REPORT: First step of Saab salvation complete, EIB to give €400m loan
2010 Saab 9-5 - Click above for high-res image gallery
Like Great Britain, Sweden never switched over to the Euro – they still deal in kroners. Therefor, In order to keep Saab afloat after being jettisoned by General Motors, new owner Koenigsegg Group has determined that it needs a loan of about 415 billion kroners to keep the flood waters back. That's about €400 million Euros, or $599 million good old US Ameripesos. A little while back we reported that the country of Sweden had agreed to guarantee any such loan to sinking Saab, should a bank offer to do so. Well guess what?
The European Investment Bank (EIB) has agreed to lend the €400 million to Koenigsegg Group vis-a-vis Saab. The money is supposedly earmarked for "research and development activities for the improvement of fuel efficiency and safety including new tooling for the production of cleaner and safer cars." At least that's according to EIB. However, there's a very good chance that the loan will be used to finish closing Koenigsegg's deal with GM. Either way, looks like Saab might now have a fighting chance at not sinking into the North Atlantic.
Gallery: 2010 Saab 9-5
[Source: Automotive News - Sub. Req'd | Saabs United]
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Reader Comments (Page 1 of 1)
jasonpdotson 4:54PM (10/21/2009)
I'm liking this car more and more every day.
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nzo 7:48PM (10/21/2009)
This is probably one of the most visually boring and vanilla cars I've ever seen.
Tagbert 2:26AM (10/22/2009)
I think it is refreshing.
I'm tired of seeing so many other cars with overly complex surfaces and details. They all look too busy and trying too hard.
Andrew 4:54PM (10/21/2009)
I see several errors in this article:
1. The EU is not synonymous with Europe, MOST countries in Europe do NOT use the Euro currency.
2. Sweden uses the Krona (kronor in plural)
3. The math is ALL wrong:
415 billion Swedish kronor is about 40 billion Euro!
- or about 60 bn US dollars!
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ebleyes 5:36PM (10/21/2009)
Thank you, I was scratching my head from all the errors in this article.
dee ohlsone-taylor 5:18PM (10/21/2009)
all very nice for SAAB. What of Volvo's fate??? a real Swedish national treasure..Please tell me that Geely isnt gonna put their hands all over them...they would (Volvo) have to Ted Gardestad themselves...sigh
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skablaw 5:16PM (10/21/2009)
Huzzah! Good for Saab. This new 9-5 looks fantastic. I am definitely in the market for this car when it hits our shores, and if it turns out to drive even just a little bit worse than an A6 or 5-Series, I'll still buy it because it looks so freakin' cool. Make mine white or silver, give me those turbine wheels and I'll tint the windows to just a shade lighter than totally black.
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Joey Mazz 5:19PM (10/21/2009)
I like this new car and I hope that saab does well and gets back into the game but I can't help but feel that saab's stint with gm took them away from their roots. I prefer the simplicity and beauty of their older designs.
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Fox 6:23PM (10/21/2009)
Yep I agree.
Nice to see Saab now free from GM.
Let's hope that they can get back to their roots and this time be a success...
Luso 5:42PM (10/21/2009)
One gone, one to go.
http://www.carnorama.com
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Level 5:52PM (10/21/2009)
Can't wait to see what the Koenigsegg Group will be going with Saab.....
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cit09 6:36PM (10/21/2009)
I have always loved Saab and I hope that with this new ownership that they go back on the map! And I am very happy that Saab is no longer in GM's hold.
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Swede 8:07PM (10/21/2009)
4.1. Not 415. Quite a difference.
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010111 5:07AM (10/22/2009)
i never in a million years would've guessed that Rush Limbaugh liked Saabs. weird.
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