Autoblog

Saab, Swedish gov't in Detroit to discuss brand's future

Michael Harley — Mon, 30 Nov 2009 15:32:00 EST

Don't write off Saab just yet. While last week's announcement that Koenigsegg Automotive AB had pulled its offer for the homeless brand was a painful kick to the gut, it seems there are still a few companies interested in taking the automaker under its wings. With that in mind, and interested in keeping the momentum, Saab CEO Jan Ake Jonsson and government officials from Sweden are meeting in Detroit today ahead of a Tuesday GM board meeting to determine Saab's fate.

As we've reported, other bidders have expressed interest in Saab and the list appears to have grown. These companies include Beijing Automotive Industry Holding Corp., U.S. investment company Merbanco Inc., and the U.S. private equity firm Renco Group Inc. You may recall that it was Beijing Auto who had partnered with Koenigsegg in the latest deal that fell off the table. Said Beijing Auto's general manager Wang Dazong, "stay tuned a little bit." Yes, we all are. Patiently.

[Source: Automotive News, sub. req'd]

Saab, Swedish gov't in Detroit to discuss brand's future originally appeared on Autoblog on Mon, 30 Nov 2009 15:32:00 EST. Please see our terms for use of feeds.

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REPORT: Saab dealers 'running out of cars'

Michael Harley — Tue, 17 Nov 2009 10:28:00 EST

Filed under: Car Buying, Plants/Manufacturing, Saab, Earnings/Financials

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

With new vehicle production at a trickle, and its dealer network slashed by a third, retailers of the Saab brand are finding inventory shrinking to drought levels. Some of the remaining dealers may even run out of new vehicles before replacements arrive.

Point the blame towards the pending sale of Saab to Koenigsegg Automotive AB, and the fact that an all-new Saab 9-5 model is still sitting on the horizon. With the transaction still not complete, financial limitations have kept new vehicle production low. In addition, the Swedish assembly plant tasked to build the new 9-5 sedan is in the process of retooling. "When we close the deal and change owners we can start producing again for real as we then will have financing," Eric Geers, a Saab spokesman told Bloomberg.

Even if the deal with Koenigsegg closes as planned, the 2010 Saab 9-5 (the company's first all-new car in seven years) won't hit European showrooms until early next year. U.S. dealers will likely have to wait even longer, starving as the last of their dwindling inventory rolls away.

Gallery: 2010 Saab 9-5

[Source: Bloomberg]

REPORT: Saab dealers 'running out of cars' originally appeared on Autoblog on Tue, 17 Nov 2009 10:28:00 EST. Please see our terms for use of feeds.

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REPORT: Major obstacle cleared as Swedish government to guarantee $615M EIB loan for Saab

Jonathon Ramsey — Tue, 06 Oct 2009 10:58:00 EST

Filed under: Europe, Government/Legal, Saab

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

A major hurdle in Saab's transfer to the homegrown hands of Sweden's Koenigsegg has been surmounted: the Swedish government has agreed to guarantee a 4.3 billion kroner ($615M U.S.) loan from the European Investment Bank to the Koenigsegg consortium. That represents the final funding the maker of the CCX needs in order to compete the financing of the deal.

The next hurdle is for the European Investment Bank to consent to give Koenigsegg the money. A Swedish government representative said he hoped the EIB would decide before the end of the month. If that happens and things goes favorably, Koenigsegg may still get the deal done on its original timeline, the end of the year.

Gallery: 2010 Saab 9-5

[Source: Reuters]

REPORT: Major obstacle cleared as Swedish government to guarantee $615M EIB loan for Saab originally appeared on Autoblog on Tue, 06 Oct 2009 10:58:00 EST. Please see our terms for use of feeds.

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Spy Shots: Koenigsegg to rebadge Saabs in its own image? Not so much

Noah Joseph — Tue, 06 Oct 2009 09:00:00 EST

Filed under: Spy Photos, Wagon, Europe, Saab

How much does it take to turn a Saab into a Koenigsegg? The half-billion dollars in funding the niche automaker is locking down to acquire the erstwhile General Motors subsidiary? The million euros one of its supercars sells for? How about 116 kronor? That amounts to about $16.50, and it's how much one local motorist has paid to slap the Koenigsegg name on his Saab 9-5 SportCombi wagon in an apparent jab at Swedish domestic auto industry.

The photo has got enthusiasts in Scandinavia jabbering over Koenigsegg's "secret plans" for Saab, as if the exotic automaker was planning to scrap its new acquisition and assimilate its products under its own name. While Saab might not rank as high among Swedish brand names, as, say, Ikea, it does have a little higher level of brand recognition than Koenigsegg. Thus, tossing the Saab name in the plastic, assemble-it-yourself trash bin would make about as much sense as a supercar garage buying a family sedan factory from one of the world's largest auto conglomerates. Oh, wait a second....

[Source: Vi Bilägare]

Spy Shots: Koenigsegg to rebadge Saabs in its own image? Not so much originally appeared on Autoblog on Tue, 06 Oct 2009 09:00:00 EST. Please see our terms for use of feeds.

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Koenigsegg's bid for Saab in trouble?

Jeremy Korzeniewski — Mon, 10 Aug 2009 14:31:00 EST

Filed under: Europe, Government/Legal, Saab, Rumormill

Koenigsegg CCX meets Saab Aero X concept - Click above for high-res image gallery

Reports from Sweden indicate there may be a rough road ahead for Koenigsegg as the niche supercar maker works to complete its deal to purchase bankrupt automaker Saab. Last Friday, Swedish newspaper Goteborgs-Posten reported that one key investor was considering pulling out of the deal. Later, Joran Hagglund, state secretary for Sweden's industry ministry, confirmed his office had heard these rumors and was "chasing" Koenigsegg for an update.

It would seem that Koenigsegg, Saab and the Swedish government are now in full damage-control-mode. Halldora von Koenigsegg, the company's spokesperson and wife of founder Christian von Koenigsegg, said in response to the rumors, "Ownership questions are detailed information that I don't have the possibility to comment on today. What I can say is that our negotiations with GM are proceeding according to plan."

Saab spokeswoman Gunilla Gustavs echoed that statement, saying, "Everything's proceeding, we're still looking to be done by the end of the third quarter." Much ado about nothing or a sign of trouble ahead?

Gallery: Koenigegg, Meet Saab. Saab, Meet Koenigsegg

[Source: Wall Street Journal - Sub. Req'd]

Koenigsegg's bid for Saab in trouble? originally appeared on Autoblog on Mon, 10 Aug 2009 14:31:00 EST. Please see our terms for use of feeds.

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Could Koenigsegg's purchase of Saab bring electric Quant concept to production?

Jeremy Korzeniewski — Wed, 17 Jun 2009 13:30:00 EST

Filed under: Concept Cars, Geneva Motor Show, Green, Technology, Saab

NLV Quant by Koenigsegg - Click above for high-res image gallery

Now that Koenigsegg's purchase of ailing fellow Swedish automaker Saab is all but officially official, our attention naturally turns to the the current product lines and possible future vehicles from the two automakers. At least a few people are wondering out loud if there's a possibility that Koenigsegg's involvement with Saab could bring the gorgeous Aero X concept car from 2006 to life, but at least some of us are a bit more interested in reports that Koenigsegg's Quant from this year's Geneva Motor Show may see production via the use of some of Saab's leftover production capabilities.

Powered by an electric motor at each wheel for a total of 512 hp and 527 lb-ft of turqoe, the Koenigsegg Quant concept featured a new kind of battery that is supposedly capable of providing a range of over 300 miles after a short 15-20 minutes charge. Futher, a set of solar panels on the Quant's exterior can reportedly keep accessories running without draining the main battery. If there's any truth to the rumors, we could see the Quant hit production in low volumes within the next few years.

Gallery: NLV Quant by Koenigsegg

[Source: Green Car Advisor]

Could Koenigsegg's purchase of Saab bring electric Quant concept to production? originally appeared on Autoblog on Wed, 17 Jun 2009 13:30:00 EST. Please see our terms for use of feeds.

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Officially Official: Koenigsegg reaches agreement to buy Saab

Sam Abuelsamid — Tue, 16 Jun 2009 09:26:00 EST

Filed under: Saab

After days of speculation and rumor, General Motors made it official this morning, Saab will soon be back in Swedish hands. In many respects, this is the most fitting result for quirky brand. Koenigsegg is an oddball itself, building insanely fast supercars in a Scandinavian country where you can't legally drive over about 60 mph.

The deal will be partly financed through a $600 million loan from the European Investment Bank that is co-signed by the Swedish government. Just as GM will continue to provide Penske-owned Saturn with cars for a time, it will supply platforms and powertrains to Saab. The length of time that Saab will continue to use GM hardware hasn't been disclosed, but it will likely be for at least the next 5-6 years - if not longer. The new 9-5 which will be built in Trollhättan, Sweden is launching later this year followed by the 9-4X crossover. Both of these will probably complete their lifecycle on current platforms. The same is likely true for the 9-1 which may launch in 2010 or 2011. The big question mark will be the next generation 9-3, which had been expected to move to GM's Delta II platform.

The Koenigsegg-Saab deal should close by the end of September, and you can check out the official verbiage after the jump.

[Source: General Motors]

Continue reading Officially Official: Koenigsegg reaches agreement to buy Saab

Officially Official: Koenigsegg reaches agreement to buy Saab originally appeared on Autoblog on Tue, 16 Jun 2009 09:26:00 EST. Please see our terms for use of feeds.

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REPORT: Volvo owns (small) stake in Koenigsegg, could own part of Saab

John Neff — Mon, 15 Jun 2009 18:27:00 EST

Filed under: GM, Saab, Volvo

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]

REPORT: Volvo owns (small) stake in Koenigsegg, could own part of Saab originally appeared on Autoblog on Mon, 15 Jun 2009 18:27:00 EST. Please see our terms for use of feeds.

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BREAKING: Swedish TV reports Koenigsegg buying Saab

John Neff — Thu, 11 Jun 2009 11:32:00 EST

Filed under: GM, Saab

We don't have much to go on yet, but Swedish television is reportedly claiming that Koenigsegg, makers of ultra high-performance exotic supercars, and a group of Norwegian investors have signed a letter of intent with Saab to take over the brand from General Motors. Final negotiations will reportedly take place in the coming months.

Along with Saturn and Hummer, Saab was put up for sale by GM before the automaker filed for Chapter 11 bankruptcy. Many companies and investor groups from all over the world, including China, were reportedly interested in the Swedish brand, and despite how crazy it sounds, Koenigsegg was thrown into the list of finalists late last month. What we thought was crazy has reportedly come to pass.

Do you think Koenigsegg and Saab, two automotive brands that share a home country and sell completely different kinds of cars, will work well together? Let us know in the poll below and we'll keep you updated as the story unfolds.

View Poll

[Source: Reuters, SVT (translated)]

BREAKING: Swedish TV reports Koenigsegg buying Saab originally appeared on Autoblog on Thu, 11 Jun 2009 11:32:00 EST. Please see our terms for use of feeds.

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