Tag Archives: saab

Saab 9-3 Production Restarts in Trollhättan. Cars Going to China

Sales are initially in China with a small number of vehicles sold directly to Swedish customers via the NEVS’ website. The aging 9-3 design, introduced in 1992, comes with a 220 horsepower, 2-liter turbo, the traditional high-performance engine of the Saab cars. Continue reading

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Saab owner NEVS Opens Battery Plant in China

National Electric Vehicle Sweden is now making batteries in China for electric buses and cars through its wholly owned subsidiary State Power Group. The owner of the rights to the currently inactive Saab brand name says State Power Group (75%) owns the new entity, dubbed National Battery Technology, together with unnamed company management (25%). Continue reading

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NEVS Completes Saab Asset Buy including the Brand Name

National Electric Vehicle Sweden or NEVS announced today that it completed the purchase of the main assets of bankrupt Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools. This includes the Phoenix platform, tools and the manufacturing plant in Trollhättan as well as test and laboratory facilities. NEVS has also signed a licensing agreement to use the Saab name on its future vehicles. Continue reading

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Spyker Sues GM For $3 Billion Over Blocking Saab Sale to Chinese

In what could be viewed as the legal equivalent of a Hail Mary pass, Dutch automaker Spyker filed suit against GM in Detroit yesterday, alleging that GM forced the Swedish brand Saab into bankruptcy and then blocked a sale of the company to Chinese investors, which would have ensured its survival. Continue reading

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Some Saab Assets Sold to a New Electric Vehicle Company

National Electric Vehicle Sweden AB (NEVS), a new firm established to purchase bankrupt Saab, and the receivers of Saab today signed a purchase agreement that covers some of the assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB. The selling price was not disclosed. The company will establish a new automobile venture in Trollhättan, dedicated to the development and manufacturing of electric vehicles (EVs). The intellectual property rights for the aging 9-3, introduced in 1992, were part of a deal that includes all outstanding shares in the company that owns the Saab Automobile facilities in Trollhättan, Sweden. Continue reading

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Saab Files for Bankruptcy. It’s All Over Except for Mourning

The end of Saab was practically assured last Saturday when General Motors reiterated a long-standing position against Saab transferring GM intellectual property to the Chinese and having Chinese companies build a rebadged Cadillac SRX as a Saab in China. GM is the largest automaker in China, albeit with communist government dictated partners. Continue reading

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Saab Saved from Liquidation by Two Chinese Companies?

This latest episode in the ongoing Saab story (NYSE Euronext Amsterdam: SWAN) is likely not the final one in a long running thriller over the future of the former General Motors subsidiary. The proposed Chinese ownership agreement is subject to a final share purchase agreement between Swan, Pang Da and Youngman. In a statement, Swan said it will contain “certain conditions including the approval of the relevant authorities, Swan’s shareholders and certain other parties.”

Furthermore, the €100 million will be paid in installments. An important consideration for Swan to enter into the transaction is the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile. Continue reading

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Saab Files for Bankruptcy in Sweden. State to Pay Workers

In the months ahead, the Swedish government will pay Saab’s 3,700 workers while a reorganization plan is debated. Saab suspended worker payments in July, as the company only sold fewer than 13,000 automobiles and posted a loss of -€201.5 million during the first half. The grim reality is that Saab Automobile after decades of losses, changes of ownership and financial engineering has limited financial resources and options remaining. Continue reading

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