Saab suitors reportedly whittled down to half-dozen
Two weeks ago, Saab indicated that there were nearly 20 parties interested in purchasing the bankrupt Swedish automaker. Today, Saab reports that number has swelled to 27, but an unnamed source (aren't they all?) tells Bloomberg that there are really only half a dozen serious bidders under consideration. Interestingly, that number does not include any rival automakers.
According to CEO Jan-Aake Jonsson, the automaker needs to sell 130,000 vehicles a year just to break even and doesn't expect to break the 90,000 mark for at least the next two years. Fret not, there's a plan in place that Saab hopes will guarantee the path to profitability, which includes four new models within the next 18 months that emphasize safety and the firm's trademark turbocharged engines.
Crucially, Saab also expects former parent General Motors, which has much bigger issues of its own to worry about at the moment, to write down Saab's $1.15 billion dollar (9.6 billion kronor) debt to the American automaker by 75%.
[Source: Bloomberg | Image: Fabrice Coffrini/AFP/Getty]
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Reader Comments (Page 1 of 1)
Swede 9:14AM (4/17/2009)
There's a golden nugget under that layer of GM crap.
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sk 9:21AM (4/17/2009)
I hope for SAAB to find someone with deep pockets to continue were they left off when GM took over. Please bring back the 900.
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Kattleox 9:38AM (4/17/2009)
Like the comments before me, I want the Saab that invented wastegates, not the Saab that invented CFC free air conditioning. Now is the chance to fix this.
Hey! How about everyone here pools together money to buy Saab! Make it a product of Autoblog! How much could they possibly be asking anyway? :D
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hypermiler 9:39AM (4/17/2009)
Chinese automaker is not one of six Saab bidders.
Interestingly enough, Chinese also has not bid on Saturn(The automaker that bid on Saturn is rumored to be Peugeot).
Chinese automaker also did not bid on Hummer.
Chinese did bid on Chrysler(by SAIC. Offer rejected by UAW), and Volvo(by Geely. The leading contender), which means that Chinese are looking at automakers with sufficient self-engineering to take advantage of, not just brand to slap onto their China-made junks.
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Sektor 10:50AM (4/17/2009)
Geely can't afford Volvo (unless they get it for really cheap). It would be more realistic for Geely to bid for Saab and leave Volvo for a bigger Chinese automaker.
Alex 9:50AM (4/17/2009)
Saab has never been its own problem. GM ruined Saab. Prior to being owned by GM Saab was a niche manufacturer with an absolute die-hard enthusiast fan base. Things went to sh!t when GM decided that the 900 should beocme the 9-3 and be placed atop that God-awful Chevy Cavalier sub frame.
Today Saab still has some of the brightest and most creative forward thinking designers, what they don't have is money and what they have not had under the GM umbrella is the freedom to remain the quwirky auto manufacturer that the world loved, but maybe didn't fully understand.
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Nigerian 10:11AM (4/17/2009)
Honestly, they should have built the Aero-X as a two door sports car to go against the Nissan GTR etc. That would have brought them instant credibility and someone really needs to simply make them efficient and make some money with them. There's no reason they cannot obtain the same status as Nissan over the course of 10 years.
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Avinash machado 10:11AM (4/17/2009)
If GM had not bought stake in SAAB it likely would not have survived. So perhaps at the very least GM deserves credit for prolonging SAAB's life for a few more years.
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gpg 10:59AM (4/17/2009)
Sign up at www.rescue-saab.com and show your support for SAAB. What GM did to SAAB is over the dam. They took a brand with the world leading technology of turbo charging 4-cylinder engines to now following every manufacturer that has adopted this path to economical and sporting transportation.
Lets hope that one of the proposed suitors can see that Saab is a viable company with new products that have been keeped in the wings by GM for some unknown reason. To the Suitor's please purchase SAAB and you will have some of the most enthusiastic followers in the world.
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yuri.pershin 12:24PM (4/17/2009)
Here's hoping Saab makes it and is able to get back to the roots of what made this car mark so great: turbos, safety and stand-from-the-crowd Swedish design.
They definitely need a smaller coupe in the lineup to go against BMW1s and Audi 3s.
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