Autoblog

REUTERS: China's BAIC secures $2.1B line of credit... is it for Saab?

Jonathon Ramsey — Sun, 06 Dec 2009 12:37:00 EST

Filed under: China, GM, Saab, Earnings/Financials, Koenigsegg

Beijing Automotive Industry Corporation (BAIC) could still be in the game for Saab, having secured a $2.93 billion line of credit from the Bank of China. On the other hand, BAIC could just be gearing up for its own home-grown expansion plans, with an eye on ramping up production and putting financial and technological legs underneath its partnerships with Mercedes and Hyundai.

Or... it could be doing both: trying to buy Saab and as well as remodel its business. The deal for Saab between GM and Koenigsegg was for about $1 billion: the European Investment Bank approved a loan for $615 million, and BAIC provided about $400 million by buying a minority stake in the Koenigsegg Group. If BAIC did its own deal with GM for that same amount -- although we have a feeling they could get a Christmas discount -- that would leave nearly $2 billion for BAIC to take care of Saab and invest in its own operations.

This is, of course, pure speculation -- BAIC could have something else in mind entirely. All we know right now is that they've got a lotta yuan just sitting around waiting to be spent, and aborted plans to build the new 9-5 in China. This Saab story isn't finished yet...

[Source: Reuters]

REUTERS: China's BAIC secures $2.1B line of credit... is it for Saab? originally appeared on Autoblog on Sun, 06 Dec 2009 12:37:00 EST. Please see our terms for use of feeds.

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Merbanco out, Spyker in as Saab bidding heats up. Was Fritz axed because he wanted Saab closed?

Chris Paukert — Wed, 02 Dec 2009 12:01:00 EST

Filed under: Europe, Saab, Earnings/Financials, Rumormill

2010 Saab 9-5 - Click above for high-res image gallery

As General Motors suddenly finds itself in search for a new CEO to replace Fritz Henderson, it is also looking to secure a buyer for perennially troubled Saab. GM originally thought it had a new parent for the brand in Koenigsegg, but after that deal went sour, Detroit officials confirmed that it they would give themselves up until the end of the year to find a new buyer instead of simply shutting Saab down.

A number of parties have expressed interest in purchasing the brand since that time, and it has now been confirmed that the Swedish marque has another supercar-building pursuer: Spyker. The Netherlands-based exotic manufacturer has just issued a brief statement confirming that it - along with its shareholders at the Convers Group - has indeed "expressed an interest in Saab Automobile AB" (text available after the jump). Spyker has never been a brand short of ambition (remember its ill-fated Formula One effort?), but taking on Saab would be its most ambitious undertaking yet.

In related news, marque website Saab History is reporting that the US-based Merbanco group has not been chosen by GM as a possible purchaser. According to the SH, Merbanco CEO Christopher Johnston released a statement to the enthusiast group that says:

"As most of you know, we ride with the brand, the fit was good, and were up to the challenges ahead. It is now time for us to depart the field and support the company and its outstanding people.
We are grateful to all of you, fellow Saab enthusiasts and the Saab team for the support you have us. It will never be forgotten. Heartfelt thanks, Ryan and friends for your support."

(Saab History had previously conducted an interview with Johnston, the contents of which you can find here.)

Interestingly, UK buff book Autocar is reporting that yesterday's ousting of Fritz Henderson could stem from the exec's apparent desire to close Saab, a viewpoint that was evidently not shared by the rest of GM's board. We suspect there were a whole host of issues that led to Henderson's resignation, but it's likely that GM's trustees would prefer to offload the brand rather than incur substantial shutdown costs. Call it a "potential contributing factor," if you will.

Either way, do you think Saab will survive this tumult? Drop us a line in 'Comments.'

Gallery: 2010 Saab 9-5

[Sources: Spyker; Saab History; Autocar; Automotive News]

Continue reading Merbanco out, Spyker in as Saab bidding heats up. Was Fritz axed because he wanted Saab closed?

Merbanco out, Spyker in as Saab bidding heats up. Was Fritz axed because he wanted Saab closed? originally appeared on Autoblog on Wed, 02 Dec 2009 12:01:00 EST. Please see our terms for use of feeds.

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REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer

Chris Shunk — Tue, 01 Dec 2009 19:26:00 EST

Filed under: China, Plants/Manufacturing, GM, Saab, Earnings/Financials

General Motors' Saab brand has been given a one month stay of execution as the Detroit, MI-based automaker has announced that it will hold off on a decision regarding the brand's fate until the end of the year. GM's apparent non-decision comes just one week after it announced that Swedish specialty car maker Koenigsegg unexpectedly pulled out of the running for Saab.

While GM isn't commenting on any potential suitors at this time due to non-disclosure agreements with the parties involved, speculation is that Beijing Automotive Industry Holding Co. and Wyoming-based Merbanco Inc are in the running for the struggling Swedish automaker. BAIC appears to make some sense considering the Chinese automaker's desire to enter the U.S. market and the fact that it was also involved in a bid to purchase Opel from GM earlier in the fall.

Beijing Auto was also reportedly involved in the original Koenigsegg deal, which fell apart for reasons we may never know. GM said in a brief statement (available after the jump) that if no deals materialized by the end of the year, it expects to begin an orderly wind down of the global Saab business at that time."

[Sources: The Detroit News; General Motors | Image: Torsten Silz/AFP/Getty Images]

Continue reading REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer

REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer originally appeared on Autoblog on Tue, 01 Dec 2009 19:26:00 EST. Please see our terms for use of feeds.

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Saab, Swedish gov't in Detroit to discuss brand's future

Michael Harley — Mon, 30 Nov 2009 15:32:00 EST

Filed under: Government/Legal, Saab

Don't write off Saab just yet. While last week's announcement that Koenigsegg Automotive AB had pulled its offer for the homeless brand was a painful kick to the gut, it seems there are still a few companies interested in taking the automaker under its wings. With that in mind, and interested in keeping the momentum, Saab CEO Jan Ake Jonsson and government officials from Sweden are meeting in Detroit today ahead of a Tuesday GM board meeting to determine Saab's fate.

As we've reported, other bidders have expressed interest in Saab and the list appears to have grown. These companies include Beijing Automotive Industry Holding Corp., U.S. investment company Merbanco Inc., and the U.S. private equity firm Renco Group Inc. You may recall that it was Beijing Auto who had partnered with Koenigsegg in the latest deal that fell off the table. Said Beijing Auto's general manager Wang Dazong, "stay tuned a little bit." Yes, we all are. Patiently.

[Source: Automotive News, sub. req'd]

Saab, Swedish gov't in Detroit to discuss brand's future originally appeared on Autoblog on Mon, 30 Nov 2009 15:32:00 EST. Please see our terms for use of feeds.

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REPORT: Saab still has at least two interested parties - BAIC and Merbanco

Chris Shunk — Sat, 28 Nov 2009 09:40:00 EST

Filed under: GM, Saab, Earnings/Financials, Rumormill

2010 Saab 9-5 - Click above for high-res image gallery

When Koenigsegg pulled out of its agreement with General Motors to purchase Saab, many thought that General Motors would dump the Swedish automaker much like it did the Saturn brand. But it appears that The General is still willing to look for another interested party, and speculation is that two perspective buyers are at the front of the line. The Swedish press is reporting that China's Beijing Automotive (BAIC) and Wyoming-based merchant bank Merbanco have shown renewed interest in perennially cash-poor Saab.

Saab spokeswoman Gunilla Gustavs reportedly told Automotive News that there were 27 suitors interested in the Swedish automaker prior to Koenigsegg becoming the preferred bidder and confirmed that there are now other bidders interested. "We have a close dialog and close contact with several who have expressed interest in buying Saab Automobile," Gustavs says.

if another bidder does win the opportunity to purchase Saab, they'll inherit an automaker that expects to lose $427 million in 2009 and a similar amount of cash in 2010. That buyer will also run into plenty of resistance when trying to get its hands on GM's technology assets. One issue that reportedly derailed the Koenigsegg bid was GM's reluctance to share its tech for new products like the new Saab 9-5. On the upside, the aforementioned 9-5 sedan has just begun serial production, the 9-3X allweatherwagon is ready to go, and the 9-4X looks to be just around the bend, too.

Earlier in the week, GM released a statement stating that it would "take the next several days to assess the situation and will advise on the next steps next week." Thanks for the tips, everyone!

Gallery: 2010 Saab 9-5

[Sources: Autocar; Automotive News; Auto Motor und Sport]

REPORT: Saab still has at least two interested parties - BAIC and Merbanco originally appeared on Autoblog on Sat, 28 Nov 2009 09:40:00 EST. Please see our terms for use of feeds.

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BREAKING: Koenigsegg backs out of Saab purchase, brand future up in the air

Chris Paukert — Tue, 24 Nov 2009 11:27:00 EST

Filed under: Hirings/Firings/Layoffs, Plants/Manufacturing, Saab, Earnings/Financials

2010 Saab 9-5 - Click above for high-res image gallery

After riding in on a white horse, Koenigsegg Group AB has pulled out of negotiations to buy Saab from General Motors, leaving the Swedish automaker's future very much in doubt. In a brief statement issued by GM (available after the jump), president and CEO Fritz Henderson says that the company is "very disappointed with the decision to pull out of the Saab purchase."

It is unclear what will happen to the brand now, but if Saab fans can hold on to any hope, GM says it will "take the next several days to assess the situation and will advise on the next steps next week." It is worth noting that this is different from the brief announcement that GM issued when Roger Penske's group pulled out from buying Saturn - GM immediately announced that they would begin "winding down" the brand. There was at least one other serious bidder interested in purchasing Saab previous to Koenigsegg becoming the preferred purchaser, but it isn't immediately clear if they are still interested, or if their financial backing checked out to begin with.

We suspect that even if Saab is unable to survive as a brand, someone will step in and purchase the assets to the already tooled-up forthcoming 9-5 sedan - perhaps the Chinese - and potentially the newish 9-3/9-3X as well.

Gallery: 2010 Saab 9-5

[Source: General Motors]

Continue reading BREAKING: Koenigsegg backs out of Saab purchase, brand future up in the air

BREAKING: Koenigsegg backs out of Saab purchase, brand future up in the air originally appeared on Autoblog on Tue, 24 Nov 2009 11:27:00 EST. Please see our terms for use of feeds.

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Swedish Pickle: Study says GM lost $5,000+ on each Saab sold over the last 8 years

Jonny Lieberman — Fri, 20 Nov 2009 10:31:00 EST

Filed under: Car Buying, Saab, Earnings/Financials

2008 Saab 9-3 Turbo X - Click above for high-res image gallery

When the automotive history of the last ten or so years is written, one of the most curious chapters will be why big, flush with cash American car companies purchased relatively diminutive, relatively oddball Swedish brands. Ford and Volvo, while still not a match made in heaven, at least gave it a go, sharing platforms and technology. The merger has yielded some good results, too. Anyone that's driven cars like the Flex or new Taurus can attest to how well Ford skin draped over a Volvo-based chassis works - especially when motivated by a twin-turbocharged, direct-injected motor.

General Motors acquisition of Saab on the other hand, was basically a complete and total disaster. Saab suffered mightily at the hands of the General, being forced to accept Opel underpinnings with hard points that prevented hatchbacks and therefore alienated the brand's five-door loving base. The 9-5 (formerly the 9000) languished and essentially died on the vine. The Saabaru (9-2X) proved the no one wanted to pay a $5000 premium for a WRX with nice seats, and the 9-7X was for all intents and purposes a Chevy Trailblazer with the ignition key stuck between the seats. Worse, with Saturn morphing into the American branch of Opel, Saab was the afterthought after the afterthought.

According to an article in Sweden's di, GM lost $5,100 on every Saab it has sold over the last eight years. The how is murky, but the why is that they spent a lot of money to purchase Saab and then didn't sell very many of them. Moreover, it's costing GM a pretty penny to unload Saab. Just about $900,000,000 to put a number on it. All in, General Motors lost nearly $6 billion dollars with Saab in the eight years they spent together. A total waste on both sides of the Atlantic. Here's hoping for better things from the (still pending) Koenigsegg marriage.

Gallery: 2008 Saab Turbo X

[Source: di.se via TTAC]

Swedish Pickle: Study says GM lost $5,000+ on each Saab sold over the last 8 years originally appeared on Autoblog on Fri, 20 Nov 2009 10:31:00 EST. Please see our terms for use of feeds.

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REPORT: Saab dealers 'running out of cars'

Michael Harley — Tue, 17 Nov 2009 10:28:00 EST

Filed under: Car Buying, Plants/Manufacturing, Saab, Earnings/Financials

2010 Saab 9-5 - Click above for high-res image gallery

With new vehicle production at a trickle, and its dealer network slashed by a third, retailers of the Saab brand are finding inventory shrinking to drought levels. Some of the remaining dealers may even run out of new vehicles before replacements arrive.

Point the blame towards the pending sale of Saab to Koenigsegg Automotive AB, and the fact that an all-new Saab 9-5 model is still sitting on the horizon. With the transaction still not complete, financial limitations have kept new vehicle production low. In addition, the Swedish assembly plant tasked to build the new 9-5 sedan is in the process of retooling. "When we close the deal and change owners we can start producing again for real as we then will have financing," Eric Geers, a Saab spokesman told Bloomberg.

Even if the deal with Koenigsegg closes as planned, the 2010 Saab 9-5 (the company's first all-new car in seven years) won't hit European showrooms until early next year. U.S. dealers will likely have to wait even longer, starving as the last of their dwindling inventory rolls away.

Gallery: 2010 Saab 9-5

[Source: Bloomberg]

REPORT: Saab dealers 'running out of cars' originally appeared on Autoblog on Tue, 17 Nov 2009 10:28:00 EST. Please see our terms for use of feeds.

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Koenigsegg reportedly rejects 81 out of 218 U.S. Saab dealers

Michael Harley — Fri, 13 Nov 2009 14:28:00 EST

Filed under: Government/Legal, GM, Saab

2010 Saab 9-5 - Click above for high-res image gallery

According to Automotive News, Federal Express letters arrived at 81 of Saab's 218 dealers on Thursday stating that their franchises had not been selected to move forward and become a dealer for the post-sale entity, Saab Cars North America. The package from General Motors said that Swedish supercar maker Koenigsegg, Saab's buyer, had selected only certain stores based on its business plan requiring strong, well-located dealers showing profits and high volume.

All Saab dealers signed termination agreements in June when GM entered bankruptcy. The dealers who received reject letters today will follow the terms of those agreements. Meanwhile, the remaining 137 U.S. Saab dealers will have to wait patiently until the end of November when the sale is scheduled to close (although those close to the deal say it may take longer). Current Saab dealer contracts with GM will not expire until October 2010, at which point the remaining dealers will sign new franchise agreements with Saab Cars North America.

Gallery: 2010 Saab 9-5

[Source: Automotive News, subs. req'd]

Koenigsegg reportedly rejects 81 out of 218 U.S. Saab dealers originally appeared on Autoblog on Fri, 13 Nov 2009 14:28:00 EST. Please see our terms for use of feeds.

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REPORT: BAIC/Koenigsegg may produce Saab 9-5 in China

Michael Harley — Sat, 07 Nov 2009 14:26:00 EST

Filed under: China, Government/Legal, Plants/Manufacturing, Saab

Beijing Automotive Industry Holding Co. (BAIC), announced as a minority partner in Koenigsegg's deal to purchase Saab from General Motors two months ago, plans to produce the Saab 9-5 on Chinese soil next year. The involvement of BAIC in the Saab transaction helps Koenigsegg close the deal and gives the Chinese company leverage to re-badge the previous-generation Saab 9-5 as its own or to simply expand the brand's existing reach within the country.

In September, Saab CEO Jan-Ake Jonsson told reporters he wanted to double the number of Chinese Saab dealers from 15 to 30, and that he had an interest in local Chinese production. "Beijing Auto is an opportunity for us to establish ourselves in the Chinese market with their experience," the CEO said. Under current plans, Saab imports all cars to China, where they're sold under the Shanghai General Motors network. Sales have been slow, but promoting the brand under the watchful eye of BAIC may help the brand gain traction in China's huge automotive market.

[Source: Gasgoo]

REPORT: BAIC/Koenigsegg may produce Saab 9-5 in China originally appeared on Autoblog on Sat, 07 Nov 2009 14:26:00 EST. Please see our terms for use of feeds.

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VIDEO: 700-HP Saab 99 Quattro Turbo is like missing Koenigsegg ancestor

Jonathon Ramsey — Thu, 05 Nov 2009 12:20:00 EST

Filed under: Europe, Videos, Saab

700-hp 1969 Saab 99 Quattro Turbo - Click above to watch video

Sweden has just over nine million people - that's an entire country whose population is just a little bigger than New York City - and we'd believe it if someone told us they exclusively devoted their time to blessing the world with peculiar automotive concoctions. We'd file this latest one under "quirky," but it's far too powerful: a 1969 Saab 99 given the Audi Quattro treatment and a turbocharging to the tune of 700 horsepower. And then left to look rather stock.

The brainchild of a man named Gustav, it's development is recorded on Savar Turbo for those of you who speak Swedish (translated, if you don't). It runs sub-10-second quarter-miles with ease, which includes a few tenths lost for wheelspin and manually shifting gears. And we like it. We like it a lot. And we want whatever he's been drinking - we're guessing drums of aquavit. Follow the jump for videos of this stealthy Swede's quarter-mile runs and have a look at what's under the hood in the gallery of high-res images below.

Gallery: 700-HP Saab 99 Quattro Turbo

[Source: Savar Turbo via Car Throttle]

Continue reading VIDEO: 700-HP Saab 99 Quattro Turbo is like missing Koenigsegg ancestor

VIDEO: 700-HP Saab 99 Quattro Turbo is like missing Koenigsegg ancestor originally appeared on Autoblog on Thu, 05 Nov 2009 12:20:00 EST. Please see our terms for use of feeds.

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REPORT: Saab in "expansionist mood," plots own 9-3 replacement, new compact

Jonathon Ramsey — Wed, 04 Nov 2009 08:59:00 EST

Filed under: Saab, Koenigsegg

Saab 9-X Air BioHybrid Concept - Click above for high-res image gallery

The talk has begun: last week the outlines of Koenigsegg's intent for Saab was publicized, now the sports car company is flapping their jibs to back it up. The 9-5 and 9-4X that GM developed will be arriving shortly, and behind those is the 9-5 SportCombi. The gem for Saab fans is the mention of a redesigned 9-3, and perhaps a 9-1 and 9-2.

That 9-3 might even make a return to the days of quirky, since it is "more unlikely than likely" that it will be built on a GM platform. In short, Koenigsegg wants to do a clean-sheet design, and that could mean restoring the aura of the Saab 900 to the brand's smallest car. That, a huge leap in feel and quality, and the ability to sustain a paucity of sales for a few years just might put a Swedish crown back on the old gal. However, we realize that is asking a lot...

But going beyond that, Koenigsegg's plan is that the 9-3 wouldn't remain the brand's smallest car for long. A 9-1 or 9-2 that takes inspiration from the 9-X Air BioHybrid Concept is being considered, which would finally give Saab an entrant in a segment where buyers have proved they are willing to pay a premium for well-done small cars. The test of Koenigsegg's ambition begins now.

Gallery: Saab 9-X Air BioHybrid Concept

[Source: Motor Trend]

REPORT: Saab in "expansionist mood," plots own 9-3 replacement, new compact originally appeared on Autoblog on Wed, 04 Nov 2009 08:59:00 EST. Please see our terms for use of feeds.

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Swedish report says Koenigsegg wants to sell fewer Saabs for more money

Jonathon Ramsey — Tue, 27 Oct 2009 10:20:00 EST

Filed under: Saab, Earnings/Financials, Rumormill

Just because Koenigsegg is working to by Saab doesn't mean that the maker of million dollar coupes plans to spend time in the mass-market end of the buying pool. In fact, according to Swedish newspaper Dagens Industri, Koenigsegg wants to make more money selling fewer Saabs, which it can only do by taking Saab upmarket. And the numbers being reported indicate not just medium luxury, but top shelf, Cadillac Margarita luxury. Straight from the paper, this is allegedly Koenigsegg's ambitious three-step plan:

2010-2011: The current phase
- 115,000 cars sold gives zero in operating profit
- Average price per car: 189.000 SEK ($27,546 U.S.)

2012-2015: Transition
- 80,000 cars sold gives zero in operating profit
- Average Price per car: 208.000 SEK ($30,311 U.S.)
- New models including 9-5 Koenigsegg Edition

2016 - : premium
- 65,000 cars sold gives zero in operating profit
- Average Price per car: 280.000 SEK ($40,804 U.S.)
- New models include New 900

There's a bit of confusion over average prices mentioned. The current base price of a 9-3 in the U.S. is $30,360, and it wouldn't make sense to have the average price for the entire model line in the current phase be less than the base price of the cheapest car in the cheapest country, even at a higher volume. (The base Saab 9-3 starts at 301,990 SEK, which is $44,008 U.S.)

If the devotees at Saabs United have it right, a commenter in the original Swedish article who also claims to be a Saab dealer said the average prices are missing region-specific taxes, so they should be 55-60% higher. That would make the transaction price in the current phase about $43,000, and in the final, premium phase about $63,000 with a 55% markup.

While the numbers are fuzzy, what is pretty clear is that Saabs are going to cost a lot more in seven years if Christian K. gets his way. And they'll have to be, if he wants the company to break even on 65,000 cars sold annually, which would be a 27,000 unit decline from last year's (unprofitable) numbers. Saabs United also has a well reasoned look at the various sides, but still, for Saab lovers and watchers, this must all sound a bit crazy. But, hey... so is a Koenigsegg.

[Source: Dagens Industri via Saabs United]

Swedish report says Koenigsegg wants to sell fewer Saabs for more money originally appeared on Autoblog on Tue, 27 Oct 2009 10:20:00 EST. Please see our terms for use of feeds.

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Rendered Speculation: Saab 9-5 gets its SportCombi on

Noah Joseph — Wed, 21 Oct 2009 19:02:00 EST

Filed under: Wagon, Saab

Opinions have been mixed over the overall shape of the new Saab 9-5. The detailing, as we found at the pivotal sedan's debut at the recently concluded Frankfurt show, takes the Swedish automaker's aerospace-inspired design to a new level of sophistication, but some believe that the silhouette cut by the sedan's form left something lacking. That could all be fixed, however, if the estate wagon comes out looking as slick as this rendering imagines.

Slated for debut in about a year from now, the 9-5 SportCombi, as Trollhattan calls its wagons, is scheduled to be the first new launch for Saab after leaving GM for Koenigsegg's management. Following the market debut of the sedan, the 9-5 wagon will precede the replacement for the smaller 9-3 and the anticipated new 9-4X crossover to give the Swedes a solid lineup to take on the likes of Audi and company. Engines are expected to include turbo fours displacing 1.6 liters and producing 178 horsepower, two liters with 217 hp and 2.8 liters with 296 hp; to be joined by a 158 hp two-liter turbodiesel and a reported turbocharged hybrid option. Saab's trick proprietary XWD traction system should be available across nearly the entire range.

With all that, plus Swedish practicality and what looks to be a slick wraparound rear windscreen, the next wagon from Scandinavia's quirky stepchild could be a real departure from the usual Saab story.

[Source: CAR Magazine]

Rendered Speculation: Saab 9-5 gets its SportCombi on originally appeared on Autoblog on Wed, 21 Oct 2009 19:02:00 EST. Please see our terms for use of feeds.

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REPORT: First step of Saab salvation complete, EIB to give €400m loan

Jonny Lieberman — Wed, 21 Oct 2009 16:40:00 EST

Filed under: Europe, Government/Legal, Saab, Earnings/Financials

2010 Saab 9-5 - Click above for high-res image gallery

Like Great Britain, Sweden never switched over to the Euro - they still deal in kroners. Therefor, In order to keep Saab afloat after being jettisoned by General Motors, new owner Koenigsegg Group has determined that it needs a loan of about 415 billion kroners to keep the flood waters back. That's about €400 million Euros, or $599 million good old US Ameripesos. A little while back we reported that the country of Sweden had agreed to guarantee any such loan to sinking Saab, should a bank offer to do so. Well guess what?

The European Investment Bank (EIB) has agreed to lend the €400 million to Koenigsegg Group vis-a-vis Saab. The money is supposedly earmarked for "research and development activities for the improvement of fuel efficiency and safety including new tooling for the production of cleaner and safer cars." At least that's according to EIB. However, there's a very good chance that the loan will be used to finish closing Koenigsegg's deal with GM. Either way, looks like Saab might now have a fighting chance at not sinking into the North Atlantic.

Gallery: 2010 Saab 9-5

[Source: Automotive News - Sub. Req'd | Saabs United]

REPORT: First step of Saab salvation complete, EIB to give €400m loan originally appeared on Autoblog on Wed, 21 Oct 2009 16:40:00 EST. Please see our terms for use of feeds.

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Saab pondering Detroit suburb for new U.S. headquarters?

Jonathon Ramsey — Mon, 12 Oct 2009 08:58:00 EST

Filed under: Saab

Having concluded the relationship with its former sugar daddy, GM, Saab is scouting locations for its new corporate headquarters to make a fresh start. According to one report, that location could be Royal Oak, Michigan, about fifteen miles from Detroit.

Saab apparently has $2.2 million to invest in a new HQ over the next five years, where it plans to house "mostly sales and marketing functions." The building in question is 13,000 square feet and boasts the few amenities necessary to Saab's situation: offices for 50 people and a large garage.

A Saab spokeswoman said Royal Oak is "trendy" and fits "our customer demographics." Finalizing the deal looks to rest on Royal Oak providing tax abatement, which hasn't been decided yet. Even if the city does give Saab some help moving in, the longer-term story is Saab's possible return to New England: the company began in Connecticut when it first came to U.S. shores. And with other upmarket European brands having decided that the Midwest simply didn't cut it, it wouldn't be a surprise.

[Source: Saab History]

Saab pondering Detroit suburb for new U.S. headquarters? originally appeared on Autoblog on Mon, 12 Oct 2009 08:58:00 EST. Please see our terms for use of feeds.

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REPORT: Major obstacle cleared as Swedish government to guarantee $615M EIB loan for Saab

Jonathon Ramsey — Tue, 06 Oct 2009 10:58:00 EST

Filed under: Europe, Government/Legal, Saab

2010 Saab 9-5 - Click above for high-res image gallery

A major hurdle in Saab's transfer to the homegrown hands of Sweden's Koenigsegg has been surmounted: the Swedish government has agreed to guarantee a 4.3 billion kroner ($615M U.S.) loan from the European Investment Bank to the Koenigsegg consortium. That represents the final funding the maker of the CCX needs in order to compete the financing of the deal.

The next hurdle is for the European Investment Bank to consent to give Koenigsegg the money. A Swedish government representative said he hoped the EIB would decide before the end of the month. If that happens and things goes favorably, Koenigsegg may still get the deal done on its original timeline, the end of the year.

Gallery: 2010 Saab 9-5

[Source: Reuters]

REPORT: Major obstacle cleared as Swedish government to guarantee $615M EIB loan for Saab originally appeared on Autoblog on Tue, 06 Oct 2009 10:58:00 EST. Please see our terms for use of feeds.

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Spy Shots: Koenigsegg to rebadge Saabs in its own image? Not so much

Noah Joseph — Tue, 06 Oct 2009 09:00:00 EST

Filed under: Spy Photos, Wagon, Europe, Saab

How much does it take to turn a Saab into a Koenigsegg? The half-billion dollars in funding the niche automaker is locking down to acquire the erstwhile General Motors subsidiary? The million euros one of its supercars sells for? How about 116 kronor? That amounts to about $16.50, and it's how much one local motorist has paid to slap the Koenigsegg name on his Saab 9-5 SportCombi wagon in an apparent jab at Swedish domestic auto industry.

The photo has got enthusiasts in Scandinavia jabbering over Koenigsegg's "secret plans" for Saab, as if the exotic automaker was planning to scrap its new acquisition and assimilate its products under its own name. While Saab might not rank as high among Swedish brand names, as, say, Ikea, it does have a little higher level of brand recognition than Koenigsegg. Thus, tossing the Saab name in the plastic, assemble-it-yourself trash bin would make about as much sense as a supercar garage buying a family sedan factory from one of the world's largest auto conglomerates. Oh, wait a second....

[Source: Vi Bilägare]

Spy Shots: Koenigsegg to rebadge Saabs in its own image? Not so much originally appeared on Autoblog on Tue, 06 Oct 2009 09:00:00 EST. Please see our terms for use of feeds.

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REPORT: Outgoing Saab 9-5 to live on... as Chinese BAIC

Jeremy Korzeniewski — Fri, 02 Oct 2009 09:27:00 EST

Filed under: Sedan, Wagon, China, Plants/Manufacturing, Saab

If Billy Joel is right that only the good die young, the outgoing Saab 9-5 has been very, very bad. In automotive terms, the 9-5 is positively ancient, having first seen the light of day in 1997 and getting very little in the way of meaningful changes since that time.

If, though, you happen to like cars that feature a design that's... shall we say, "proven," we have some good news to report. According to Autocar, the old 9-5 will get a new lease on life from China's Beijing Automotive Industry Corporation (BAIC). It's not clear what changes (if any) will be made to the car in its new incarnation, or if BAIC will also purchase the rights to Saab's turbocharged four-cylinder engines.

Last month, BAIC made a $400 million investment into the Swedish automaker, becoming a minority shareholder in Koenigsegg, Saab's new parent company. As for the 9-5 in America, well... let's just say we're happy to be getting the completely reengineered 2010 model.

[Source: Autocar]

REPORT: Outgoing Saab 9-5 to live on... as Chinese BAIC originally appeared on Autoblog on Fri, 02 Oct 2009 09:27:00 EST. Please see our terms for use of feeds.

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Frankfurt 2009: 2010 Saab 9-5 is proof there's still some flight left in the ol' Griffin

Chris Paukert — Tue, 15 Sep 2009 19:58:00 EST

Filed under: Frankfurt Motor Show, Sedan, Saab

2010 Saab 9-5 - Click above for high-res image gallery

To be honest, there have been points at which it felt like this new Saab 9-5 would never see the light of day. To say that the outgoing model had grown long in the tooth would be a colossal understatement, and in the hyper-competitive market that is the globe's entry-level premium segment, the 9-5 had become something of a placeholder, playing second fiddle to the automaker's newer, more dynamic 9-3. So with its own cheaper sibling playing the role of upstager and parent General Motors in the throes of bankruptcy, we didn't exactly have faith that Saab would ever launch this new sedan. But after an arduous development process and a new owner in the form of supercar maker Koenigsegg, the future looks - if not bright - at least markedly less dim.

If we sound like we're damning the 2010 9-5 with faint praise, we're not - after sitting in the car today at the Frankfurt Motor Show and talking extensively with members of Saab's team, we're actually rather optimistic that the perennially underweight automaker may yet emerge from its funk and put some rouge back in the 'ol Griffin. But until we drive it, we're going to reserve judgment before we break out the akvavit and reindeer steaks - we've been here before.

One thing's for sure - this new, larger 9-5 looks incredibly crisp in the metal. With clean flanks, a distinctive, cantilevered roofline paired with wraparound-look glass and handsome head- and tail lamp detailing, this is an attractive, cohesive design sans adornment - no gaping ducts, fender vents, or protruding aero addenda are in evidence anywhere. Very much in the Scandinavian mold, the 9-5 pulls design elements from the showstopping Saab Aero-X concept coupe and puts them in a real-world package. Similarly, like Scandinavian furniture, the design won't be to everyone's tastes.

Inside, there's gobs more space than in the outgoing car both front and rear, and the design has been tastefully updated in a driver-centric way that honors the marque's quirkiness (Night Panel button, eggcrate grid air vents, etc.) without becoming a caricature of Saabs past. Reinforcing the aeronautically-minded "Born From Jets" theme that had become something of a punchline with distractions like the 9-7x SUV, Saab has adopted new features like an optional heads-up display and a novel altimeter-like digital speedometer readout in case you aren't interested making use of the clear analogue gauges.

Click on the jump for more impressions and the official press release.

Gallery: Frankfurt 2009: 2010 Saab 9-5

Gallery: 2010 Saab 9-5

Continue reading Frankfurt 2009: 2010 Saab 9-5 is proof there's still some flight left in the ol' Griffin

Frankfurt 2009: 2010 Saab 9-5 is proof there's still some flight left in the ol' Griffin originally appeared on Autoblog on Tue, 15 Sep 2009 19:58:00 EST. Please see our terms for use of feeds.

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