Tag Archives: USD

Saab Cars North America Announces New Headquarters

Posted on 16. Mar, 2010 by .

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Saab History has just received the official press release from Saab Cars North America.

Saab Cars North America Announces New Headquarters

* Saab Cars North America to reside in Royal Oak, Michigan
* Company to invest $2.4 million to enhance North American Sales and Marketing Operations
* Over 2000 jobs to be retained or created over the next few years

DETROIT – Saab Cars North America today announced that its headquarters will reside in Royal Oak, Michigan, creating or retaining approximately 2000 jobs in North America. The company will invest $2.4 million to enhance its U.S. Sales and Marketing operations. Saab Automobile AB was recently purchased by the Dutch automobile company, Spyker Cars NV.

“Saab Cars North America appreciates the assistance and cooperation of the City of Royal Oak and the Governor’s office in helping make the company’s decision a reality during tough economic times,” said Mike Colleran, President and COO, Saab Cars North America. “As a direct result in acquiring local and state assistance, we look forward to renewing our U.S. presence as an independent, premium luxury automotive brand with Swedish heritage while maintaining our loyal following and potentially attracting new customers.”

“From advanced batteries to homeland security and life sciences to building materials, companies across all industry sectors are choosing Michigan for their growth plans, because our state is a great state in which to do business,” Governor Granholm said.

The State of Michigan Economic Development Council worked with the City of Royal Oak to secure the project. Governor Granholm approved a state tax credit, with local contribution by the City of Royal Oak, for a total benefit of $1.4 million over five years to encourage the company to expand in Michigan versus other competing states.

“This is tremendous news for Oakland County. While the county continues to transform into a knowledge-based economy through my Emerging Sectors, Medical Main Street and Automation Alley initiatives, the automobile industry still employs a large segment of our workforce. This affirms that we remain the global center of the auto industry. Credit is due to the Michigan Economic Development Corporation, my Economic Development Department and Royal Oak,” said L. Brooks Patterson, Oakland County Executive.

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 Spyker Cars NV purchasing Saab Automobile AB from General Motors on February 23, 2010.

For more information and a listing of Saab dealerships, please visit the website: www.saabusa.com.

CONTACT:
Michelle Tinson
Saab Cars North America
Phone: 248-705-0604

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Saab Cars North America Receives $1.2 Million Tax Credit Towards Royal Oak, Michigan Headquarters

Posted on 16. Mar, 2010 by .

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This just in from Michigan Governor Granholm’s office & the Michigan Economic Development Corporation regarding Saab Cars North America’s new headquarters in Royal Oak, Michigan.

– Saab Cars North America – The global automaker plans to invest $2.4 million to establish its North American headquarters in Royal Oak, focusing on marketing, sales and product evaluation. The project is expected to create 158 total jobs, including up to 60 directly by the company.

The MEDC estimates the increased economic activity created by the project will create an additional 98 indirect jobs.

Based on the MEDC’s recommendation, the MEGA board today approved a state tax credit valued at $1.2 million over five years to encourage the company to expand in Michigan over a competing site on the East Coast.

The city of Royal Oak has approved an abatement valued at $29,000 to support the project.

http://www.saabusa.com/

MEMORANDUM

Date: March 16, 2010
To: Michigan Economic Growth Authority
From: Amy Deprez, Manager
Packaging Team

Marcia Gebarowski, Project Specialist
Packaging Team

Subject: Briefing Memo – Saab Cars North America, Inc.
High-Technology High Wage (Lookback) MEGA Credit

COMPANY NAME
Saab Cars North America, Inc.
100 Renaissance Center
Detroit, Michigan 48265

HISTORY OF COMPANY
Saab AB is a Swedish company engaged in vehicle manufacturing. In 1990, General Motors purchased controlling interest in Saab AB, and in 2000 bought the remainder of the company. Spyker Cars N.V. purchased GM’s interest in Saab Automobile AB, for a mixture of cash and preference shares, resulting in Saab Cars North America, Inc. being established as the North American operations of Saab AB.

Spyker Cars N.V., no relation to the prior Spyker Company, is a private company, founded in 1999, and headquartered in Zeewolde, Netherlands. Saab will be a stand-alone niche manufacturer with three or four model lines. Spyker believes strongly in the benefits to be achieved in the sharing of certain assets and technology services, especially Saab’s extensive global network of 1,100 dealers, marketing & sales, merchandising, promotion and sponsorship activities.

Saab Cars North America, Inc. is a new entity without a presence in Michigan currently.
[…]

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The Saab Automobile Partnership With Boston-Power

Posted on 12. Mar, 2010 by .

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Film Credit: Saab History

On December 15th, Saab Automobile announced their partnership with a Swedish coalition for the advancement of zero-emission vehicles.

One of the businesses that was announced in this partnership, was award winning Boston-Power of Westborough, Massachusetts, provider of next-generation lithium-ion battery technology.

Once Saab’s future became secured with a new buyer, Saab History took the initiative to contact Boston-Power in order to learn more about their partnership with Saab Automobile as part of this coalition. Having the opportunity to meet with Founder and CEO of Boston-Power, Dr. Christina Lampe-Önnerud for an interview and a tour of the facilities, it became quite clear that Saab’s future in electric vehicles was moving fast. Boston-Power’s excitement, energy, experience and knowledge is evident, and their unique position will certainly support a long term partnership with Saab, for both Plug-In Hybrid and Battery Electric Vehicles (PHEV/BEV).

This partnership received funding from a $12 Million Dollar Swedish Energy Agency grant and as indicated in the film, will produce up to 100 zero-emission fully electric Saab vehicles based off of the existing 9-3 platform by the end of this year.

The lithium-ion battery system used in the Saabs is based on Boston-Power’s Swing 4400 battery cells. This battery system has the necessary extended calendar life, high energy density and is 20-50% more efficient in overall volume compared to traditional systems today.

As Sweden continues to make progress towards sustainability and climate change by being off of fossil fuels by 2020, this partnership between Boston-Power & Saab Automobile aims to accelerate this movement. Dr. Lampe-Önnerud, a Swedish entrepreneur in Saab’s largest market in the United States, drives this message home with Boston-Power’s battery technology.

“We at Boston-Power are very excited about the opportunity to be part of a coalition of companies helping Saab bring its first zero emission vehicle to market. Saab’s reputation for engineering leadership makes it the perfect partner for Boston-Power and the coalition. Its commitment to technological innovation perfectly complements our passion for delivering market-leading portable power solutions for the automotive market.”

I am very excited about this partnership and would like to celebrate the first of the test fleet vehicles produced by test driving one and sharing that experience here with you on Saab History.

A special thanks to those at both Boston-Power as well as CHEN PR, for the opportunity to bring awareness of this game changing technology partnership with Saab Automobile.

Boston-Power, Inc.
2200 West Park Drive
Westborough, MA 01581-3961, USA

www.boston-power.com

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Saab Cars North America Announces Pricing on 2010 Model Year 9-3 Vehicles

Posted on 05. Mar, 2010 by .

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Saab Cars North America Announces Pricing on 2010 Model Year 9-3 Vehicles

* Manufacturer’s Suggested Retail Prices reduced on all 2010 model year 9-3 variants
* 2010 model year vehicles to begin arriving in showrooms in April

DETROIT – Saab Cars North America today announced that manufacturer’s suggested retail pricing will be reduced for all 2010 model year 9-3 vehicles. These are the first 2010 model year Saab vehicles produced for the U.S. market and closely follow the recent acquisition of Saab Automobile AB by Spyker Cars NV

An exciting line-up of model year 2010 vehicles will arrive during the next few weeks to dealer showrooms across the United States. The manufacturer’s suggested retail price for every 2010 model year 9-3 variant has been reduced anywhere from 4 to 12 percent compared to model year 2009.

“This pricing action allows Saab to be in-line with the market and maintains accessibility of Saab’s rich Swedish heritage, innovation and responsible performance for our many loyal owners, enthusiasts and potential new customers,” said Mike Colleran, President and COO, Saab Cars North America.

Topping the list for 2010 is an all-new 9-3X premium cross-over model. Powered by Saab’s 2.0 liter turbocharged engine and available with either a 6-speed manual or automatic transmission, the 9-3X offers sporty performance without the typical penalty of high fuel consumption. Add in the standard cross-wheel drive (XWD) with electronic limited slip differential (eLSD) and raised chassis, the 9-3X delivers an all-road driving experience you can take with you no matter where your road leads. The 9-3X starts at $37,800 MSRP.

The 9-3 Sport Sedan is available in two trim levels, 2.0T and Aero, and both can be specified with either front wheel drive or with Saab’s Cross-Wheel Drive (XWD) system. Sport Sedan starting prices range from $29,725 MSRP for the 2.0T to $38,940 MSRP for the Aero model. Both cars offer a host of standard equipment with the Aero adding sport-focused features such as 17” alloy wheels, more aggressive front fascia, interior trim with two-tone leather seats, thicker sport steering wheel, a sport tuned chassis, and dual bright exhaust tailpipes. OnStar with Bluetooth hands-free phone connectivity is available on 2.0T models and comes standard on the Aero. A Bose six-CD audio system and XM Satellite Radio are also standard Aero content. Memory driver seat and rear park assist are available on Aero models in the optional Premium Package.
[…]

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The Saab Spyker Deal Is Expected To Close With GM Today

Posted on 15. Feb, 2010 by .

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Today, the long awaited Saab Spyker deal is expected to close with GM as originally scheduled.

Radio West have recently indicated that the deal is expected to be done by the end of the day. Whether that is the end of the business day for Sweden, or the United States is uncertain. If history tells us anything then perhaps it will be before noon EST in the United States as Sweden will be wrapping up the end of their business day.

In the meantime, here’s the article below:

Today Spykers purchase of Saab Automobile’s will be clear. All of pieces of the puzzle are now in place so it’s all about GM and Spyker closing the deal.

Spykers initial payment: 350 million Swedish kronor.

The plan indicates that Spyker will complete negotiating with GM on the sale of Saab Automobile by the end of the day.

Some of the last pieces of the puzzle fell into place in the course last Friday when Spykers extraordinary congress voted for the purchase, the Swedish National Debt Office said yes to the loan guarantees and the European Investment Bank gave the green light to the loan.

If everything goes according to plan, Spyker’s first installment will be 50 million U.S. dollars to GM, equivalent to just over 350 million Swedish kronor.

Spykers CEO Victor Muller provided clarity recently about his funding a week ago with his business acquaintance, Pieter Heerema, the offshore company set up with a loan.

The rest of the money to purchase 24 million U.S. dollars is to be paid under the agreement July 15.

But most of the money that GM will want to remain in the Saab Spyker as the reference shares and paid in due course.

And an agreement between Spyker and GM must be done as soon as possible.

As long as the situation is presently, Saab can not go further and conclude agreements with its suppliers, making it impossible to get started with production.

So once a purchase agreement is completed, the Saab staff will finally begin to see a glimpse of the future where it will start building cars again, perhaps as before.

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Submit Your Classic Saab To The New York Times 2010 Collectible Car Of The Year Contest

Posted on 10. Feb, 2010 by .

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nytimes

The SAAB Sonett I and the SAAB 93 are featured on the New York Times Today as part of their 2010 Collectible Car Of the Year Contest.

This contest asks you to submit your photos of your collectible car for a chance to win $5,000 and an exclusive interview with a New York Times Journalist to appear on their website!

The deadline is February 22nd, so send the photos in ASAP!

For more details, please click here.

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SPYKER SECURES FURTHER FINANCING OF SAAB DEAL

Posted on 08. Feb, 2010 by .

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This just in today from Spyker Cars.

SPYKER SECURES FURTHER FINANCING OF SAAB DEAL

ZEEWOLDE, The Netherlands (8 February, 2010) – Spyker Cars N.V. announces today that Spyker has entered into a USD 25 million convertible loan agreement with an investment company owned by Heerema Holding Company Inc.

The USD 25 million loan has a 2 year term, an interest of Euribor + 10% and is convertible into shares at EUR 4 each. This loan secures the funding necessary to close the Saab transaction as the first USD 25 million has already been paid to GM on January 26, 2010. The convertible loan is conditional on SAAB receiving the EIB loan. On July 15 of this year a final payment of USD 24 million is due to GM. Spyker is confident that it will secure the funding for this second installment.

The European Commission approved the Swedish state guarantee for Saab. With respect to the approval of the Swedish state guarantee, competition commissioner Neelie Kroes said: “The state guarantee will contribute to the implementation of Saab’s business plan without giving rise to any undue distortions of competition”.

Victor Muller, Spyker’s CEO said: “We are delighted that Heerema has decided to become an investor in our company. I had the privilege to work for Pieter Heerema from 1984 through 1991, initially as his counsel, later as Director of Corporate Affairs, and we have come to know each other very well as a result. It is the intention to nominate a representative of Heerema as a member of the Supervisory Board”.

“The positive decision of the European Commission to approve the Swedish state guarantee is another major step towards closing of the Saab acquisition. We are grateful to the Commission of their willingness to work so hard on this decision within the limited time available.”

Pieter Heerema added: “Although providing convertible loans such as this one is not in the ordinary course of our business, the positive developments of the past few months involving the SAAB brand and its sympathetic connotation, together with the worldwide support of loyal customers, dealers, employees, suppliers and other stakeholders represents a unique value. This value represents much more than money alone. We are confident that when the company’s management gets the opportunity to implement the business plan we will see a good financial return on our investment as well”.

-Ends-

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Two Weeks Until Saab-Spyker Deal Closes Feb 15th

Posted on 01. Feb, 2010 by .

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Starting today, there are two weeks left until the Saab-Spyker deal is expected to close on February 15th.

The closing of the deal according the press release that we’ve read last week, involves the first payment of $50 million USD to be paid.

I am truly hoping that the next few weeks fly by and the deal is closed without any drama as it’s long overdue.

• The Purchase Price will be paid in two installments. The first installment of USD 50 million will be paid on the date of completion of the transaction, expected to take place on or before February 15, 2010 (”the Closing”). The second instalment of USD 24 million will be paid on July 15, 2010.

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