• Sep 9, 2009
2010 Saab 9-5 - Click above for a high-res image gallery

It had been reported that SAIC had quietly taken a stake in Saab in conjunction with the Koenigsegg Group. However, it's been confirmed that Beijing Automotive -- which also recently made a play for Opel -- has grabbed a share of the Trollhätten pie.

BAIC provided the $400 million difference in cost that Koenigsegg needed to complete the sale and the final financial hurdle is for the Swedish government to guarantee a $600 million loan from the European Investment Bank to Koenigsegg.

Those kinds of numbers mean that Saab will be more expensive than Aston Martin, which might sound a little odd -- especially for a company that sold just 93,000 cars last year. But the tie to BAIC -- and Russia, Augie Fabela, a cell-phone company magnate -- could open up two enormous markets that will give Saab access to market numbers that could justify its purchase price and existence. Full press release from Koenigsegg after the jump.



[Source: Koenigsegg]



PRESS RELEASE

Koenigsegg Group AB signs MOU with Beijing Automotive Industry Holdings Co. Ltd (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.



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  • 15 Comments
      • 5 Years Ago
      Love the new shape of the 9-5. I owned a 9-3 cabrio, loved the turbo rush. sorry I gave it up, but it had too many problems. after the warranty ran out, I traded it in for a chevy.... now that is a Sob story...

      Hopefully, I get this new model in 2-3 years after the GM bugs are designed out.
        • 5 Years Ago
        GM Bugs? SAABs were among the most unreliable cars on the planet before they were replaced with GM designs and the old 9-5 (which has always been a SAAB design) has been pulling down the average ever since. If this car is as good as the current Opel Insignia on which it's based, it's a perfectly fine automobile.
      • 5 Years Ago
      so what looks good in your opinion retard farmboy? A tractor?
      • 5 Years Ago
      @ MixiM

      The correct way to say is that Koenigsegg would own Saab, and Beijing Automotive would own Koenigsegg in turn.

      In exchange, Saab production would be outsourced to BAIC in China and BAIC gets full tech transfer of Saab vehicles.

      In the future, Saab and BAIC's own brand models are going to be produced on same line in China.
      • 5 Years Ago
      That new design is awesome! I've never been a Saab fan but this is really done well. Just a bit of retro, no crazy swept headlights, clean but slightly curvy lines - great job.
        • 5 Years Ago
        Ditto. I've always liked Saabs for their engineering and quirkiness (pre GM, that is), and this recaptures the character they used to have but with a lot more mainstream elegance.
        • 5 Years Ago
        I agree. This is the first I've seen of the 2010 designs, and it's really nicely executed.

        Watch and learn, Honda.
      • 5 Years Ago
      BAIC will have NO stake in SAAB. It's Koenigsegg group that will own 100% of SAAB. But with financial backing from chinese BAIC.
        • 5 Years Ago
        But BAIC will own part of Koenigsegg, and if Koenigsegg owns Saab and BAIC owns a stake in Koenigsegg then they do indeed own Saab but by proxy.
        Of course primarily they're just providing the funding but it would be inaccurate to say that they don't own any of Saab since they do by proxy.
      • 5 Years Ago
      It's a clean design, but overall I don't find it appealing.
      • 5 Years Ago
      Time for Swedish government to step in with some cash... for both SAAB and Volvo..?
        • 5 Years Ago
        They know that for Volvo and Saab to remain competitive they need to move the lines to China.
      • 5 Years Ago
      Honestly, I could care less about SAAB, although I do hope for the best. The Beijing Automotive stake could be important, especially for Chinese sales, and it is apparent how much the Chinese love luxury cars. The only thing wrong with SAAB is not a lack of market presence, they do that fine. I think the cars look like crap on the outside. The interior is stunning. Some of the best-looking in the auto industry. But that exterior, man, it looks like a retro-retard job.
        • 5 Years Ago
        You could care less? So you care then?

        Sheesh, learn the language or get another one.
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