Tag Archives: Koenigsegg Automotive AB

Koenigsegg Group AB Signs Memorandum Of Understanding With Beijing Automotive Industry Holdings

Posted on 09. Sep, 2009 by .

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Today, the first ever press release by Koenigsegg Group AB regarding the Saab Automobile deal, indicates that they have signed a memorandum of understanding with Beijing Automotive Industry Holdings.

This press release was not only showcased on Saab Automobile’s media site, but like I said, the first ever regarding Saab, published today directly on Koenigsegg’s media page here.

For more information on BAIC, please visit their website address here: http://www.bqkgdjw.com/

Here is the press release below.

2009-09-09

CONTACTS

Koenigsegg Group AB signs MOU with Beijing Automotive Industry Holdings Co. Ltd (BAIC) regarding SAAB Automobile AB

Koenigsegg Group AB has signed a Memorandum of Understanding (MOU) with Beijing Automotive Industry Holdings Co. Ltd. (“BAIC”) to explore growth opportunities in the Chinese and international markets for the products of SAAB Automobile and BAIC.

Under the terms of the MOU, BAIC would become a non-controlling minority shareholder in Koenigsegg Group. Koenigsegg Group will own 100 per cent of SAAB Automobile AB. The intention is to conclude an agreement later this year. Due to confidentiality agreements signed, further facts cannot be discussed at this time. The Swedish Government has been fully briefed on the MOU.

“This is an important step on the road to a new SAAB Automobile. We have a solid business plan, an important partnership and we are now in a position to go ahead without any governmental financing,” said Christian von Koenigsegg, CEO of Koenigsegg Group AB.

Koenigsegg Group now focuses on the ongoing discussions with the Swedish National Debt Office about the government guarantee for the loan with the EIB that SAAB Automobile has applied for.

About Koenigsegg Group AB: Koenigsegg Group AB is a consortium of private investors with an industrial and entrepreneurial background. Augie K. Fabela II, an American entrepreneur was the co-founder of Vimpelcom (NYSE: VIP), and is the lead shareholder in the consortium, which also includes Norwegian entrepreneur BÃ¥rd Eker and Christian von Koenigsegg, the founder of Koenigsegg Automotive AB. Koenigsegg Group is a long term investor and its vision is to revitalize the SAAB brand and transform SAAB Automobile into a standalone independent company.

About BAIC: Beijing Automotive Industry Holding Co. Ltd, headquartered in Beijing, is one of the major auto manufacturers in China. It established Beijing Jeep Corporation, the first Sino–U.S. automotive joint venture with American Motors (AMC) in 1983. In the past 30 years BAIC has successfully built up partnerships with two auto giants – Hyundai and Mercedes Benz, as well as close cooperation with twelve auto components makers. There are more than 20 joint ventures in total within BAIC, engaging in auto or auto parts manufacturing businesses. Today BAIC is one of the most competitive auto groups in China, with four auto manufacturing subsidiaries with a product portfolio of passenger cars, SUVs and commercial vehicles. BAIC is one of the fastest growing auto companies in China. From January to August BAIC sold 792,550 vehicles, with a year on year growth of 42.4 per cent. The total car sales are expected to reach 1.13 million this year.

CONTACT(S):
Christian von Koenigsegg
Koenigsegg Group
Tel: +46 431 45 44 60
Email: info@koenigsegg.se

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Saab Automobile Sales Agreement Hinges on Financing

Posted on 19. Aug, 2009 by .

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This just in from David, a Saab History frequenter provided a nice article from the Wall Street Journal today. The article indicates that until financing situation with Saab Automobile & Koenigsegg has been completed by September 30th with the European Investment Bank, the deal will still be incomplete.

It was also suggested by some colleagues of mine that this SPA was purposely announced prior to the Frankfurt Auto Show and the new generation Saab 9-5, in order to send a message of confidence to the public about the future for Saab Automobile and their products.

Saab’s Sale Pact Hinges on Financing by Ola Kinnander

Stockholm – General Motors Co. confirmed Tuesday it reached an agreement to transfer its unprofitable Swedish unit, Saab Automobile AB, to a group led by Swedish supercar maker Koenigsegg Automotive AB, but the deal hinges on obtaining about three billion Kroner ($412 million) in additional financing.

The Head of Saab, Jan Ake Jonsson and Christian von Koenigsegg founder of Koneigsegg Automotive, said they are hopeful the Swedish government will provide financial support after the consortium struggled to raise capital. “Other goveraments have done much more to help their car companies,” Mr. Koenigsegg said.

If the European Investment Bank approves an estimated 500 million Euro ($704 million)., the consortium will have managed to raise 70% of the capital it thinks it needs, said Mr. von Koenigsegg.

However, Joran Hagglund, the government’s main liaison to the car industry, reiterated that the government won’t help Saab in any way other than possibly guaranteeing the European Investment Bank loan.

Mr. Hagglund cautioned that several steps remain before Saab can get the loan. “The most decisive factor” is whether Koenigsegg can raise the additional capital required, he said.

If Koenigsegg increases its financial commitment and the European Investment Bank approves a loan, the Swedish National Debt Office must then agree to guarantee the loan and the European Union must rule that the loan guarantee doesn’t constitute improper state support.

GM said it was hopeful that the deal would be completed by the end of the year.

Mr. von Koenigsegg said he planned to realign Saab as a niche brand and that it should break even in 2012

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Koenigsegg Automotive Reached Agreement Over Sale

Posted on 18. Aug, 2009 by .

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Photo Credit: Koenigsegg Automotive AB

The Motor Authority are saying what other news agencies are saying now, that Koenigsegg Automotive have reached an agreement with General Motors over the sale of Saab Automobile.

General Motors and Koenigsegg Group, a consortium led by supercar manufacturer Koenigsegg, have reportedly reached an agreement over the sale of Saab after nearly two decades of American ownership.

The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government. Additional support of roughly $500 million is to be provided by GM and the Koenigsegg Group to fund Saab’s operations and product program investments. This includes plans to launch several new products that are in the final stages of development.

Koenigsegg still needs to secure about $300 million in funding, however, to complete the transaction, people familiar with the situation revealed.

As part of the proposed transaction, GM will continue to provide Saab with platform and powertrain technology during a defined time period. Additionally, Saab plans to produce its next generation 9-5 in the Saab production facility in Trollhattan, Sweden.

Koenigsegg co-owner Baard Eker has previously stated that his company has several good solutions to bring into Saab. Strong words coming from a man whose company has less than 50 employees and turns out only a handful of $1 million supercars each year, but with the new funding Saab should be able to successfully launch three new models over the next 18 months and hopefully see the company become an innovator of technology like it had been in the past.

The three new models planned include the recently revealed 9-3X as well as the new 9-4X and aforementioned 9-5. Koenigsegg, meanwhile, will reportedly benefit from Saab’s existing production facilities and plans to use the capacity for its upcoming Quant electric supercar.

Last year Saab saw its global sales drop 25.5% to just 93,338 units and 2009 is expected to be even lower. The struggling automaker had originally filed for reorganization under Swedish Law on February 20, 2009.

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GM, Koenigsegg Said to Reach Saab Agreement, Need An Additional $300 Million In Financial Support

Posted on 18. Aug, 2009 by .

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Bloomberg now clarifies that the GM/Koenigsegg parties have reached an agreement on the Saab sale, although they still need another $300 million dollars.

GM, Koenigsegg Said to Reach Saab Agreement, Need $300 Million

By Adam Ewing, Niklas Magnusson and Serena Saitto

Aug. 17 (Bloomberg) — Koenigsegg Automotive AB, the maker of high-performance sports cars, reached an agreement to buy General Motors Co.’s Saab Automobile AB unit and return the luxury automaker to Swedish control after almost two decades, according to two people familiar with the situation.

Koenigsegg still needs to secure about $300 million in funding to complete the transaction, said the people, who declined to be identified because the talks are private. The companies may make an announcement as early as tomorrow.

GM and Koenigsegg, based in Aengelholm, Sweden, are pushing forward with the deal while talks continue with the Swedish government over funding, the people said. Sweden has reaffirmed its commitment to guarantee the $600 million loan applied for at the European Investment Bank, while Koenigsegg and GM would contribute a combined $500 million in capital, one of the people said.

“We’re eager to make a decision on the future of Saab, but we are unable to comment at this time,” Renee Rashid-Merem, a GM spokeswoman, said in an interview. Eric Geers, a Saab spokesman, did not return phone calls seeking comment and a Koenigsegg spokeswoman, Halldora von Koenigsegg, could not be reached for comment.

To contact the reporter on this story: Adam Ewing in Stockholm at aewing5@bloomberg.net

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The Koenigsegg Historical Product Portfolio (1994-Present)

Posted on 23. Jun, 2009 by .

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Photo Credit: Koenigsegg Automotive AB

There has been a lot of discussion about the Koenigsegg company that recently acquired Saab Automobile AB as indicated in the recent memorandum of understanding last week.

I think it’s due time to cover all of the Koenigsegg products they have produced and plan on producing, so we can get a feel for what they have done and what opportunities await them with a higher volume producer like Saab Automobile.

I have provided the model nomenclature since 1994, the year the company was first founded in order to give you more of a historical reference point and understanding of the naming conventions.

For more information, I highly suggest you visit Koenigsegg’s website directly.


CC8S
CCR
CCX
CCXR
CCX EDITION
CCXR EDITION
CCGT
Quant

CC8S – HISTORICAL MODEL NOT IN PRODUCTION
The CC8S was the first production Koenigsegg car after the final prototype. Information about the CC8S will be published shortly.

CCR – HISTORICAL MODEL NOT IN PRODUCTION
The CCR was Koenigsegg next major version after the CC8S. More information about the CCR will be published shortly.

CCX – THE SPIRIT OF PERFORMANCE
The record-breaking CCX was developed to deliver superior performance – both on the track and on the road. We also wanted to show a clear lineage from its predecessor and avoid following design trends. So we�ve kept the distinctive CC shape and simply enhanced its unique appearance with tighter lines and a more aggressive stance.
[…]

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BÃ¥rd Eker of Norway, A Man With A Plan For Saab Automobile’s Turnaround Through Koenigsegg

Posted on 18. Jun, 2009 by .

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BÃ¥rd Eker, the Norwegian financier of Koenigsegg with his Eker Group, has recently interviewed with Sweden’s SVT on camera.

Here is a rough translated summary of this interview, again if you can provide a translation of this dialogue with SVT, we would greatly appreciate it for all of us that aren’t 100% fluent in Swedish.

This is a very positive and motivational dialogue we’ve all been waiting for, he really gets it as does his entire team at the Eker Group and Koenigsegg Automotive AB.

The Norwegian financier BÃ¥rd Eker says that the purchase of SAAB is a “boys dream”.

-We ‘ve all, had a dream that we dare not talk about and we are lucky and have the wind in its sails now.

He is reticent about the negotiating technical details.

-GM has put up a lot of money and so much money we are not supposed to use it and think we do not need to either.

He talks about the environment rather than on the funding, saying that if they get SAAB, it will be an environmental management standard.

-Everyone must think about the environment and car production must be in the forefront.

What role he will have in the future is not yet clear.

-You have to think again and bring up the old spirit SAAB had and combine it with SAAB’s culture and create products that people want. It is a very exciting challenge, “says BÃ¥rd Eker to SVT

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Saab Dealerships Receive Letter From Jan Åke Jonsson

Posted on 16. Jun, 2009 by .

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Saab dealerships receive letter from Jan Ã…ke Jonsson, Managing Director of Saab Automobile AB.

The dealerships have until Friday to submit letters of intent to transfer their GM dealer agreements to the new Koenigsegg-Saab dealership agreement.

This is probably one of the best letters Saab dealerships have received, those lucky enough to be alive today, waiting a whole 20-years to see this day.

jajletter.jpg

Jan Ã…ke Jonsson, Managing Director June 16, 2009
_______________________________________________________________________
Dear Saab dealer,

I am very happy to announce that we are one step closer to a new independent Saab Automobile. Today General
Motors announced that it had entered into a memorandum of understanding to sell its Swedish operation, Saab
Automobile AB, to Koenigsegg GroupAB. The following is an extract from the Press Release that is submitted today.

Deal will secure Saab’s future
EIB expected to provide $600 million financing with state guarantee by the Swedish government
GM reinvention achieves another milestone

General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, today confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab’s future.

The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab’s operations and product program investments. This includes plans to launch several new products that are in the final stages of development. Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully
emerge from its reorganization process.

“This is yet another significant step in the reinvention of GM and its European operations,” said GM Europe President, Carl-Peter Forster. “Saab is a highly respected automotive brand with great potential. Closing this deal represents the best chance for Saab to emerge a stronger company. Koenigsegg Group’s unique combination of innovation, entrepreneurial spirit and financial strength, combined with Koenigsegg’s proven ability to create world-class Swedish performance cars in a highly efficient manner, made it the right choice for Saab as well as for General Motors.”

I would like to take this opportunity to thank you all for your unwavering support during the last months and I would ask you to remain focused as we move into the next exiting chapter of Saab
Automobile’s history.

Best regards,

sig.jpg
Jan Ã…ke Jonsson

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Official Press Release: General Motors and Koenigsegg Group AB Reach Tentative Agreement on Saab

Posted on 16. Jun, 2009 by .

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General Motors and Koenigsegg Group AB Reach Tentative Agreement on Saab.

Finally, official confirmation!

General Motors and Koenigsegg Group AB Reach Tentative Agreement on Saab

# Deal will secure Saab’s future
# EIB expected to provide $600 million financing with state guarantee by the Swedish government
# GM reinvention achieves another milestone

Zurich. General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, today confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab’s future.

The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab’s operations and product program investments. This includes plans to launch several new products that are in the final stages of development. Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully emerge from its reorganization process.

“This is yet another significant step in the reinvention of GM and its European operations,” said GM Europe President, Carl-Peter Forster. “Saab is a highly respected automotive brand with great potential. Closing this deal represents the best chance for Saab to emerge a stronger company. Koenigsegg Group’s unique combination of innovation, entrepreneurial spirit and financial strength, combined with Koenigsegg’s proven ability to create world-class Swedish performance cars in a highly efficient manner, made it the right choice for Saab as well as for General Motors.”

As part of the proposed transaction, GM will continue to provide Saab with architecture and powertrain technology during a defined time period. Additionally, Saab plans to produce its next generation 9-5 models in the Saab production facility in Trollhättan, Sweden.

“The proposed agreement will enable us to maximize the brand’s potential through an exciting new product line-up with a distinctly Swedish character. Today’s announcement is great news for Saab’s current and future customers, dealers, suppliers and employees around the globe, said Jan Åke Jonsson, Managing Director of Saab Automobile AB.

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 are not being disclosed at this time. Deutsche Bank acted as financial advisor to General Motors Corporation.

General Motors Corp., one of the world’s largest automakers, was founded in 1908, and today manufactures cars and trucks in 34 countries. With its global headquarters in Detroit, GM employs 235,000 people in every major region of the world, and sells and services vehicles in some 140 countries. In 2008, GM sold 8.35 million cars and trucks globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM’s largest national market is the U.S., followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. In Europe, GM sells its vehicles in over 40 markets. It operates 10 vehicle-production and assembly facilities in seven countries and employs about 50,000 people. More information on GM can be found at http://media.gmeurope.com and http://www.gmeurope.com. GM Europe executives blog at http://drivingconversations.com.To support informed discussion and fact-based reporting, GM and Opel & Vauxhall have launched a new website at http://gmeuropefactsandfiction.com.

Koenigsegg Group AB is a consortium of private investors led by Koenigsegg Automotive AB. Koenigsegg Automotive AB manufactures supercars. It has representatives in Africa, Asia, Europe, the Middle East, North America, and the Oceania. The company was founded in 1994 and is based in Ängelholm, Sweden.

CONTACT(S):

GM Europe
Chris Preuss
+41 44 828 25 00
jchristopher.preuss@gm.com

Saab Automobile AB
Eric Geers
Tel: +46 (0) 520 27 97 97
eric.geers@gm.com

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Production Concept