay,” said Henderson.

The new GM’s common stock will be owned by:

· U.S. Department of the Treasury: 60.8 percent

· UAW Retiree Medical Benefits Trust: 17.5 percent

· Canada and Ontario governments: 11.7 percent

· The old GM: 10 percent
[…]

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Saab Nashua North / Accent Auto Group 1994-2009

Posted on 12. Apr, 2009 by .

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Photo Credit: Courtesy Google Maps

Accent Auto Group / Saab Nashua North Closes

Saab Nashua North opened their doors for sales in November of 1994 as an exclusive Saab dealership. Early on, they were ranked at the top 5% of sales volume for Saab Cars USA in the New England region. The were located at 293 Daniel Webster Hwy in Merrimack, New Hampshire..

In September of 2007, Saab Nashua North was moved to a new Accent Auto Group by owners Bob Lajoi and Kevin Slattery. As of April 9th, 2009, not more than a year and a half later, the dealership is now closing its doors at the 419 Elm Street, Milford, New Hampshire address according to a local news source.

I have added Saab Nashua North/Accent Auto to the Lost Saab Dealerships Of New England Project List for the record.

Here is their letter to customers sent today:

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Please be advised that effective April 9, 2009, Accent Auto Group’s franchise agreement with General Motors Corporation terminated. As a result, the company can no longer perform any warranty service work. Please note that this does not mean that your warranty (if still in effect) will not be honored, but any warranty work for your vehicle will have to be performed at a franchised General Motors or Saab dealership.

The company will remain open for the next 30 to 60 days, primarily to sell the remaining vehicle inventory and to wind down operations. Please note that because the VIP service program was contracted with a third party, the Company can no longer provide it.

If you wish to obtain copies of any documentation pertaining to your vehicle purchased from Accent Auto Group, the Company will be happy to provide this to you upon written request to the following address:

Accent Auto Group
419 Elm Street
Milford, New Hampshire 03055
Attn: Service Department

Thank you for your loyalty and business.

Sincerely,

Robert Lajoie, Manager
Accent Auto Group

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2009 Saab 9-3 SportCombi Named “Top 5 Wagon”

Posted on 11. Dec, 2008 by .

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Photo Credit: Saab Automobile USA

The 2009 Saab 9-3 SportCombi has been named as the top 5 wagon according to the editors at NADAguides.com

Saab Automobile USA has taken this opportunity to use this material as their press release as you see below.

I think the 2009 9-3 SportCombi 2.0T will be a great car, although I have not had the chance to really test it on any ice or snow with the new cross-wheel drive system, so here’s hoping we get some good weather here in New England this winter.

Once some real ice & snow sets in after the beginning of the new year, I’m hoping to see this opportunity through

In the meantime, take a look at the press release below if you find yourself in the market. If you do find yourself in the market, get into a Saab dealership ASAP, preferably one of Saab History’s site sponsors to take advantage of the red tag sale prior to January 5th, 2009!

NADAguides.com honors Aero with “Cross-Wheel Drive”

2009 Saab 9-3 SportCombi Named “Top 5 Wagon”

DETROIT – The editors at NADAguides.com, a leading vehicle pricing and information website based in Costa Mesa, California, have named the Saab 9-3 Aero SportCombi a “Top 5 Wagon”. An important contributor to the award was the availability of Saab’s “Cross-Wheel Drive” (XWD) system, new for the 2009 model year as standard equipment in the 9-3 Aero SportSedan and SportCombi and available on 2.0T models.

“When they say engineered from jets, they mean it,” said Don Christy, president and CEO of NADAguides.com. “The 2009 Saab 9-3 Aero SportCombi is a great looking wagon with a laundry list of standard equipment. In this category, this is something special.”

Developed in Sweden with Haldex of Stockholm, Saab’s “Cross-Wheel Drive” is a pre-emptive, active-on-demand system that is activated only when required, limiting the impact on fuel economy while giving the car a surefooted, dynamic feel that enthusiasts embrace. Saab’s Cross-Wheel Drive system is designed to optimize vehicle handling and stability in all driving conditions.

“True to its Scandinavian origins, Saab has built a large part of its reputation on excellent road manners under demanding driving conditions like rain, sleet and snow,” said Steve Shannon, executive director product and brand at Saab Automobile USA. “Our new Cross-Wheel Drive technology, which delivers unprecedented levels of driver involvement and dynamic chassis control, further illustrates Saab’s commitment to offering active safety in sporty, efficient and driver-focused vehicles.”
[…]

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2009 Saab 9-3 Model Lineup Continue IIHS Top Honors

Posted on 25. Nov, 2008 by .

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This press release recently received from Saab Automobile USA indicates that the 2009 Saab 9-3 model lineup which include the Sport Sedan, SportCombi and Convertible, continue the IIHS top honors.

This is the 5th year running for these honors by the IIHS, and with these I suggest watching the actual crash test videos once again for your reference.

* Saab NG900, 9-3 & 9-3 Sport Sedan Crash Test Video Comparison -IIHS

* Saab 9-3 Sport Sedan Side Crash Test – IIHS

* Saab 9-3 Convertible Crash Test Video – IIHS

2008-11-25

Unique Safety Achievements in Luxury Segment

2009 Saab 9-3 Sport Sedan, SportCombi and Convertible Keep IIHS Top Honors Secure

DETROIT — The entire 2009 Saab 9-3 family, including the 4-door Sport Sedan, 5-door SportCombi and 2-door Convertible has again earned the Top Safety Pick Award in the midsize category from the U.S. Insurance Institute for Highway Safety.

This is the fifth consecutive year that the 9-3 Sport Sedan has brought home IIHS top honors, a unique achievement in the luxury segment. For 2007 the 9-3 earned the Top Safety Pick Award, in 2006 the 9-3 earned the Top Safety Pick – Gold Award and received a Double Best Pick crash-test rating for 2005.
[…]

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Shaw Saab Promotes Red Tag Sale Until 1.5.2009

Posted on 23. Nov, 2008 by .

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Photo Credit: Saab History

Shaw Saab of Norwell, Massachusetts that I recently visited, is offering a red tag sale on all 2009 Saab 9-3s, 9-5s and 9-7xs.

In addition, this sale can be combined with the Saab XWD Salomon Ski program offered to participating dealerships in the Boston region up until January 5th, 2009.

The details of this red tag sale include the following:



Promotional Overview:

Between november 4th, 2008 and January 5th, 2009, this national event will offer special red tag pricing to every customer in america who is in market to buy or lease an eligible new 2008/2009 model year Gm vehicle. The program will be available at any dealership that chooses to participate. General motors Corporation will be running advertising featuring the line “the price you see is the price you pay.” it is therefore very important that you review these materials and that your red tags display the final price you are making available to the customer, and that there are no extra fees or charges other than tax, title and license.

Eligible Vehicles:

All new and unused retail 2008 and 2009 Saab models.

Program Dates:

Retail deliveries of eligible vehicles from november 4, 2008, through January 5, 2009, will be eligible for
the red tag event pricing and related dealer incentives.

Price:

Red Tag Price = All compatible factory cash back offers, dealership(s) price discount. This price includes all fees, dealer/doc fees, excluding ONLY tax, title and license.

*Red Tag price may be even less. Tax, title, license, dealer fees and optional equipment extra. Price not available with special GMAC finance or lease offers. At participating dealers only. Take delivery by 1/5/09. See dealer for details. **Any listed vehicle can be ordered and personalized to your desire. Vehicles may not be in-stock at our stores, however, will be ordered per your specification.

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Production Concept