• Image Credit: Saab
  • Image Credit: Saab
  • Image Credit: Saab
  • Image Credit: Saab
  • Image Credit: Saab
  • Image Credit: Saab
  • Image Credit: Saab
  • Image Credit: Saab
The many fans of 1987's The Princess Bride will recall Billy Crystal's Miracle Max character optimistically referring to the protagonist Westley as "mostly dead." It looks like National Electric Vehicle Sweden (NEVS), the company that now owns the Saab brand, fits that description. Of course, Westley does end up surviving and getting the girl.

NEVS put out a statement last week saying that, while it doesn't have the cash to pay off all of its outstanding debt (hey, who of us does?), it is "not insolvent" because its assets are greater than its debt. Its suppliers will get paid, but that NEVs "cannot say exactly when."

NEVS, the partnership between a Chinese company and a Japanese investment firm that acquired the Saab name in 2012, restarted production at its Trollhattan plant in Sweden last year and had promised a vehicle line that would include a battery-electric version of the 9-3 sedan. Instead, NEVS stopped the production line that was only making about a half-dozen vehicles a day (the gas-powered, turbocharged 9-3) in May because it said shareholder Qingbo Investment Co. didn't provide the agreed-upon cash. NEVS now says it held positive talks with two manufacturers this summer, and that once funding is secured, it will rewrite its business plan with its new partners to resume production. The supplier that filed a bankruptcy petition is withdrawing it based on this new information, says NEVS.

Saab made its first cars in 1947 and was eventually owned by General Motors before being sold to Spyker in 2010. Bankrupt by the end of 2011, Saab was acquired by NEVS the following year. Check out NEVS's most recent press release below. And have fun storming the castle.
Show full PR text
Information from Nevs

Nevs hereby clarify that the company is not insolvent. The company does not have enough liquid cash as today to pay all outstanding debt but Nevs' assets are larger than its debt. Nevs today cannot say exactly when, but Nevs' suppliers will get paid.

During the summer, the dialogues with the two major vehicle manufacturers have continued and developed in a positive direction. It is a thorough evaluation process that is still ongoing, and the discussions have not been finalized yet.

After the funding is secured, and after that Nevs business plan is updated together with its new partners, Nevs will be able to make the decision on when the Trollhattan factory can resume its production.

The company whose representative filed a bankruptcy petition has informed Nevs today that they will withdraw the case after the information they have got regarding the ongoing dialogues.


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  • 16 Comments
      Chien-sheng Tsai
      • 5 Months Ago
      Thought Spyker wanted to buy but did not succeed because GM would not approve. They need more moolah so need to find sugar daddy or merger. Hope they survive.
      CeeJayABG
      • 5 Months Ago
      " 'not insolvent' because its assets are greater than its debt" Hmm... not insolvent. They keep using these words, even though they cannot pay their bills, and cannot say when they will be able to. I do not think the words "not insolvent" mean what NEVS thinks they mean.
      Letstakeawalk
      • 5 Months Ago
      ***SPOILER ALERT!!!**** "Of course, Westley does end up surviving and getting the girl." Gee, thanks guys. ;p
      pkchari
      • 5 Months Ago
      This is a Monty Python sketch turned real. "We're not quite dead!* "He says they're not quite dead!" "Well, they will be soon; they're barely hanging on by a thread" "We're getting better!" "No you're not; you'll be stone dead in a moment." ... ad nauseam.
      danfred311
      • 5 Months Ago
      Buying SAAB was suicide whereas trying to restart production of 93 was like putting their lips on a loaded shotgun and pulling the trigger.... So stupid. They could have consulted me but why would they do that. They've got this..
      SublimeKnight
      • 5 Months Ago
      Have fun stormin' the auto industry! Think it will work? It would take a miracle.
        danfred311
        • 5 Months Ago
        @SublimeKnight
        with the wholly incompetent judgment they have it would indeed take a literal act of God for them to make it. It's such a shame that these big money guys are always so sure their ignorant judgment is so great and they don't bother to pay attention to various EV communities just in case there was something they missed. They live and act in vacuums. And in turn die. Only after the fact do they maybe follow the community a bit and even then they haven't learned from their mistakes. You know how many of these upstart EV makers ask me for input, even as a joke, just in case I might have something... not one. Generally they don't know who I am because they don't even read ABG or any other EV news site or follow any other EV community. They just go! and then they die in ignominy. With the rare lucky exception of Tesla Motors. Martin Eberhard is a fairly sound mind and he had a fairly sound premise in the laptop ACpropulsion Lotus. They effed up enormously anyway, it was a big mistake to use Lotus and many other serious mistakes were made but it was exciting enough of a car at visionary timing that the hyped stock market paid the bills but only barely. Same with Model S which is an electric Aston Martin Rapide. Big mistakes but excitement around the car carried them through. Plus a miracle from the zev credits. All the others have died horribly. Tesla only came very close multiple times. Even if they all think I'm a loudmouth moron, they would at least have paid enough attention to what moves that they would know about me. But none of them seem to pay attention to anything. They are all sure that they know enough in their bubble to make it happen. Making an electric Saab 93 was just a solidly stupid thing to do because it's an ugly boring car with the stench of death and who will pay a premium for that, let alone enough to float the overhead of the massive factories. I could have saved them however many tens of millions of dollars they have wasted so far. I could have saved Coda the half billion they wasted. I could have saved Fisker's investors the cool billion they wasted. 2.4 ton is a no. Assembling in Finland for a primarily US market and small volume production is a no. Partnering with the idiots at UQM is a no. Sigh, why is the world so exclusively populated by morons :)
      • 5 Months Ago
      Just wait and see !!! Nevs has 4 different electric car prototypes rolling (and different electric engines and 2 types of batteries) and the cars gets higher: (in swedish) ( 20-25 swedish mile = 200-250 km, but others have set range to 280 km or more? ) http://www.kathing.com/nevs-har-fyra-elbilsprototyper/
        danfred311
        • 5 Months Ago
        yeah right. it's as likely as george bush jr winning the world championship of chess.
      wrestleprocbt
      • 5 Months Ago
      A Tesla_SAAB formation would be interesting but probably expensive for Tesla so early on. I wish BMW had bought it and put it under it's umbrella and then it would have had even greater appeal. GM trashed it's image but hopefully, with a little prayer, it will survive and regain it's appeal. As for GM, well......pleanty of words to describe the crab they pull off on the Amercian people, unpaid money, unions taken care of instead of shareholder or suppliers all to buy votes, screwing American's, car recalls that took too long to happen.
      jphyundai
      • 5 Months Ago
      Tesla should buy them out. This could lead to economy of scale in many markets. Tesla-SAAB, that's something to think about.
        devbomb99
        • 5 Months Ago
        @jphyundai
        Tesla should buy Saab that would be beneficial for both. Tesla would be able to have a product that's cheaper than the Model S and of course there will be various bodystyles (sedan, wagon, convertible and crossover) in electric forms that would broaden the appeal. Saab would finally be back in production.
      Marco Polo
      • 5 Months Ago
      Saab is still a very famous marque, with a small, but loyal, group of owners. The brands original attraction came from being owned by an aircraft maker, and was heavily subsidised for years by the Swedish government. When GM acquired Saab, they discovered a workforce that made even the unionised British workforce look flexible. Worse, Saab's management proved totally contemptuous of GM's parts sharing cost savings, and continued to spend money on developing even the smallest components as great cost. It was unfortunate that at that time GM, was also undergoing a long period of uncertainty and disorganisation. Since then, Saab has constantly been a target for hopeful investors wanting to bring the famous marque back to life, but unable to figure out how to do so without losing a lot of money. Even Renault-Nissan's Carlos Ghosn, who carefully examined an offer to take over the Trollhattan manufacturer for nothing, declined to accept such a difficult task. It's always sad to see famous marques disappear, but in Saab's case it's probably inevitable.
      offib
      • 5 Months Ago
      Oh! Bloody... fecking spoilers! Thanks a lot!
      Dave D
      • 5 Months Ago
      Sad. Seems inevitable.
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