Tag Archives: luxury car maker

Swedish Govt Returns To GM HQ Next Week To Talk Saab

Posted on 07. Jan, 2010 by .

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Representatives from the Swedish Government will be arriving in Detroit on Saturday just prior to the NAIAS along with Saab and Volvo representatives to provide any remaining information the owners, GM & Ford respectivelyneed for the sale according to Reuters.

If I were the Swedish Government representative, I would prioritize Saab because it needs more care than Volvo’s non-dramatic sales process with Ford.

I hope all parties once and for all, get it done when they arrive in Detroit. I think all parties will be on the same physical location at the same time, so they best seal the deal.

Representatives from Sweden’s finance and industry ministries will meet in Detroit with Saab parent GM and Ford (F.N), currently in the process of selling its Swedish car unit Volvo Cars.

“As we understand it, GM has not closed the door to a sale (of Saab), even if the official line is a wind-down,” state secretary Joran Hagglund said.

“We want to make totally sure they (GM) have all the information they need.”

Dutch sports car maker Spyker Cars (SPYKR.AS), which wants to buy Saab, has said GM has set a deadline of Jan 7. for bids for the Swedish firm. [ID:nLDE603121]

Saab, which GM has controlled since 1989, posted a loss of $340 million in 2008 and is expected to have made a similar loss last year.

A deal with Swedish luxury car maker Koenigsegg to buy Saab fell through in late November and in December, GM said it would start winding down Saab’s operations though it would consider new bids for the firm.

Spyker’s CEO, Victor Muller, has said there are multiple parties still interested in buying Saab, which employs over 3,000 workers in Sweden.

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Saab Sells Old 9-5 To BAIC According To Reports

Posted on 04. Dec, 2009 by .

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Reuters reports that Saab Automobile has now officially sold the old Saab 9-5 to Beijing Automotive Industrial Company (BAIC).

We heard about this back in September, but did not realize that the process would be done before the end of the year.

The question I have now though is that while the old Saab 9-5 sedan is now out of production, what will happen to the old Saab 9-5 wagon as it is supposed to continue production in Sweden until early March. […]

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Dutch Based Skyker Cars Interested In Buying Saab

Posted on 02. Dec, 2009 by .

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Reuters reports that dutch based Spyker cars, a small luxury car manufacturer is interested with Saab and is currently in talks with GM.

Please take a look at Spyker car’s website and read the rest of the article below for more information:

Dutch luxury car maker Spyker interested in Saab
Wed Dec 2, 2009 7:11am EST

AMSTERDAM (Reuters) – A second small luxury car maker, Spyker (SPYKR.AS) of the Netherlands, is talking to General Motors GM.UL about buying Saab Automobile, weeks after Sweden’s Koenigsegg dropped its bid.

A spokesman for Spyker, which made 43 cars last year that sell for 200,000 euros ($301,400) and upwards, said the Dutch auto maker was interested in Sweden’s Saab and was talking to GM but declined to say whether it had submitted a bid.

Last month, Koenigsegg, which makes sports cars valued at $1 million, pulled out of a deal backed by China’s Beijing Automotive Industrial Holding Ltd (BAIC) to buy Saab, putting in doubt the future of the 60-year-old mass-market automaker, known for its 9-5 and 9-3 sedans.

U.S. automaker GM, which has been restructuring its European operations after a period in bankruptcy protection earlier in the year, has said it would consider offers for Saab until the end of December and then take steps to close it if nothing suitable materializes.

Automotive News first reported Spyker’s interest in Saab.

Spyker itself has never turned a profit and has had to secure financing since it was resurrected as a luxury car maker in 2000 to compete against Lamborghini, Ferrari (FIA.MI) and Bentley (VOWG.DE).

Spyker’s roots go back to 1875, to a family firm that once built a coach for the Dutch royal family and later moved into automobiles and aircraft, but was liquidated in 1926.

The maker of the C8 Aileron and D8 luxury sport-utility vehicle got rescue financing in 2007 from Abu Dhabi’s sovereign fund Mubadala, which holds 23 percent, while Russian banking tycoon Vladimir Antonov holds 29.9 percent. Chief Executive Victor Muller owns 10 percent.

Saab has not made a profit since it was taken over by GM 20 years ago and estimated it would make a loss of 3 billion Swedish crowns ($434.5 million) this year and again in 2010.

It needs huge investment to bring its models up to date and reverse a dive in sales in recent years, and many analysts believe the brand has little future in an industry struggling with overcapacity.

As for Spyker, CEO Muller told Reuters in July that it still needed to secure financing for 2010.

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Dagens Industri Reports Saab May Not Get Full EIB Loan

Posted on 30. Sep, 2009 by .

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Swedish Newspaper, Dagens Industi reports that Saab may not get the full EIB loan as syndicated on Reuters today.

There are conditions apparently that may not exactly fit the loan lending rules, but this is from an unnamed source, so take this news lightly until we hear otherwise from official channels.

Saab may not get full EIB loan – paper
Tue Sep 29, 2009 5:16pm EDT

* $612 mln loan is key to Koenigsegg acquisition plans

* Questions whether some projects fit EIB lending rules

* Concerns remain over Koenigsegg’s ability to buy Saab

STOCKHOLM, Sept 29 (Reuters) – Ailing Swedish car firm Saab, being sold by General Motors [GM.UL], may not get the full 4.3 billion Swedish crown ($612 million) loan it has asked for from the European Investment Bank (EIB), daily Dagens Industri wrote on Tuesday, quoting an unnamed source.

The loan is key to plans by luxury car maker Koenigsegg to buy Saab, but the EIB is doubtful whether some of the group’s projects to develop environmentally friendly technology are within its remit for lending.

The EIB could lend Saab much less than the car maker wants, the paper wrote.

“There are questions about whether a number of development projects fit with the EIB’s rules for lending,” the paper quoted a source with insight into the process saying.

Koenigsegg, backed by U.S. and Norwegian investors, struck a preliminary acquisition deal earlier this year, but concerns have continued to surface over whether it had the financial muscle to buy and run Saab.

Koenigsegg is in talks with Sweden to secure state guarantees for the EIB loans.

But Dagens Industri said that questions had also been raised regarding the value of collateral that would be placed with Sweden’s Debt Office to secure a guarantee from the
government.

“There is a discussion as to whether Saab’s assets shouldn’t be valued at their worth in the event of insolvency rather at market value,” the source said.

“In that case, the collateral would not be enough security for a loan of 4.3 billion crowns.”

Koenigsegg Chief Executive and part owner Christian von Koenigsegg told Reuters on Saturday there was good progress in talks to secure the guarantees and the group aimed to finalise Saab’s acquisition by the end of October. [ID:nLQ720794]

He played down a report that Koenigsegg could pull out of the deal unless there was progress on securing loans by Wednesday.

This month, Koenigsegg said state-run Beijing Automotive Industry Holdings would take a minority stake in the luxury carmaker as part of its planned purchase, easing funding
worries.

Swedish state secretary Joran Hagglund told Reuters on Tuesday he hoped the EIB would decide on the loan on Oct. 21 or the day after.

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