REPORT: Volvo owns (small) stake in Koenigsegg, could own part of Saab
In a weird twist of fate, if Koenigsegg completes the purchase of Saab from General Motors, Volvo will also become a small stakeholder in its native rival. Koenigsegg, which has reportedly signed a letter of intent with GM to acquire Saab, gave Volvo 3,750 shares back in 2000 to pay for the use of its wind tunnel.
Volvo's stake in the exotic carmaker is very small, worth only about 8,000 Swedish kronor (€760 or $1,022 USD according to current exchange rates). Nevertheless, Volvo is on the books as part owner of Koenigsegg, and if the sale of Saab goes through, it will become a stakeholder by association – unless it divests itself of its Koenigsegg stock.
All of this must mean very little to Volvo, as a spokesperson for the company was completely unaware of his employer's holdings in Koenigsegg when asked about it by the Swedish business daily Dagens Industri.
[Source: SwedishWire.com]
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Reader Comments (Page 1 of 1)
durp 6:33PM (6/15/2009)
Wait, so ford owned volvo owns shared of gm owned saab? This is disgusting...incestuous even...
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lambo472 7:49PM (6/15/2009)
Ford still owns Volvo, so they're pretty much saying that Ford owns a small stake in Koenigsegg, but what I guess they're trying to say is that Volvo as a MANUFACTURER (nobody from Ford Mo. Co. is involved, except the people from Volvo) bought a small stake in it. And if they bought part of Koenigsegg, doesn't it mean that they also own part of Saab, or are they talking about Koenigsegg as a manufacturer, instead of a company?
KA 6:36PM (6/15/2009)
I believe Volvo's Ford parent played a role in the creation of early Koenigseggs (considering that their engines are all based on Ford V8s). In fact, didn't Ford help with some of the initial investments?
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Beastage 6:32AM (6/16/2009)
I'm pretty sure you are correct
Ronman 8:35AM (6/16/2009)
I heard that Volvo was helping Koenigsegg from day 1. a friend of mine doing some training at Volvo for a summer was slightly involved at the Koenigsegg fabrication premises. that's how i found out but i never knew that Ford was involved.
traluxor 6:58PM (6/15/2009)
This is not news....$1,022....who cares
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Liquidretro 7:21PM (6/15/2009)
So let me get this straight it only costs $1,022 to rent a wind tunnel for a while? I though F1 teams spent millions on wind tunnel time.
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Rich 9:14PM (6/15/2009)
Would this make it...Volnigsaab?
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Harrison 9:50PM (6/15/2009)
No, it would either be Koenigsaabvo or Koenigseggseggseggseggvikingsaabvolvo.
P.V. 10:58PM (6/15/2009)
This could make for an interesting Swedish trifecta.
Koevoab CCX Aero R?
At any rate, the possibilities look interesting.
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happyfun86 11:52PM (6/15/2009)
Can't wait to get my hands on an airplane-inspired supercar that beeps and flashes at me whenever there's an object of any sort within its vicinity.
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Alex 9:08AM (6/16/2009)
I'm willing to bet that if every auto company's investments were looked into we would find that everyone is an investor in everyone.
$1022 in stocks is super small stuff, hell I own more of Ford than Volvo does Koenigsegg.
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DJ 9:51AM (6/16/2009)
Vovlo probably bartered a service or supplies to them in exchange for stock when they were first starting out
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