Yesterday’s positive news for the Saab faithful has once again been met with the grim reality of the Swedish automaker’s situation. Just 24 hours ago news emerged that China’s Beijing Auto (which supported the Koengisegg-led purchase of Saab) had secured $2.93 billion in loans from the Chinese government – which would presumably be used to...
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At the LA Auto Show, Swedish automaker Saab had on display for the first time on U.S. soil, its new 9-5 sedan, which was touted by many to be the struggling automaker’s savior. The only problem is, with Saab current instability, this baby might just be stillborn. Recently the leading candidate to buy Saab, Swedish...
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Frederick “Fritz” Henderson has resigned as General Motors chief executive officer. Henderson (left, in the photo above) was appointed CEO on March 29, replacing Rick Waggoner who shown the door by the Obama administration. Over the last eight months, Henderson worked at reorganizing the company. GM announced that Chairman Ed Whitacre Jr. (right, in the...
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Swedish supercar maker Koenigsegg has canceled its plans to buy the struggling Saab brand from General Motors, leaving the future of the brand in jeopardy. “We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said GM President and CEO, Fritz Henderson. “Many have worked tirelessly over the past several months...
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With Saab’s sales for 2009 down 62 percent so far, you wouldn’t expect the Swedish automaker’s biggest problem to be a car shortage. But that’s exactly what dealers are facing, after the General Motors brand cut production earlier this year in an effort to cut costs. Production at the assembly plan in Sweden has been...
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Beijing Auto, the Chinese automaker that has offered to invest in the Koenigsegg-led purchase of Saab from General Motors, has confirmed that in return it will build the current (or previous) generation Saab 9-5 in China. In exchange for its involvement in supporting the deal, Beijing Auto (BAIC) will get all of Saab’s now discontinued...
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According to a report in Swedish business daily Dagens Industri (translated by the folks at SaabsUnited), Koenigsegg, the company’s prospective buyer, wants to take the company more up-market while selling fewer vehicles. This would presumably mean higher profit margins, but the proposed plan doesn’t seem to account for the Swedish automaker to turn a profit...
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Saab has secured a $610 million loan from the European Investment Bank after the Swedish government said it would stand behind the loan. This may just be the last step in finalizing the sale of Saab to a group of investors headed by Swedish supercar maker Koenigsegg. The sale of Saab by General Motors to...
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A company in turmoil with a less than certain future, Saab is hedging its bets on the all-new 2011 9-5 luxury sedan, which launched today at the Frankfurt Auto Show. In total, the 9-5 will be offered with five different engines, all of which will be turbocharged and relatively small, meaning fuel-economy should be quite...
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According to a recent report in the U.K.’s AutoCar, Saab is planning a hybrid version of the upcoming 9-5. The system will use a small 1.4-liter turbocharged gasoline engine, which will be assisted by an electric motor. Sounding similar to the setup found in the Honda Insight, this will not be a two-mode hybrid and...
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Koenigsegg’s bid to purchase GM’s Swedish Saab brand was contingent on the company securing additional funding, either through external investment or through loans. With the Swedish government not overly excited about bailing out Saab and after rejecting attempts by Volvo to secure assistance, Keonigsegg has looked to the private sector and overseas for an interested...
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Saab has just released a selection of new photos, as well as a new information on its upcoming next-generation 9-5 flagship. The Swedish automaker has also confirmed that the new model will debut at the Frankfurt Auto Show next month. In total, the 9-5 will be offered with five different engines, all of which will...
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General Motors has signed an agreement to sell off its Swedish Saab unit to the Koenigsegg Group. Led by supercar maker Koenigsegg, the group includes several additional investors. The deal will see the Koenigsegg Group take a 100 percent stake in Saab. In a statement Koenigsegg Group CEO Christian von Koenigsegg said that the group...
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After a considerable amount of secrecy surrounding the next generation Saab 9-5, it seems as though the cat is finally out of the bag. Two German publications (Autobild and Autozeitung) have published what appear to be official Saab press photos of the 2011 9-5. Normally a new Saab doesn’t get much attention, but with the...
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Today the sun rose on a New General Motors, a move which will also see the sun set on a lot of people’s careers. GM emerged from bankruptcy protection at 6:30 a.m. Eastern Time with news of a serious corporate restructuring plan that will take effect over the next few months. Due to leadership (and...
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General Motors has officially announced it has reached a tentative deal to sell its Swedish Saab brand to a group of companies lead by Swedish supercar-maker Koenigsegg. The deal will see the Koenigsegg group receive $600 million in funding from the European Investment Bank, which has been guaranteed by the Swedish government. GM will provide...
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General Motors has made the surprising decision to sell its Saab brand to Swedish supercar maker Koenigsegg. The move comes as such a shock because the two other final bidders were wealthy and mainstream American entities: the Wyoming investment group Merbanco and U.S. billionaire Ira Rennert’s Renco Group. Koenigsegg, on the other hand, is a...
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It seems like there is a new update in the Saab and Saturn sell-off every day… so why stop now. Yesterday we reported that the list of Saab buyers was down to three and now that list has been shortened to just two suitors. Saab CEO Jan-Ake Jonsson told Swedish business paper Dagens Industri that...
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With news of a tentative deal to sell off Hummer coming yesterday, GM still hasn’t made any decisions about its Saturn or Saab brands – but apparently it has plenty of offers to entertain. GM CFO Ray Young said that Saturn has as many as 16 suitors, while the Swedish Saab brand has three. The...
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In a surprising move, a potential buyer for Saab has been found from the company’s home country. Nope… note Swedish automaker Volvo, but Swedish supercar maker Koenigsegg. The news comes from the newspaper Dagens Industri and is so surprising because of Koenigsegg’s mass-market obscurity. Koenigsegg has, however, made a success out of its supercar business,...
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General Motors will cut 1,124 dealerships loose by October of 2010. The struggling automaker on the verge of bankruptcy sent letters out to the dealerships last week as it searches for ways to reduce it’s current dealer network of 5,969 to just 3,600. GM says it will not renew dealership agreements with the 1,124 companies...
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Apparently General Motors CEO Fritz Henderson thinks the upcoming Saab 9-5 is so good, he doesn’t want to sell the Swedish automaker. In an interview in Sweden’s Expressen magazine he declares that he’d rather see Saab fail in bankruptcy court than sell off the brand. The magazine cites an unnamed source within Saab, who says...
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After Saab’s request for “reorganization” was approved by a Swedish court today, the carmaker has announced that it will look to restructure itself as an independent entity. This move is the first step in a process that would allow Saab to restructure itself and renegotiate terms with creditors. This, after Saab said it estimates a...
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Along with asking for $16.6 billion more in loans from the Federal Treasury, General Motors has made it clear that Saturn, Saab and Hummer will be sold off or eliminated. GM has made it clear that Hummer is for sale if anyone is interested, and the same can be said for Saab, if the Swedish...
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