Autoblog

REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer

Chris Shunk — Tue, 01 Dec 2009 19:26:00 EST

Filed under: China, Plants/Manufacturing, GM, Saab, Earnings/Financials

General Motors' Saab brand has been given a one month stay of execution as the Detroit, MI-based automaker has announced that it will hold off on a decision regarding the brand's fate until the end of the year. GM's apparent non-decision comes just one week after it announced that Swedish specialty car maker Koenigsegg unexpectedly pulled out of the running for Saab.

While GM isn't commenting on any potential suitors at this time due to non-disclosure agreements with the parties involved, speculation is that Beijing Automotive Industry Holding Co. and Wyoming-based Merbanco Inc are in the running for the struggling Swedish automaker. BAIC appears to make some sense considering the Chinese automaker's desire to enter the U.S. market and the fact that it was also involved in a bid to purchase Opel from GM earlier in the fall.

Beijing Auto was also reportedly involved in the original Koenigsegg deal, which fell apart for reasons we may never know. GM said in a brief statement (available after the jump) that if no deals materialized by the end of the year, it expects to begin an orderly wind down of the global Saab business at that time."

[Sources: The Detroit News; General Motors | Image: Torsten Silz/AFP/Getty Images]

Continue reading REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer

REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer originally appeared on Autoblog on Tue, 01 Dec 2009 19:26:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

REPORT: Saab still has at least two interested parties - BAIC and Merbanco

Chris Shunk — Sat, 28 Nov 2009 09:40:00 EST

Filed under: GM, Saab, Earnings/Financials, Rumormill

2010 Saab 9-5 - Click above for high-res image gallery

When Koenigsegg pulled out of its agreement with General Motors to purchase Saab, many thought that General Motors would dump the Swedish automaker much like it did the Saturn brand. But it appears that The General is still willing to look for another interested party, and speculation is that two perspective buyers are at the front of the line. The Swedish press is reporting that China's Beijing Automotive (BAIC) and Wyoming-based merchant bank Merbanco have shown renewed interest in perennially cash-poor Saab.

Saab spokeswoman Gunilla Gustavs reportedly told Automotive News that there were 27 suitors interested in the Swedish automaker prior to Koenigsegg becoming the preferred bidder and confirmed that there are now other bidders interested. "We have a close dialog and close contact with several who have expressed interest in buying Saab Automobile," Gustavs says.

if another bidder does win the opportunity to purchase Saab, they'll inherit an automaker that expects to lose $427 million in 2009 and a similar amount of cash in 2010. That buyer will also run into plenty of resistance when trying to get its hands on GM's technology assets. One issue that reportedly derailed the Koenigsegg bid was GM's reluctance to share its tech for new products like the new Saab 9-5. On the upside, the aforementioned 9-5 sedan has just begun serial production, the 9-3X allweatherwagon is ready to go, and the 9-4X looks to be just around the bend, too.

Earlier in the week, GM released a statement stating that it would "take the next several days to assess the situation and will advise on the next steps next week." Thanks for the tips, everyone!

Gallery: 2010 Saab 9-5

[Sources: Autocar; Automotive News; Auto Motor und Sport]

REPORT: Saab still has at least two interested parties - BAIC and Merbanco originally appeared on Autoblog on Sat, 28 Nov 2009 09:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

REPORT: Outgoing Saab 9-5 to live on... as Chinese BAIC

Jeremy Korzeniewski — Fri, 02 Oct 2009 09:27:00 EST

Filed under: Sedan, Wagon, China, Plants/Manufacturing, Saab

If Billy Joel is right that only the good die young, the outgoing Saab 9-5 has been very, very bad. In automotive terms, the 9-5 is positively ancient, having first seen the light of day in 1997 and getting very little in the way of meaningful changes since that time.

If, though, you happen to like cars that feature a design that's... shall we say, "proven," we have some good news to report. According to Autocar, the old 9-5 will get a new lease on life from China's Beijing Automotive Industry Corporation (BAIC). It's not clear what changes (if any) will be made to the car in its new incarnation, or if BAIC will also purchase the rights to Saab's turbocharged four-cylinder engines.

Last month, BAIC made a $400 million investment into the Swedish automaker, becoming a minority shareholder in Koenigsegg, Saab's new parent company. As for the 9-5 in America, well... let's just say we're happy to be getting the completely reengineered 2010 model.

[Source: Autocar]

REPORT: Outgoing Saab 9-5 to live on... as Chinese BAIC originally appeared on Autoblog on Fri, 02 Oct 2009 09:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

REPORT: China's Beijing Automotive takes minority stake in Saab

Jonathon Ramsey — Wed, 09 Sep 2009 13:28:00 EST

Filed under: China, Europe, Saab

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.

Gallery: 2010 Saab 9-5

[Source: Koenigsegg]

Continue reading REPORT: China's Beijing Automotive takes minority stake in Saab

REPORT: China's Beijing Automotive takes minority stake in Saab originally appeared on Autoblog on Wed, 09 Sep 2009 13:28:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

German economics minister reportedly says no to Opel buy-back option for GM

Sam Abuelsamid — Mon, 20 Jul 2009 09:29:00 EST

Filed under: Government/Legal, GM, Opel

One of the many clauses that General Motors is reportedly trying negotiate into any deal involving majority control of Opel is the option to eventually buy back the stake it is selling.

As the theory goes, GM isn't selling Opel because it feels like it doesn't add value - Opel in fact offers huge value to GM and has had lead responsibility for developing the global mid-sized, compact and small car platforms being used by the automaker. Instead, Opel is on the block because the home office needs the cash. Thus, if GM is able to be flush with cash once again, it would like to reserve the right to regain to full control.

According to Reuters, Karl-Theodor zu Guttenberg, Germany's economics minister is having none of that business. In fact, he has apparently told Frankfurter Allgemeine Sonntagszeitung that no such clause would be allowed if Opel is to receive any German government aid. The German government is also wary of any financial groups like Belgium's RHJ International taking a stake - instead, they reportedly prefer an owner with a long term interest in the industry like Magna International.

[Source: Reuters | Image: Ralph Orlowski/Getty]

German economics minister reportedly says no to Opel buy-back option for GM originally appeared on Autoblog on Mon, 20 Jul 2009 09:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Beijing Automotive bids for Opel; Magna still expected to close deal

Jonathon Ramsey — Sun, 05 Jul 2009 11:07:00 EST

Filed under: China, Europe, GM, Opel, Vauxhall

Even though Beijing Automotive (BAIC) tendered a non-binding offer for Opel, the company is said to have no chance of actually acquiring the brand. General Motors is still in talks with Magna and its partners, GAZ and Sberbank, and according to Sberbank CEO German Graf, "The choice has been made and the question now is of how to structure the deal."

Observers also feel that the GM-Magna agreement is merely waiting on some dotted I's, crossed T's and that the deal won't fall apart unless Magna blows it up or walks away. That hasn't stopped GM and the German government from creating the appearance of courting other bidders for Opel and Vauxhall, including BAIC and Belgium's RHJ.

BAIC appears to be serious, even if everyone assumes that GM's just using it as a decoy. Magna wants to get the paperwork inked by July 15, and that's around the same time that BAIC wants to make a binding offer for Opel's purchase. It's working with Deutsche Bank and PriceWaterhouse Coopers on its proposal, and we can only assume BAIC will be ready with a bag full of cash in the unlikely event Magna exits stage left.

[Source: Auto News, sub req'd]

Beijing Automotive bids for Opel; Magna still expected to close deal originally appeared on Autoblog on Sun, 05 Jul 2009 11:07:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Marchionne confirms Fiat still interested in Opel

Jonathon Ramsey — Sun, 28 Jun 2009 19:05:00 EST

Filed under: Europe, Government/Legal, GM, Opel, Fiat

Fiat CEO Sergio Marchionne, watching the travails of GM, Opel and Magna from his comfy Italian perch, has sent word that his previous offer for Opel is still on the table if anyone is interested. That offer, though, can't be sweetened because he doesn't "believe we could improve Fiat's offer. It's the most rational one we can put forward from an industrial viewpoint."

It doesn't appear as though anyone's listening. The German government wants to save German jobs, Opel workers are determined to vote down anyone who tries to take them away, and GM wants the most money and the least competition. Fiat's offer doesn't exactly fit that template.

GM and Magna & Co. will dance for a while longer, and if that doesn't work out, then GM will begin again with RHJ and Beijing Automotive. In the meantime, someone's going to have to pay to keep Opel running. Could it be that the most reasonable offer will be left unanswered while the other parties look for more expedient solutions?

[Source: Auto News, sub req'd]

Marchionne confirms Fiat still interested in Opel originally appeared on Autoblog on Sun, 28 Jun 2009 19:05:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Beijing 2008: From Jeep clones to this? Beijing 700R concept

Alex Nunez — Tue, 22 Apr 2008 14:31:00 EST

Filed under: Concept Cars, Coupe, China, Misc. Auto Shows

It turns out that the Geely GT didn't corner the market on coupe concepts at Auto China 2008. Beijing Automotive -- whose Wrangler-style B40 you saw earlier -- is also on the case with its 700R coupe concept, a clean and attractive design with some interesting details. An accent line angles upward, merging with muscular rear haunches, giving the car a nice, aggressive presence. In front, knifelike headlamps; stylized, outboard air intakes; and a teensy main grille slit come together to give the car a good face. Out back, a similar motif finishes the car off, and the result is very attractive overall.

Of course, it'll probably never be anything more than vaporware, but generally speaking, it makes you wonder what on Earth goes on in the boardrooms of Chinese car companies. If they have the ability to deliver clean, original designs like this, then why bother copycatting at all? The mind reels. Until originality in this vein is the norm, the phrase "Chinese car" will remain a punchline. Too bad, because stylewise, this 700R concept is no joke.

Gallery: Beijing 700R

[Source: Autoblog Chinese]

Beijing 2008: From Jeep clones to this? Beijing 700R concept originally appeared on Autoblog on Tue, 22 Apr 2008 14:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Beijing 2008: Land Wrangler? It's the Beijing B40!

Alex Nunez — Tue, 22 Apr 2008 11:29:00 EST

Filed under: SUV, China, Jeep, Land Rover, Misc. Auto Shows

Click above for high-res gallery of the Beijing B40

The basic Jeep shape has essentially carried forward from World War II to the present day. It has also been replicated many times over by automakers scattered around the world, and variations on the theme continue to appear. The Chinese auto industry has never been shy about (ahem) "borrowing", and Beijing Automotive has come through with one of the "better" quasi-clones we've seen so far. The B40 is obviously Jeep Wrangler-inspired, but rather than ape the Jeep's signature front end, the B40 instead sports a more Land Rover-ish look (think LR2/Freelander 2). And you know what? It's actually kind of interesting to look at.

The interior is gussied up with contrast-stitched leather seats, a nav system, and a steering wheel that looks like it's been ripped from a modern Opel. The wheels are OEM Jeep knock-offs. One thing that jumps out at us is the door handles -- they're a flat style, similar to the ones Jeep used before switching to the circular push-button handles on the current JK Wranglers. We really like that old look better. Anyway, back to the B40 -- the only technical info Autoblog Chinese has is that it's powered by a gasoline engine. Offroad prowess is unknown, as is its production status, but at least we know what a Wrangler/Freelander love child might look like.

UPDATE: As has been pointed out in the comments, Beijing Auto is the current name of the automaker once known as the joint venture, Beijing Jeep. (Stands up, ready to catch javelins.) As such, this is in all likelihood derived from actual Wrangler mechanicals. As one commenter theorizes, if the nomenclature is related to the actual powertrain, this may well have the old 4.0L I6 underhood. You know -- the one you can't get in the USDM Wrangler anymore.

Gallery: Beijing B40

[Source: Autoblog Chinese]

All photos Copyright (C)2008 Bin Chen / Weblogs, Inc.

Beijing 2008: Land Wrangler? It's the Beijing B40! originally appeared on Autoblog on Tue, 22 Apr 2008 11:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments