Latest
Another Supercar Maker Bids for Saab?
Wednesday, 02 December 2009 01:19

According to an article in Automotive News, Dutch supercar manufacturer Spkyer has submitted a bid to GM to buy Saab outright.

Dutch sports car maker Spyker Cars NV and its Russian owner, Converse Bank, on Monday submitted a bid to buy Saab, according to a source familiar with the matter.

The source said said Spyker submitted a written bid to Deutsche Bank seeking to buy all of Saab from GM. The source declined to reveal the amount of the bid.

Spyker currently makes sports cars priced above $200,000. Also, GM's plans for the brand, such as a new 9-4X crossover, “look extremely viable” to Spyker's management, the source said.

Swade over at SaabsUnited received a note from Christopher Johnston, CEO of Wyoming-based private investment firm Merbanco Merchant Banking, indicating that Merbanco is out of the bidding, leaving Spyker, BAIC and Renco in the "known bidders" column. Johnston had been on the record as being extremely interested in purchasing Saab, and had spoken enthusiastically about Saab's future.

"We were disappointed to learn we were not invited to move forward in our efforts for Saab," Johnston said in an email to Reuters.

 
GM Statement Regarding Saab Negotiations
Tuesday, 01 December 2009 15:13

DETROIT – The GM Board of Directors has received expressions of interest in Saab since the conclusion of negotiations with Koenigsegg Group AB. The Board will evaluate potential bids between now and the end of December. At that time, we will determine whether a suitable arrangement for Saab exists. If not, we will begin an orderly wind down of the global Saab business at that time.

Due to non-disclosure agreements, we will not confirm or comment on any potential transactions or other matters unless, and until, we determine that disclosure is appropriate.

Read more...
 
Koenigsegg Group Backs Out
Tuesday, 24 November 2009 12:56

News outlets are reporting that the deal between the Koenigsegg Group and GM for the purchase of Saab has fallen through "at the discretion of the buyer." Koenigsegg Group AB informed GM yesterday that it would not be completing the purchase of Saab.

In GM's official press release, GM President and CEO, Fritz Henderson, noted, "We’re obviously very disappointed with the decision to pull out of the Saab purchase. Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB. Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week."

Although some online sources speculate that the issue was Koenigsegg's inability to secure complete financing for the purchase, Augie Fabela, the chairman of Koenigsegg Group, told Reuters that this was not so.

 

Unfortunately, we have come to the conclusion that based on the delay of closing the transaction, in our judgment we no longer felt we were able to deliver our new Saab plan. The company has been managed very tightly for cash, and at a certain point you have to start running the company as a growth engine, and we just weren't able to get there in time. -- Augie Febela, Chairman of Koenigsegg Group, 2009-11-24

 

The Swedish government has noted that it will not step in and save the company, and that a private buyer is the only option right now.

Swade over at SaabsUnited has some quotes that aren't being mentioned elsewhere.

 
SOC2010 Details Announced!
Friday, 20 November 2009 01:14

Preliminary details on the 2010 Saab Owners' Convention to be held in Aurora, Ohio have been posted to the SOC homepage at www.saabconvention.com. Please head over and check out all the news!

 
Saab Wallpapers from Roy Chui
Wednesday, 18 November 2009 13:15

Happy HolidaysRoy Chui, a graphic artist who specializes in woodcut prints of classic cars, recently wrote to the Saab Club of North America to show us some of the vintage Saab computer wallpaper he has designed. No matter the size of your computer desktop, he probably has a size there for you. There are wallpapers for the Sonett, 92, 93, 95, 96, 90, 99, 900 and 9000. Check them out here, and then send an saying thanks for the great wallpaper!

 
2010 Saab 9-5 Makes US Debut
Thursday, 29 October 2009 19:35

New Saab 9-5 Sedan makes its US premiere at the Miami Auto Show

image1 image2 image3

The All-New Saab 9-5 Sedan, making its U.S. premiere at the South Florida International Auto Show in Miami, takes center stage on the Saab stand as the Swedish premium brand celebrates the start of new era.

  • Progressive Scandinavian design inspired by Aero X and Saab heritage
  • Engineered with the driver in focus for segment leading sporty driving experience
  • High levels of responsible performance, both environmental and safety
  • Most technically advanced Saab with an array of 'high-tech' features

Making its North American public debut at the South Florida International Auto Show in Miami, the all-new Saab 9-5 sedan signals the start of a new era for the Saab brand. Sleek, sophisticated and unmistakably Saab, it combines fashion-forward Svenska design with advanced technologies and will bring a fresh alternative choice to the premium sedan segment when sales start later in 2010.

Read more...
 
Koenigsegg Group AB signs MOU with BAIC
Koenigsegg Group press release - September 9, 2009

Koenigsegg Group AB signs MOU with 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 Bård 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: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

# # #

 
Jan Jonsson at Frankfurt on Saab's Future

{mp4-flv width="480" height="270"}press_release_2009-09-15{/mp4-flv}

 
<< Start < Prev 1 2 3 4 5 6 7 8 Next > End >>

Page 7 of 8