Saab on the brink of closure again! by JohnDotCom


User avatar
JohnDotCom
Saab on the brink of closure.

Swedish car maker Saab is so close to going bust that it can't afford to pay its staff this month. It has already suspended production because it has failed to pay suppliers.
The company has been in trouble for years, having been catastrophically mismanaged by owner General Motors (GM), but it found hope when a new buyer took over.

That buyer, Spyker, promised to return Saab to its glory days with fresh investment and a different approach to new models. The 9-3 and 9-5 Saabs built under GM were never anywhere near the best of the premium classes they competed in.
Spyker, a Dutch supercar maker, bought Saab from GM at the beginning of 2010. It even sold its supercar business to concentrate on running Saab.
Unfortunately, Spyker needed to attract considerable outside investment to turn Saab's fortunes around quickly, and it has failed to do so.

Saab's sales in 2010 were miserable - only 30,000 cars were sold worldwide. The company needed to sell 120,000 just to break even. To put those sales into perspective, Vauxhall has sold 30,000 Corsas in the UK alone so far this year.
The new 9-5 executive saloon, which competes with cars like the BMW 5 Series and the Audi A6, was met with a lukewarm reception when it was launched last year, resulting in lacklustre sales.
And the company's latest car, the 9-4X crossover, which was developed by GM but stalled while the sale to Spyker went through, is already receiving less-than-enthusiastic reviews. It goes on sale in the UK in December, assuming Saab is still around then.
When Spyker bought Saab it did so with around £350 million from the European Investment Bank. That money has dried up, and it's unlikely that Spyker will be able to attract more.

However, two Chinese companies have declared interest in investing, Zhejian Youngman Lotus Automobile and Pang Da Automobile, but it's now thought they will simply wait until Saab goes bust, then buy the brand rights and assets for a minimal sum - the same thing that Nanjing Automobile Group did when MG Rover went under in 2005.

Spyker has made no official announcement about its predicament yet, apart from confirming "discussions with various parties to obtain short-term funding, including via the sale and lease-back of the real estate of Saab."
John

"My lovely car now sold onto a very happy new owner.
I still love this marque and I will still be around, preferred selling to breaking, as a great runner and performer"

Posted 24 Jun 2011, 15:00 #1 


PaulT
Will admit it did seem an unlikely prospect for making money when Spyker bought it.

A joke used to do the rounds in the US:

Whats the difference between a Porcupine and a SAAB?

Answer - the pricks are on the outside of a Porcupine
Paul

That apart Mrs Lincoln, did you enjoy the play

Image

Posted 24 Jun 2011, 15:19 #2 

User avatar
Zeb
I'd still have a 9-3 turbo xwd estate...if I could find one...:D

Posted 24 Jun 2011, 15:39 #3 

User avatar
Tourerfogey
If I had a Saab I think it would have to be this one:

http://www.pistonheads.com/news/default ... ryId=23654

Posted 24 Jun 2011, 16:51 #4 

User avatar
Stelad
I've just read in Auto Express that they've made a deal with two Chinese companies. One a car retailer and the other a bus maker. Hopefully that should be enough to save them.

Posted 25 Jun 2011, 00:09 #5 

User avatar
Jürgen
http://www.bbc.co.uk/news/business-16242115 wrote:Troubled Swedish carmaker Saab has filed for bankruptcy after failing to secure fresh funds from potential Chinese investors.

Sounds familiar, doesn't it? :(
Jürgen

75ZT Community & Midlands Nano Meets & 75 & ZT Enthusiasts

Posted 19 Dec 2011, 14:50 #6 


PaulT
They have not produced a car since April - the dealerships must be frantic and trying to jump ship.
Paul

That apart Mrs Lincoln, did you enjoy the play

Image

Posted 19 Dec 2011, 14:55 #7 

User avatar
JohnDotCom
Well GM put a spanner in the works for any sale involving China.
John

"My lovely car now sold onto a very happy new owner.
I still love this marque and I will still be around, preferred selling to breaking, as a great runner and performer"

Posted 19 Dec 2011, 16:00 #8 


PaulT
They did not want the Chinese to get their technology - presuming that it would be worth anything to them.
Paul

That apart Mrs Lincoln, did you enjoy the play

Image

Posted 19 Dec 2011, 16:02 #9 


podge
Blasted polotics ruining a once great car company again.......a great pity if they fade away and end up as a trophy for some far eastern venture capitalist group.

Posted 20 Dec 2011, 00:23 #10 


PaulT
Jusr been on another car forum that has mainly US members. Apparently, at least in the US, yesterday it was announced that warranties would not be honoured. In addition, US dealers have 2,400 new cars and these will be sold 'as is'.

Just been on the UK site and it has a section where you can 'build your own SAAB'. Presume you go over to Sweden and do it yourself.

Absolutely nothing on the website about any of the problems they even have a business section with a contact for a company that wants up to 24 company vehicles and another section for over that.

Shades of Rover in 2005 but thanks to Caterpillar we can survive. Wonder if SAAB owners will end up in the situation that we are in.
Paul

That apart Mrs Lincoln, did you enjoy the play

Image

Posted 21 Dec 2011, 08:06 #11 

User avatar
geesmith
Lol "build your own SAAB"....

Posted 21 Dec 2011, 10:24 #12 


Top

cron