Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[What brands have Saab owners defected to? Polk investigates]]>http://www.autoblog.com/2012/09/02/what-brands-have-saab-owners-defected-to-polk-investigates/http://www.autoblog.com/2012/09/02/what-brands-have-saab-owners-defected-to-polk-investigates/http://www.autoblog.com/2012/09/02/what-brands-have-saab-owners-defected-to-polk-investigates/#commentsFiled under: ,

Polk chart on Saab owner defections

When a brand goes belly-up, it's natural for analysts to wonder where that brand's consumers will turn. General Motors has mothballed more car brands the last decade than most other automakers' have in their entire portfolios, so "Where did [insert brand here] buyers go?" has been a common question asked of The General. According to reports, it didn't do so well at retaining Oldsmobile owners (who supposedly went to Hyundai), or Hummer and Saturn buyers, but did get some return love from Pontiac owners.

A consultant with Polk has turned the loyalty lens on Saab. The Polk Disposal Loyalty Methodology tracks owners selling vehicles within six months of buying a new one. In 2010 and 2011, Polk found that when Saab died, owners went right up the middle of the mainstream to Honda. It was close, though, with just 0.2 percent separating Honda from number two Volkswagen. Audi comes in third.

After that it's back to the masses with Toyota, Chevrolet and Ford trumping import luxury brands. And if you combine all of the General Motors brands that Saab owners have migrated to, GM more than doubles Honda with a 15.2-percent share, so all the love is not lost.

What brands have Saab owners defected to? Polk investigates originally appeared on Autoblog on Sun, 02 Sep 2012 10:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>buying patternscar buyingpolkrl polksaabsaab bankruptcysaab buyerSun, 02 Sep 2012 10:01:00 EST http://www.autoblog.com/feed/20311181/article-comments.xml http://www.autoblog.com/feed/2012/09/02/what-brands-have-saab-owners-defected-to-polk-investigates/20311181/article-detail.xml 20311181 http://www.blogcdn.com/www.autoblog.com/media/2012/08/saabdefections_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/saabdefections.jpg <![CDATA[GM granted 30-day extension on Spyker's Saab-related lawsuit]]>http://www.autoblog.com/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/http://www.autoblog.com/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/http://www.autoblog.com/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/#commentsFiled under: , , ,



General Motors has asked for more time to reply to the lawsuit brought by Spyker over the Saab affair, and Spyker has agreed to extend the deadline one month until September 28. A quick refresh: Spyker has accused GM of tortious interference in Saab's dealings with the Chinese investors that might have been able to save the company, and intentionally and unlawfully driving Saab into bankruptcy.

The Dutch sports car maker is seeking $3 billion in damages, that number being its putative valuation of Saab had it worked out a deal with Chinese investor Youngman. GM's position is still that the lawsuit has no merit. You'll find Spyker's press release about the extension below.

Continue reading GM granted 30-day extension on Spyker's Saab-related lawsuit

GM granted 30-day extension on Spyker's Saab-related lawsuit originally appeared on Autoblog on Mon, 27 Aug 2012 08:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmlawsuitsaabsaab bankruptcysaab lawsuitsaab salespykervictor mulleryoungmanMon, 27 Aug 2012 08:59:00 EST http://www.autoblog.com/feed/20309003/article-comments.xml http://www.autoblog.com/feed/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/20309003/article-detail.xml 20309003 http://www.blogcdn.com/www.autoblog.com/media/2012/08/saab-and-gm-dealer-signs_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/saab-and-gm-dealer-signs.jpg <![CDATA[Spyker files $3 billion lawsuit against General Motors over Saab's demise]]>http://www.autoblog.com/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/http://www.autoblog.com/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/http://www.autoblog.com/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/#commentsFiled under: , , , ,

Victor Muller of Spyker Cars in front of his building

"Smack." That's the sound of Spyker's process server dropping a big ol' pile of legal documents on the doorstep of The Renaissance Center, home of General Motors - or wherever GM's attorneys live during business hours. Contained therein is a Complaint, filed in the U.S. District Court for the Eastern District of Michigan and demanding a jury trial, that seeks $3 billion in damages due to "the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market." Spyker accuses GM of "tortiously interfering" with Saab's business relationship with Chinese automaker Zhejiang Youngman Lotus Automobile (Youngman), actions that Spyker CEO Victor Muller (above) said "deliberately drove Saab Automobile into bankruptcy."

(From Wikipedia: "Tortious interference, also known as intentional interference with contractual relations, in the common law of torts, occurs when a person intentionally damages the plaintiff's contractual or other business relationships.")

The interference in question specifically refers to the very last potential deal, called the Framework Agreement, that Spyker worked out with Youngman. With lots of GM engineering embedded into the 9-4X and 9-5, The General had the right to approve any Saab partnership that would involve the transfer of GM intellectual property. Spyker had been rebuffed over every previous deal with a Chinese firm, including two bids by Youngman, due to GM concerns over its IP getting into Chinese hands and having to face Chinese-market competitors using its technology. The Complaint alleges that the Framework Agreement would have put a firewall around all GM IP - Youngman would only work on Saab's Phoenix platform, said to be just about free of GM tech, and would have no access to 9-3, 9-4X or 9-5 technology until after Saab ceased all ties to GM.

Thoretically, as stated in the Complant, this should have spared Saab the need to even ask GM for permission to make the deal outlined in the Framework Agreement since it didn't involve any transfer of GM technology. GM felt differently and repeatedly, publicly proclaimed that the Framework Agreement couldn't proceed without GM's say-so, which GM would not give, and that led to Youngman walking away. It is those public proclamations by GM that Spyker alleges as tortious interference. That's the basics, but there's a lot more to be discovered in the 27-page Complaint, which can be found here.

Muller said they've been working on preparing the lawsuit since bankruptcy was declared last year, and with a view to a lengthy and heinously expensive court battle, Muller's golden touch with securing money has come through yet again: a third party has furnished Spyker with the "backing required to see the lawsuit through to the end." There's a press release below announcing the move, otherwise known as "the first shot."

Continue reading Spyker files $3 billion lawsuit against General Motors over Saab's demise

Spyker files $3 billion lawsuit against General Motors over Saab's demise originally appeared on Autoblog on Mon, 06 Aug 2012 10:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmlawsuitsaabsaab bankruptcysaab lawsuitsaab salespykervictor mulleryoungmanMon, 06 Aug 2012 10:27:00 EST http://www.autoblog.com/feed/20293974/article-comments.xml http://www.autoblog.com/feed/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/20293974/article-detail.xml 20293974 http://www.blogcdn.com/www.autoblog.com/media/2012/08/victor-muller-of-spyker-cars_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/victor-muller-of-spyker-cars.jpg <![CDATA[NEV deal to buy Saab delayed]]>http://www.autoblog.com/2012/08/03/nev-deal-to-buy-saab-delayed/http://www.autoblog.com/2012/08/03/nev-deal-to-buy-saab-delayed/http://www.autoblog.com/2012/08/03/nev-deal-to-buy-saab-delayed/#commentsFiled under: , , ,

Saab griffin emblem

Remember a month and a half ago when we told you that Saab will "soldier on?" Well, we should have written "stand at attention."

According to SaabsUnited, the deal for National Electric Vehicle Sweden to buy the remaining Saab assets didn't close on schedule. In fact, it's been delayed by "a month, perhaps more." NEVS also seems to have indicated that it's not going to be answering any more questions about the deal until it's completed.

NEVS is supposedly planning on building electric cars based on the design that would have been the next-generation 9-3. The company itself is a partnership between a Chinese energy company and a Japanese investment group.

NEV deal to buy Saab delayed originally appeared on Autoblog on Fri, 03 Aug 2012 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>9-3national electric vehicle swedennevssaabsaab 9-3saab bankruptcysaab saleFri, 03 Aug 2012 13:29:00 EST http://www.autoblog.com/feed/20292725/article-comments.xml http://www.autoblog.com/feed/2012/08/03/nev-deal-to-buy-saab-delayed/20292725/article-detail.xml 20292725 http://www.blogcdn.com/www.autoblog.com/media/2012/08/saab-opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/saab-opt.jpg <![CDATA[Last 900 Saabs heading to auction]]>http://www.autoblog.com/2012/06/22/last-900-saabs-heading-to-auction/http://www.autoblog.com/2012/06/22/last-900-saabs-heading-to-auction/http://www.autoblog.com/2012/06/22/last-900-saabs-heading-to-auction/#commentsFiled under: , , ,

Saab shipment

If you've been wanting to get your hands on one last new Saab but missed out on the great Saab sell-off when Saab Cars North America declared bankruptcy, well, your ship has now come in.

Actually, it came in last year - but hundreds of new Saabs got waylaid at ports in California and New Jersey because of the bankruptcy, according to SaabWorld.net. Those cars are now slated for auction, some 900 of them, which will be available for dealers, exporters and rental car companies to bid on beginning next week. Eventually, 300 of these cars should make their way to Saab dealers, where they're expected to be sold off at 30- to 50-percent discounts. The other 600 will either be exported or used as rentals, according to the report, so "the price of Saabs will not be severely depressed."

Besides the new cars, some 67 company cars, including some interesting stuff like a 1960 Saab Quantum IV and a 1970 Sonnett III, will also be auctioned off, according to the report. Of the new cars, just over half are 9-5 models, some 400 are 9-3 sedans, another 60 are 9-3 wagons, and about a dozen are convertibles. According to the report, 28 are actually 9-4X crossovers, which is more than 10 percent of Saab's total 2011 sales for that model.

Last 900 Saabs heading to auction originally appeared on Autoblog on Fri, 22 Jun 2012 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>9-39-4x9-5saabsaab auctionsaab bankruptcysaab cars north americaFri, 22 Jun 2012 18:00:00 EST http://www.autoblog.com/feed/20264248/article-comments.xml http://www.autoblog.com/feed/2012/06/22/last-900-saabs-heading-to-auction/20264248/article-detail.xml 20264248 http://www.blogcdn.com/www.autoblog.com/media/2012/06/saab-shipping_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/06/saab-shipping.jpg <![CDATA[Saab sold! Again. Probably.]]>http://www.autoblog.com/2012/06/07/saab-sold-again-probably/http://www.autoblog.com/2012/06/07/saab-sold-again-probably/http://www.autoblog.com/2012/06/07/saab-sold-again-probably/#commentsFiled under: , , ,

Saab headquarters

You'll note that we have yet to remove Saab from the dropdown menu at the top of the Autoblog home page. Indeed, for a bankrupt company that hasn't built a new car from scratch yet this year, Saab generates a surprising amount of news, however, little of it has been the good kind. Perhaps that will all change today, as this latest report indicates that the company has actually been sold for real this time.

According to The Local, an English-language Swedish news site, the new owner of Saab is understood to be National Electric Vehicle Sweden AB, "a Swedish-registered company founded by a Hong Kong-based firm specialised in alternative energy and a Japanese investment fund."

NEVS would only confirm that it had made a bid for Saab before the April 7 deadline, according to the report, which said that court administrators also refused to comment, though an official announcement is expected later this month. The offer is said to be in the $208-$250 million range and excludes the parts operation.

The report says news of the sale was shared by the Trollhättan city manager, and though she did not know who the buyer was, she said she had been told the deal would be inked this week. Shortly after media began reporting the story, however, a public relations official for the city denied that anyone at the city knew about any deal, characterizing the leak as a "misinterpretation," according to the report.

While we have imagined many times in recent months that we had written the final word on this Swedish soap opera, clearly this isn't it.

Saab sold! Again. Probably. originally appeared on Autoblog on Thu, 07 Jun 2012 16:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>national electric vehicle swedennevssaabsaab bankruptcysaab saletrolhattanThu, 07 Jun 2012 16:30:00 EST http://www.autoblog.com/feed/20254035/article-comments.xml http://www.autoblog.com/feed/2012/06/07/saab-sold-again-probably/20254035/article-detail.xml 20254035 http://www.blogcdn.com/www.autoblog.com/media/2012/06/saab-hq-sign-with-flags_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/06/saab-hq-sign-with-flags.jpg <![CDATA[Saab Automobile Parts AB throws lifeline to North American owners]]>http://www.autoblog.com/2012/06/06/saab-automobile-parts-ab-throws-lifeline-to-north-american-owner/http://www.autoblog.com/2012/06/06/saab-automobile-parts-ab-throws-lifeline-to-north-american-owner/http://www.autoblog.com/2012/06/06/saab-automobile-parts-ab-throws-lifeline-to-north-american-owner/#commentsFiled under: , ,

Saab 99 - white kombi - parked in front of service station

To say that the future of Saab as an automaker remains murky is being charitable at best, but that doesn't mean there isn't a loyal body of customers with real needs. In the wake of the Swedish marque's bankruptcy, U.S. and Canadian Saab drivers were left without a clear supplier of parts and services, but now Saab Automobile Parts AB has stepped in to service North America's estimated 500,000 owners.

To be clear, Saab Automobile Parts isn't subject to the bankruptcy shenanigans that Saab itself is going through, although it does have a deal with the automaker's creditors that allows it to continue using the company's Trollhättan factory to make large replacement parts like body panels. Further, it has also signed on with major Saab suppliers to make sure parts are available for the long haul. Saab Automobile Parts AB has been providing brand spares since the 1960s.

The new North American subsidiary will be based out of Michigan, although it isn't immediately clear where the company's facilities will be located or how many people it will employ. The company says it warehouses about 70,000 parts and is capable of churning out some 30,000 order lines per day. Check out the official press release by scrolling down.

Continue reading Saab Automobile Parts AB throws lifeline to North American owners

Saab Automobile Parts AB throws lifeline to North American owners originally appeared on Autoblog on Wed, 06 Jun 2012 11:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>saabsaab automobilesaab automobile parts absaab bankruptcysaab ownerssaab partstrollhättanWed, 06 Jun 2012 11:01:00 EST http://www.autoblog.com/feed/20252630/article-comments.xml http://www.autoblog.com/feed/2012/06/06/saab-automobile-parts-ab-throws-lifeline-to-north-american-owner/20252630/article-detail.xml 20252630 http://www.blogcdn.com/www.autoblog.com/media/2012/06/saab-99-service_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/06/saab-99-service.jpg <![CDATA[China's Youngman bails on Saab, Mahindra still in the mix]]>http://www.autoblog.com/2012/05/23/chinas-youngman-bails-on-saab-mahindra-still-in-the-mix/http://www.autoblog.com/2012/05/23/chinas-youngman-bails-on-saab-mahindra-still-in-the-mix/http://www.autoblog.com/2012/05/23/chinas-youngman-bails-on-saab-mahindra-still-in-the-mix/#commentsFiled under: ,



Zhejiang Youngman Lotus Automobile has been jettisoned from the dwindling pool of bidders for Saab after tendering an offer of $492 million for the whole kaboodle. Exact reasons weren't given for Youngman leaving the table, but according to a report in Autoweek.nl, "Chinese bureaucracy" was partially to blame and there apparently wasn't complete confidence in the Chinese company's finances.

Reports say the bidding is meant to close in the next week, but we still don't know who all the bidders are - India's Mahindra & Mahindra, China's Geely/Volvo and at least one as-yet-unknown entity are after the whole company or select assets. Swedish media was hinting at another bidder with electric car knowledge, not from China, to take control of Saab. And if that same Autoweek.nl story is correct, Spyker's Victor Muller didn't leave the premises empty-handed, as "Spyker would be the licensing agent of the Saab 9-5 and continue to be paid for its use."

China's Youngman bails on Saab, Mahindra still in the mix originally appeared on Autoblog on Wed, 23 May 2012 13:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>9-5chinamahindrasaabsaab 9-5saab automobilessaab bankruptsaab bankruptcysaab bidspykeryoungmanyoungman saab bidWed, 23 May 2012 13:00:00 EST http://www.autoblog.com/feed/20243411/article-comments.xml http://www.autoblog.com/feed/2012/05/23/chinas-youngman-bails-on-saab-mahindra-still-in-the-mix/20243411/article-detail.xml 20243411 http://www.blogcdn.com/www.autoblog.com/media/2012/05/youngmannosaab_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/05/youngmannosaab.jpg <![CDATA[Saab gets new $492M bid from Youngman]]>http://www.autoblog.com/2012/04/18/saab-gets-new-492m-bid-from-youngman/http://www.autoblog.com/2012/04/18/saab-gets-new-492m-bid-from-youngman/http://www.autoblog.com/2012/04/18/saab-gets-new-492m-bid-from-youngman/#commentsFiled under: , , ,

2011 Saab 9-4X - front three-quarter view

Youngman has made another bid for bankrupt Saab, according to new reports. The Chinese automaker has offered to buy what's left of Saab for $470 million at current conversion rates. The news comes courtesy of Dagens Industri. The newspaper also indicates that's the absolute lowest the Swedish automaker's pledgees and real estate owners will accept to settle the company's impressive debt. The deal would also set aside an additional $1.47 billion to restart production at the mothballed Trollhattan facility. Other foreign automakers are also vying over Saab's remains, including India's Mahindra & Mahindra.

Pang Da, meanwhile, seems to have no interest in continuing to pursue Saab. The company paid out around $59 million for vehicles Saab was supposed to produce. That never happened, and now the Chinese company has had to undergo the unpleasant task of reporting that loss to its investors.

Saab reportedly owes around $1.9 billion at the moment, and its assets are valued at just $532 million.

Saab gets new $492M bid from Youngman originally appeared on Autoblog on Wed, 18 Apr 2012 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>mahindrapang dasaabsaab automobilessaab bankruptsaab bankruptcysaab bidyoungmanyoungman saab bidWed, 18 Apr 2012 13:29:00 EST http://www.autoblog.com/feed/20218510/article-comments.xml http://www.autoblog.com/feed/2012/04/18/saab-gets-new-492m-bid-from-youngman/20218510/article-detail.xml 20218510 http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-9-4x-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-9-4x-628.jpg <![CDATA[Saab's assets less than one-third of its debts]]>http://www.autoblog.com/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/http://www.autoblog.com/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/http://www.autoblog.com/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/#commentsFiled under: , , , ,

Saab's Trollhatten headquarters

The Detroit News reports the sum total of the remaining Saab assets is worth less than a third of the defunct automaker's debts. All told, the company owes a hefty $1.9 billion at current conversion rates, though its total property value rings in at a comparatively paltry $532 million. The debt includes $89 million owed to former employees, $107 million to General Motors and $388 million to Sweden itself. With so many hands to feed and so few dollars to go around, Saab says only those who hold securities are likely to have their debts paid.

That means those who were employed by Saab Automobile likely won't see a dime. The horizon looks a bit more rosy for Saab Automobile Powertrain workers, however.

Saab had said the company has six or seven investors interested in saving the manufacturer's name from falling into obscurity, though it's unclear how many of those remain dedicated to the prospect currently.

Saab's assets less than one-third of its debts originally appeared on Autoblog on Wed, 11 Apr 2012 16:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>saabsaab assetssaab bankruptcysaab debtsaab saleswedish automobilevictor mullerWed, 11 Apr 2012 16:29:00 EST http://www.autoblog.com/feed/20213362/article-comments.xml http://www.autoblog.com/feed/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/20213362/article-detail.xml 20213362 http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-trollhatten-headquarters_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-trollhatten-headquarters.jpg <![CDATA[Want to bid for Saab? Get your paperwork in by April 10]]>http://www.autoblog.com/2012/04/04/want-to-bid-for-saab-get-your-paperwork-in-by-april-10/http://www.autoblog.com/2012/04/04/want-to-bid-for-saab-get-your-paperwork-in-by-april-10/http://www.autoblog.com/2012/04/04/want-to-bid-for-saab-get-your-paperwork-in-by-april-10/#commentsFiled under: , ,

Saab under covers

Interested in purchasing a Saab? Heck, why not just buy the whole company? If you're in the market, you've got until April 10 to put in a bid, and at present, the only rival you have is China's Youngman.

Chances are, according to the administrators in charge of Saab's liquidation, the sale of Saab assets - which includes Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools, among others - won't cover the automaker's debt of somewhere between $1.8 and $2 billion (12-13 billion kronor).

Rumor has it that there are a few more potential suitors waiting in the wings, such as India's Mahindra, but none have come out expressing public interest in the bankrupt Swedish brand. Seems everyone is waiting until the last minute, eBay style.

Want to bid for Saab? Get your paperwork in by April 10 originally appeared on Autoblog on Wed, 04 Apr 2012 08:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>mahindrasaabsaab bankruptcysaab bidsaab biddersyoungmanWed, 04 Apr 2012 08:45:00 EST http://www.autoblog.com/feed/20207637/article-comments.xml http://www.autoblog.com/feed/2012/04/04/want-to-bid-for-saab-get-your-paperwork-in-by-april-10/20207637/article-detail.xml 20207637 http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-under-covers_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-under-covers.jpg <![CDATA[Saab Museum reopens in Sweden]]>http://www.autoblog.com/2012/03/24/saab-museum-reopens-in-sweden/http://www.autoblog.com/2012/03/24/saab-museum-reopens-in-sweden/http://www.autoblog.com/2012/03/24/saab-museum-reopens-in-sweden/#commentsFiled under: , ,



Part of the sideshow in the Saab revival circus has been the waning and waxing fate of the Saab Museum Trollhättan, Sweden. The U.S. Heritage Collection was sold to two U.S. collectors earlier this year, while the Swedish museum's collection was rescued from breakup by three Swedish interests: the city of Trollhättan, SAAB AB and The Wallenberg Foundation.

With stipulations that its cars can only be displayed at the museum or regionally on occasion, the new museum opened its doors this weekend with the full complement of so-called quirky autos. It's open just about every day this year save for a week in June and the Christmas holidays.

Meanwhile, over at the main event, a joint bid involving BAIC and Panasonic appears to have joined the melee, while we wait on the results of bids from Youngman and Mahindra. We can only hope the Saab car company shares in the same good fortune as the museum.

Saab Museum reopens in Sweden originally appeared on Autoblog on Sat, 24 Mar 2012 15:02:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>museumsaab bankruptcysaab museumswedentrollhattantrollhättanSat, 24 Mar 2012 15:02:00 EST http://www.autoblog.com/feed/20200265/article-comments.xml http://www.autoblog.com/feed/2012/03/24/saab-museum-reopens-in-sweden/20200265/article-detail.xml 20200265 http://www.blogcdn.com/www.autoblog.com/media/2012/03/saabmuseumreopen_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/03/saabmuseumreopen.jpg <![CDATA["Shocked" Brightwell drops Saab bid, blames GM intransigence]]>http://www.autoblog.com/2012/02/28/shocked-brightwell-drops-saab-bid-blames-gm-intransigence/http://www.autoblog.com/2012/02/28/shocked-brightwell-drops-saab-bid-blames-gm-intransigence/http://www.autoblog.com/2012/02/28/shocked-brightwell-drops-saab-bid-blames-gm-intransigence/#commentsFiled under: , , , , ,

Saab emblem on hood with ice

Nearly three months on the Saab story is the same: company makes a bid, General Motors knocks it back. But this time, the latest round of corporate "He said/She said" puts Turkey's Brightwell Holdings on the other side of the table instead of a Chinese company. Brightwell was the other publicly identified bidder for Saab that pledged to make a bid, along with Chinese concern Youngman.

Brightwell blames GM "intransigence," a familiar epithet by now, has scuppered the possibility of a deal. GM says that's not the case, rather that a deal for Saab can't include any of the technology licensed from GM. Brightwell believed that that condition only applied to Chinese buyers, since GM's position that it didn't want to compete with another company using its intellectual property was always taken in reference to interest from companies like Youngman and Hawtei.

If GM's position is that it won't license its technology to anyone anywhere, that could alter the landscape for the six to 14 bidders rreported to be hovering over Saab's remains. Based on Youngman's last statements, it should still be in the mix, though: it pledged to make a bid for Saab that avoids GM-developed vehicles like the 9-5 and 9-4X and restarts the brand with the new 9-3 on Saab's Phoenix architecture.

Brightman hasn't ruled itself out completely yet. Having spent "millions of euros" on its bid, a firm partner said that if GM is open to discussions then he "will jump on a plane and visit them in Detroit."

"Shocked" Brightwell drops Saab bid, blames GM intransigence originally appeared on Autoblog on Tue, 28 Feb 2012 18:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>brightwellbrightwell holdingsgmsaabsaab bankruptcysaab bidderssaab buyersaab salesaab storyTue, 28 Feb 2012 18:20:00 EST http://www.autoblog.com/feed/20181752/article-comments.xml http://www.autoblog.com/feed/2012/02/28/shocked-brightwell-drops-saab-bid-blames-gm-intransigence/20181752/article-detail.xml 20181752 http://www.blogcdn.com/www.autoblog.com/media/2012/02/saab-logo-with-ice_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/02/saab-logo-with-ice.jpg <![CDATA[Volvo bidding for (parts of) Saab]]>http://www.autoblog.com/2012/02/24/volvo-bidding-for-parts-of-saab/http://www.autoblog.com/2012/02/24/volvo-bidding-for-parts-of-saab/http://www.autoblog.com/2012/02/24/volvo-bidding-for-parts-of-saab/#commentsFiled under: , , , , , , ,

Saab and Volvo cars positioned together

Volvo is reportedly interesting in getting out its checkbook in search of a production parts bargain over at Saab. No, the 9-5 likely won't be wearing a Volvo badge any time soon, but the tooling that helped build parts for the big sedan could one day be in a Volvo factory.

SaabsUnited quotes an unnamed source who states that Volvo is interested in purchasing tooling from the Saab bankruptcy estate. The source reiterated that Volvo isn't interested in any production at the Trollhättan factory, adding that the purchased parts would likely travel to China for use by Volvo owner Geely.

While we're putting this story in the rumormill for now, purchasing expensive tooling at a fire-sale discount sounds like a potentially brilliant idea for Geely and Volvo. Volvo could soon begin building vehicles in China to expand its presence in the emerging market, and it always helps to get such a project off the ground with some high-quality parts that obviously haven't been used much lately.

Volvo bidding for (parts of) Saab originally appeared on Autoblog on Fri, 24 Feb 2012 10:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>geelysaabsaab bankruptcysaab factorysaab partstrollhattenvolvoFri, 24 Feb 2012 10:59:00 EST http://www.autoblog.com/feed/20178588/article-comments.xml http://www.autoblog.com/feed/2012/02/24/volvo-bidding-for-parts-of-saab/20178588/article-detail.xml 20178588 http://www.blogcdn.com/www.autoblog.com/media/2012/02/saab-and-volvo-cars-together_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/02/saab-and-volvo-cars-together.jpg <![CDATA[At least 6-7 parties bidding on Saab... could BMW be one of them?]]>http://www.autoblog.com/2012/02/21/at-least-6-7-parties-bidding-on-saab-could-bmw-be-one-of-them/http://www.autoblog.com/2012/02/21/at-least-6-7-parties-bidding-on-saab-could-bmw-be-one-of-them/http://www.autoblog.com/2012/02/21/at-least-6-7-parties-bidding-on-saab-could-bmw-be-one-of-them/#commentsFiled under: , , ,

Saab emblem

On this episode of As the Saab Turns: Bankruptcy administrators have bidders, and one of them might be a German carmaker!

According to a post on Saabs United, "6-7 serious bidders" are trying to snag the remains of Saab. One European company "is German and located in Munich," according to the report, which notes that whatever company wins the Saab deal won't necessarily be the high bidder, but the package that looks the most capable getting Saab back in the car building business.

For its part, Germany's AutoBild suggests that the actual number of interested parties numbers around 14, though it isn't immediately clear how serious all of those parties are, though the Chinese are said to remain in the mix, as is an Indian concern.

It's no secret that BMW plans to expand its product portfolio, including building more fuel-efficient, front-drive cars. Could a joint BMW-Saab ( or Mini-Saab) platform - shades of the Cadillac BLS (albeit hopefully better!) - come out of such a deal? Or will the Swedish bankruptcy court reveal that it has a Chinese mistress, one that's trying to blackmail General Motors? Tune in next week...

At least 6-7 parties bidding on Saab... could BMW be one of them? originally appeared on Autoblog on Tue, 21 Feb 2012 14:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcybmwbmw saab partnershipsaabsaab bankruptcysaab bmwsaab bmw partnershipsaab buyersaab-bmwTue, 21 Feb 2012 14:01:00 EST http://www.autoblog.com/feed/20176138/article-comments.xml http://www.autoblog.com/feed/2012/02/21/at-least-6-7-parties-bidding-on-saab-could-bmw-be-one-of-them/20176138/article-detail.xml 20176138 http://www.blogcdn.com/www.autoblog.com/media/2012/01/2011-saab-9-4x-badge_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/2011-saab-9-4x-badge.jpg <![CDATA[Dealers trying to push Saab NA into bankruptcy]]>http://www.autoblog.com/2012/01/31/dealers-trying-to-push-saab-na-into-bankruptcy/http://www.autoblog.com/2012/01/31/dealers-trying-to-push-saab-na-into-bankruptcy/http://www.autoblog.com/2012/01/31/dealers-trying-to-push-saab-na-into-bankruptcy/#commentsFiled under: , ,

Saab sign - tilted

Saab North America acknowledged that the chances were exceptionally slim, but it hoped to avoid bankruptcy long enough to give another company a chance to buy it. Shortly after Saab NA appointed a third-party administrator, McTevia & Associates, it was decided there was no way to save the company short of liquidation, and on January 23, the administrator announced plans to file for Chapter 7 bankruptcy.

But Saab NA was beat to the filing by a group of 162 out of the 188 Saab dealers, who filed for involuntary Chapter 11 bankruptcy in Delaware. The dealers said last week they were going to file for Chapter 7, but instead chose Chapter 11 because of its lower costs and in case China's Youngman or Turkey's Brightwell Holding's bid for Saab NA's parent succeeds and they want to restart operations here. The document was filed in Delaware because the dealer body feels they'll get better hearing "further away from Detroit." Dealers also wanted the force of court orders to back up any decisions made, not that of a third-party administrator.

Underneath all the legal machinations, though, if estimates from Saab NA dealer attorney Leonard Bellavia are accurate, then the parties could emerge without getting financially kneecapped. When McTevia announced its plan to file, Bellavia suggested that Saab NA's liabilities were $10.5 million and assets at between $75 million and $125 million. With no more parts on the way and 2,400 cars on lots, McTevia had earlier said that the parts distribution business is "the only meaningful asset."

Dealers trying to push Saab NA into bankruptcy originally appeared on Autoblog on Tue, 31 Jan 2012 14:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcychapter 11mcteviaroyal oaksaabsaab bankruptcysaab dealerssaab nasaab north americaTue, 31 Jan 2012 14:31:00 EST http://www.autoblog.com/feed/20160605/article-comments.xml http://www.autoblog.com/feed/2012/01/31/dealers-trying-to-push-saab-na-into-bankruptcy/20160605/article-detail.xml 20160605 http://www.blogcdn.com/www.autoblog.com/media/2012/01/saab-sign-tilted-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/saab-sign-tilted-628.jpg <![CDATA[Sweden picks up tab on bankrupt Saab's EU loan]]>http://www.autoblog.com/2012/01/30/sweden-picks-up-tab-on-bankrupt-saabs-eu-loan/http://www.autoblog.com/2012/01/30/sweden-picks-up-tab-on-bankrupt-saabs-eu-loan/http://www.autoblog.com/2012/01/30/sweden-picks-up-tab-on-bankrupt-saabs-eu-loan/#commentsFiled under: , , ,

2011 Saab 9-4X griffin badge

Way back at the beginning of Saab's struggle for life after General Motors, exotic car firm Spyker was granted a €400-million loan ($527M U.S.) from the European Investment Bank. The loan was approved after it was guaranteed by Sweden's Debt Office, and Saab's recent bankruptcy filing forced the Debt Office to back up the guarantee with a €217-million payment ($286M) to the EIB - the portion of the loan that Saab actually drew upon.

It's not exactly bad news for the government, since the government's stake in Saab Automobile Parts and Saab Automobile Tools - used to guarantee its own guarantee of the EIB loan - is understood to be worth more than €217 million.

In the next couple of weeks, bids are expected from both China's Zhejiang Youngman Lotus and Turkey's Brightwell Holdings private equity group for the purchase of Saab in its entirety. No one can predict the outcome, but it this last-ditch situation might have the best chance: the European auto supplier organization CLEPA is assisting Youngman, the numbers being hinted at would indicate sane and motivated buyers, GM's intellectual property concerns appear to have been addressed, and it's certain that the sellers would love to see a bit of sun after a long spell of gloom for the hard luck brand.

Sweden picks up tab on bankrupt Saab's EU loan originally appeared on Autoblog on Mon, 30 Jan 2012 10:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>brightwell holdingseibeuropean investment banksaabsaab bankruptcyswanswedenswedish automobileswedish debt agencyswedish debt officeyoungmanMon, 30 Jan 2012 10:59:00 EST http://www.autoblog.com/feed/20159145/article-comments.xml http://www.autoblog.com/feed/2012/01/30/sweden-picks-up-tab-on-bankrupt-saabs-eu-loan/20159145/article-detail.xml 20159145 http://www.blogcdn.com/www.autoblog.com/media/2012/01/2011-saab-9-4x-badge_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/2011-saab-9-4x-badge.jpg <![CDATA[Saab Cars North American undergoing bankruptcy liquidation]]>http://www.autoblog.com/2012/01/23/saab-cars-north-american-undergoing-bankruptcy-liquidation/http://www.autoblog.com/2012/01/23/saab-cars-north-american-undergoing-bankruptcy-liquidation/http://www.autoblog.com/2012/01/23/saab-cars-north-american-undergoing-bankruptcy-liquidation/#commentsFiled under: ,

The Setting Sun in Trolhattan

It's a Saab story, we know, but this is - in all likelihood - the end of the road for Sweden's "other" automaker. Sure, there are still talks of one foreign entity or another picking up where GM and Swedish Automobile (Swan)/Spyker left off, but even if they do, they'll have a heck of a lot of work on their hands. And that includes rebuilding its presence in North America.

With the parent company having already filed for bankruptcy in Sweden, the next step is for Saab Cars North America to follow suit, and that's precisely what's happening.

The operation based in Royal Oak, Michigan, ceased operating last month when its parent company did, but resumed distributing parts just this past Thursday. That does not mean, however, that the American business will remain afloat. With no money to keep it going, Saab Cars North America is being liquidated. Sources estimate the company's liquidated assets at around $100 million (give or take $25m), offset by a relatively minor $10.5 million in liabilities.

As for the dealers, they'll have to choose to declare bankruptcy individually or let the administrator dealing with SCNA's liquidation tend to theirs as well.

Saab Cars North American undergoing bankruptcy liquidation originally appeared on Autoblog on Mon, 23 Jan 2012 14:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcyliquidationsaabsaab bankruptcysaab cars north americaswedish autoMon, 23 Jan 2012 14:28:00 EST http://www.autoblog.com/feed/20154759/article-comments.xml http://www.autoblog.com/feed/2012/01/23/saab-cars-north-american-undergoing-bankruptcy-liquidation/20154759/article-detail.xml 20154759 http://www.blogcdn.com/www.autoblog.com/media/2012/01/saab-sunset_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/saab-sunset.jpg <![CDATA[Turkish private equity firm jumps into Saab buying fray]]>http://www.autoblog.com/2012/01/22/turkish-private-equity-firm-jumps-into-saab-buying-fray/http://www.autoblog.com/2012/01/22/turkish-private-equity-firm-jumps-into-saab-buying-fray/http://www.autoblog.com/2012/01/22/turkish-private-equity-firm-jumps-into-saab-buying-fray/#commentsFiled under: , ,



The next chapter in the Saab opera has a new protagonist called Brightwell Holdings, a Turkish private equity firm. Brightwell is is perhaps the unknown Turkish entity mentioned last year as having an interest in bankrupt Saab, along with India's Mahindra & Mahindra. A board member at Brightwell said the company will spend two weeks evaluating Saab's assets and then will make a bid, "there's no question."

Turkey doesn't have a national car company, but it does have plenty of automotive manufacturing expertise since Ford, Fiat and Renault have factories there. Brightwell has said it would keep Saab production in Trollhätten, but (and this is only conjecture) along with a decades-old push for a national car company, the increase of Turkish private equity, and Turkey's desire to join the European Union, the bid could have motivating factors beyond the financial.

Regardless, that means we now have two players in the Saab story, with Youngman's renewed run at Saab expected to result in a bid as soon as next week that could exceed a billion euros. It's difficult to imagine that Saab will somehow be rescued, but the ball is still in play.

Turkish private equity firm jumps into Saab buying fray originally appeared on Autoblog on Sun, 22 Jan 2012 15:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>brightwell holdingsprivate equitysaab bankruptcyturkeyyoungmanSun, 22 Jan 2012 15:01:00 EST http://www.autoblog.com/feed/20153631/article-comments.xml http://www.autoblog.com/feed/2012/01/22/turkish-private-equity-firm-jumps-into-saab-buying-fray/20153631/article-detail.xml 20153631 http://www.blogcdn.com/www.autoblog.com/media/2012/01/saabturkeyconnections_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/saabturkeyconnections.jpg <![CDATA[China's Youngman to wage new bid for Saab]]>http://www.autoblog.com/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/http://www.autoblog.com/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/http://www.autoblog.com/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/#commentsFiled under: , , , ,


Ladies and gentlemen, those of you preparing to leave the theater because you thought the Saab opera was over, well, take a seat. After sinking a fair bit of money into the troubled Swedish automaker while chasing the deal, Youngman isn't ready to walk away. According to Reuters, the Chinese firm is ready to make a new bid for the Swedish brand as soon as next week, and it could be worth more than a billion Euros. Stay with us, because as you might expect, it's a bit convoluted.

The door appeared closed on Youngman for good when General Motors, which engineered much of the technology in the 9-5 and 9-4X, said it wouldn't do a deal that risked harming its position in China (read: they feared they might lose their intellectual property rights). As it was, the Saab deal brokered with Youngman would make General Motors compete against another company for which GM was building cars and that was using GM technology. To get around that, it appears that Youngman has proposed buying Saab and not using GM tech, which, that's right, would mean walking away from the still-new 9-5 and 9-4X. Instead, Youngman would restart Saab production with a brand-new 9-3 (said to be the car in the grainy image above) and would hope to do it in as little as 15 weeks.

The Chinese company has Saab's Phoenix architecture in mind, which is ready to go and said to be essentially free of GM intellectual property. According to Just-Auto, Phoenix-based Lotus variants for China are also under consideration, but with Proton's pending sale to DRB-Hicom that plan seems a little unsure. A group of European auto suppliers headed by Bosch has traveled to China, on Youngman's dime, to investigate the possibilities and practicalities of just such a plan. As to how aggressive GM might to safeguard whatever interests it has in the Phoenix platform, the supplier-body CEO quipped, "The 9-3 is not a big risk to GM - there has to be a limit to how nasty they can be."

On top of that, there might be questions about how many of Saab's assets are still even available for purchase. Reuters said that engineering firm Semcon SMC.ST agreed to buy key Saab technology, but a report on fan site Saabs United counters that the sale was declined over factory utilization. Saabs United also says that a Youngman-built 9-3 might only be sold in China. The Youngman CEO and his daughter Rachel Pang are apparently due in Sweden next week to further the bidding process, but we should have more word on the Bosch-led supplier trip soon enough.

China's Youngman to wage new bid for Saab originally appeared on Autoblog on Thu, 19 Jan 2012 13:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>boschclepasaabsaab 9-3saab bankruptcysaab salesemcon smc.styoungmanyoungman lotusThu, 19 Jan 2012 13:00:00 EST http://www.autoblog.com/feed/20152085/article-comments.xml http://www.autoblog.com/feed/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/20152085/article-detail.xml 20152085 http://www.blogcdn.com/www.autoblog.com/media/2012/01/next-saab-9-3-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/next-saab-9-3-628.jpg -1 2