Autoblog

REPORT: No alternatives left - Whitacre says it's Spyker or the Grim Reaper for Saab

Chris Shunk — Tue, 15 Dec 2009 16:29:00 EST

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

It's now or never. By the end of December General Motors will either divest itself of Saab by selling the Swedish automaker or by permanently closing its doors. And there is but one company bidding for the Swedish automaker -- Spyker -- which has yet to turn a profit. GM Chairman and interim CEO Ed Whitacre told a group of reporters at the company's Detroit headquarters that Spyker is the only automaker left bidding for the perennially struggling automaker. Whitacre reportedly told attendees that striking a deal was "possible," but he then reiterated that Saab would close if the deal isn't struck by the end of the year.

At the same time, the General is also reportedly selling off bits to the outgoing Saab 9-5 and the pre-2006 9-3 to Chinese automaker BAIC. Tooling for the vehicles is likely never to be used by GM or Spyker in the future so the move makes plenty of financial sense.

While the potential demise of Saab saddens us, especially when considering how close the Swedish automaker is to launching the new 9-5 and perhaps the 9-4, it's nice to see that the General is finally moving quickly and decisively to right its ship. Hat tip to MowtownMan!

Gallery: 2010 Saab 9-5

[Source: Reuters]

REPORT: No alternatives left - Whitacre says it's Spyker or the Grim Reaper for Saab originally appeared on Autoblog on Tue, 15 Dec 2009 16:29:00 EST. Please see our terms for use of feeds.

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REPORT: Despite selling off old bits to BAIC, Saab brand still in search of buyer

Jonny Lieberman — Mon, 14 Dec 2009 09:28:00 EST

Filed under: China, Europe, Plants/Manufacturing, GM, Saab

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

Here's a little bit more on the salvation/debacle of Saab. First of all, it should be pointed out that after our last report about Holland's Spyker trying to buy Saab, the ~~freaks~~ lovely people over at Saabs United pointed out some ~~gaping holes in our reporting~~ an inconsistency or two with the Reuters/our version of the facts. As such, we've gone ahead and vetted the information we're using for this post with the brain trust over at Saabs United. Hey, they really like Saabs, what can we say? And now, on to the story.

Automotive News is reporting that China's Beijing Automotive Industry Holding Company (BAIC) has reached a deal with General Motors to acquire the tooling for both the Saab 9-3 and 9-5. Not so fast, says Saab's United! What they actually acquired is the tooling for the old 9-5, as well as the stuff for the pre-2006 9-3. Sort of a big difference, as obviously Saab's just getting geared up to roll out the all new 9-5 - and whomever winds up buying Saab will most likely want to offer both it and the existing 9-3 and its derivatives. Spyker's CEO Victor Muller confirms the BAIC deal is for "old equipment" and goes on to characterize the BAIC deal as, "Good news."

Then there's a bunch of no commenting. Obviously, General Motors has no comment on anything, though they do say that once a deal is reached they will say something. As far as we can tell, the pending Spyker deal is still a definite maybe. BAIC could not be reached to make a "no comment," and Saab's Eric Geer's stated, "We can't comment on anything about the sales process." Though our Saabs United source does provide us with a juicy tidbit, "[Geer's] wife is Saab's head legal counsel so he's like the canary in the coal mine. If he ever resigns suddenly..."

So there you have it - Saab's future is still totally up in the air. Though our source says that in addition to the 9-5 sedan, there's a 9-5 wagon (SportCombi) that's "pretty much ready to go" as well as the 9-4x which has, "been ready for about a year but Caddy had to get the SRX out first." Plus, a new 9-3 is being worked on. And one more thing - Saabs United is reporting that a Swedish group (not Renco) is also in talks with GM, in addition to the Spyker deal. We'll keep you posted.

Gallery: Frankfurt 2009: 2010 Saab 9-5

[Source: Automotive News - subs req. | Saabs United]

REPORT: Despite selling off old bits to BAIC, Saab brand still in search of buyer originally appeared on Autoblog on Mon, 14 Dec 2009 09:28:00 EST. Please see our terms for use of feeds.

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REPORT: Even while pursuing Volvo, Geely again mulling bid for Saab?

Chris Shunk — Mon, 07 Dec 2009 13:58:00 EST

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

Just about every time an automaker decides to sell one of its brands, Chinese automaker Geely comes up as one of the potential suitors. Geely executive Lawrence Ang has reportedly told Automotive News that the reason Geely has been present at a lot of negotiating tables is because it wants to grow in part through acquisitions. And while the Chinese automaker has yet to finalize any big-ticket buys, it appears to be the front-runner for Ford's Volvo unit.

Earlier in the year, Geely looked into purchasing the Saab brand, but talks reportedly broke down after Koenigsegg presented what appeared to be the winning bid. But now that Koenigsegg has dropped out of the Saab sweepstakes, the door is open again for Geely. Is the Chinese automaker interested? Ang reportedly gave reporters at a shareholder event the ambiguous "who knows?" as an answer, but he also acknowledged that the company is investigating buying opportunities which have presented themselves during the automotive industry downturns in Europe and the States. Geely is also reportedly interested in purchasing parts and engines, which could be possible if General Motors decides to disband Saab if an adequate bid doesn't present itself by year-end.

While Geely appears to be close to purchasing Volvo and is perhaps in a good position to pick up Saab for a song, the automaker is also looking to increase its presence in its home market. Automotive News is reporting that Geely will increase spending by up to 43% in hopes of increasing sales from 300,000 in 2009 to over 400,000 next year.

[Source: Automotive News - subs req'd | Image: AFP/Getty]

REPORT: Even while pursuing Volvo, Geely again mulling bid for Saab? originally appeared on Autoblog on Mon, 07 Dec 2009 13:58:00 EST. Please see our terms for use of feeds.

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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.

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

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

Filed under: Government/Legal, Saab

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 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.

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And Then There Were Two: GM reportedly whittles down to a pair of Saab suitors

Jeremy Korzeniewski — Wed, 03 Jun 2009 18:30:00 EST

Filed under: Government/Legal, GM, Saab, Earnings/Financials

When General Motors first put Swedish automaker Saab on the auction block, it was reported that there were nearly 20 interested parties. From there, rumors quickly began circulating that Saab and parent-company General Motors had narrowed down the potential list of bidders first to a half-dozen, and more recently, to just three final suitors. One of those interested parties was reportedly Italian automaker Fiat, but that rumor has since been denied by both Fiat and Saab.

If local Swedish newspapers are to be believed, final negotiations with the remaining two parties are at hand. The two rival bidders are thought to be fellow Swedish automaker Koenigsegg and Renco Group, an investment group based here in the United States. Speaking in an interview with Swedish daily Dagens Industri, Saab chief executive Jan-Ake Jonsson said:

"Now we are negotiating with just two parties. This can go fast now and should absolutely be wrapped up in a maximum of two weeks."

Here's hoping that a suitable buyer emerges from the final two potential suitors in short order - the last thing GM needs at the moment is a protracted sale of its Swedish former subsidiary.

[Source: Reuters]

And Then There Were Two: GM reportedly whittles down to a pair of Saab suitors originally appeared on Autoblog on Wed, 03 Jun 2009 18:30:00 EST. Please see our terms for use of feeds.

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Saab responds to "oblivion" comment for the 9-4X

Sam Abuelsamid — Thu, 22 Jan 2009 13:29:00 EST

Filed under: Spy Photos, Sedan, Crossover, Saab

click above to view image in high-resolution

Yesterday, we reported on the fact that General Motors' global sales summary for 2008 included a mention that both the Saab 9-5 and 9-3X would be launching in 2009. We also took note of the fact that the 9-4X was not mentioned anywhere. Saab spokesman Jan-Willem Vester also noticed what we wrote and dropped us a note. Responding to whether Saab might "just slowly slide off into oblivion," Vester says:

The word 'oblivion' is certainly not in Saab's vocabulary anytime soon, especially since the Swedish government has proven be to be very supportive of the brand as one of its best known products around the world and a main source of jobs for the region.

As for the 9-4X, Vester points to the fact that the vehicle is still being tested and regularly caught on camera, including this provided shot taken somewhere in the vicinity of Arjeplog, Sweden. The 9-4X shares its architecture with the Cadillac SRX and producing it would certainly add to the economies of scale. Based on its size, design and likely powertrains, the 9-4X should certainly be a far better fit in the lineup than the Trailblazer-based 9-7X ever was.

Given that GM would apparently like to offload the brand on a new owner and is taking steps to make it more autonomous, it certainly makes sense to keep the 9-4X alive, fleshing out the lineup and making for a more appealing purchase. However, with no firm launch date and GM still struggling, the 9-4X's long-term viability may still be in doubt if no one opts to buy Saab.

Gallery: Saab 9-4X testing in Sweden

[Source: Saab]

Saab responds to "oblivion" comment for the 9-4X originally appeared on Autoblog on Thu, 22 Jan 2009 13:29:00 EST. Please see our terms for use of feeds.

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REPORT: GM getting Saab ready to stand alone

Dan Roth — Mon, 19 Jan 2009 13:02:00 EST

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

In the interest of making its Saab brand more attractive for purchase, General Motors is reportedly looking at returning more autonomy to its Swedish subsidiary. As it stands now, Saab is basically a glorified Swedish imprint of the Opel record label. Indeed, a lot of engineering, and even construction, for Saab cars goes on in Russelsheim, Germany, Opel's home.

The biggest development is that Saab would gain control over its own finances and decisions. Although GM would still be Saab's owner, the Swedish Patient would have its own budget (a figure that has yet to be determined). The idea behind the move is that giving Saab additional financial autonomy would demonstrate to potential buyers that the division is capable of standing on its own.

If Saab is sold, it will obviously take some time to separate itself from GM platforms, but increasingly independent decision-making could help speed up the process. Saab board members and the president of Sweden's IF Metall trade union feel that a standalone Saab can work and be more enticing for potential suitors. The final verdict will be revealed when GM submits its business plan to the US Government on February 17th.

[Source: Auto News - sub req]

REPORT: GM getting Saab ready to stand alone originally appeared on Autoblog on Mon, 19 Jan 2009 13:02:00 EST. Please see our terms for use of feeds.

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GM sees no buyers for Saab

Chris Shunk — Fri, 09 Jan 2009 16:03:00 EST

Filed under: GM, Saab

General Motors' precarious cash position and a dire automotive market means that some blood-letting will occur to some of GM's brands. The General has mentioned that Saab and HUMMER are up for strategic review, which Maximum Bob Lutz told Automotive News was "code for we realize they're not working and something needs to be done." Many are expecting GM to sell Saab, but unfortunately you need a seller and a buyer to strike an accord. And sources are telling AN that the General doesn't have the latter.

Tight credit markets could be part of the problem, and any would-be buyers that have ample cash on hand are likely to be hesitant to part with it. That's especially true when considering the fact that Saab's sales declined at nearly twice the US industry decline in 2008, with only 21,000 units sold. The Swedish government may make it a little easier to keep Saab after it offered up $3.1 billion in loans to aid its industry (including Volvo). GM likely needs as much short-term cash as possible right about now, but the fact remains that the Swedish brand hasn't brought much success in the past 20 years, and the near-term prospects don't look very good, either.

[Source: Automotive News - Sub. Req.]

GM sees no buyers for Saab originally appeared on Autoblog on Fri, 09 Jan 2009 16:03:00 EST. Please see our terms for use of feeds.

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Wagoner: HUMMER is the only brand for sale

John Neff — Fri, 14 Nov 2008 11:59:00 EST

Filed under: GM, Hummer, Saab

General Motors CEO Rick Wagoner has confirmed that HUMMER is the only brand in the automaker's portfolio that's up for sale. Many believed that Saab's days were also numbered and the Swedish brand would be getting out from under the corporate umbrella as soon as a buyer could be found. Not so says the Ricker. Other brands thought to have been out on the lawn behind a For Sale sign included Opel-Vauxhall, GM of China and Holden. While HUMMER may be the only GM brand for sale, the automaker is certainly keen to sell other assets weighing it down. Wagoner didn't elaborate on which assets those might be, but his company's remaining 49% stock in GMAC doesn't seem to be doing it any good.

[Source: Autocar, Photo by Bill Pugliano/Getty]

Wagoner: HUMMER is the only brand for sale originally appeared on Autoblog on Fri, 14 Nov 2008 11:59:00 EST. Please see our terms for use of feeds.

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