Saab will finally gain some stability, as the company will resume production tomorrow at its Trollhattan, Sweden, assembly plant. The facility has been idle for about six weeks. Saab’s owner, Dutch automaker Spyker, has been unable to secure the much-needed financing to pay off its suppliers, but the automaker says it has reached agreements that...
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As part of Spyker’s capital-raising efforts for its ailing Saab brand, the Dutch automaker is entering into talks with Chinese automotive company Pang Da, and will have to rename itself as Swedish Automobile N.V. as part of the deal. In return, Saab will get a $42 million cash payment, ostensibly to help pay Saab’s substantial...
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Vladimir Antonov is a man on a mission. Namely, he wants a sweet piece of the pie known as Svenska Aeroplan Aktiebolaget; but the forces that conspire against him include the Swedish government and federal investigators. So you think any support he gets against his powerful foes would be a credit to him, right? But what a long, strange...
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Saab has been surrounded by general corporate uncertainty and financial trouble over the last few weeks. The failed deal with China’s Hawtai Motor and Saab’s $100 million payment mishap with its parts suppliers have taken a toll on the Swedish automaker however the company may have a second chance. Saab announced on Thursday that it...
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Since “All My Children” and “One Life To Live” have been canceled, soap opera fans can turn to Swedish car-firm Saab for their weekly dose of drama. Saab has seen its fair share of ups and downs in the last year and a half. General Motors almost left it for dead when a take-over deal...
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Somewhere, somehow, we think Samuel Hubinette may have something to do with this crazy Viper-powered Saab 9-3. Hubinette, known as “The Crazy Swede” and campaigned a Dodge Viper in many successful bouts of tandem drifting in his days, so it’d only make sense that this Saab 9-3 with a Viper V-10 would have to do...
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Saab appears to have yet again found a savior in China, announcing a joint venture with Pangda Automobile Trade Co., the largest distributor of vehicles in the world’s largest car market. The deal will see Pangda purchase 30 million Euros ($42.5 million) in Saab vehicles, with a second purchase of 15 million Euros ($21 million)...
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It might start to be a real sob story over at Saab, if the Swedish automaker can’t find a partner to help finance operations and help get production restarted. News of a most recent deal with Chinese automaker Great Wall might be little more than a rumor, with the Associated Press now reporting a Great...
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With the apparent collapse of the deal between Hawtai and Spyker, the Dutch parent company of Saab is now courting Chinese automaker Great Wall in an apparent bid to find a partner for the ailing Saab brand. Hawtai was apparently unable to get the necessary approval to complete a transaction with Saab worth 150 million...
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Saab parent, Spyker Cars, said that Hawtai was unable to obtain all the necessary consents, as a result; the arrangement has been terminated with immediate affect, though there still is the possibility the two companies might continue discussions, albeit on a non-exclusive basis.
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Saab’s partnership with Chinese automaker Hawtai could see the ill-fated Swedish luxury brand use its dealer network to sell cheap Chinese cars in America, with some priced at the magic $10,000 mark. “We laughed when the Japanese came,” Victor Muller, Saab’s chairman, told Automotive News. “We laughed when the Koreans came. But we will not...
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Federal regulators are investigating 865,000 General Motors SUVs, including the 2005-’07 Chevrolet Trailblazer and Buick Rainier,for faulty fuel gauges that are inaccurate. The 2005-’06 Chevrolet Trailblazer EXT, the 2005-’07 GMC Envoy, the 2005-’06 GMC Envoy XL and the 2005-’07 Saab 9-7X are also affected vehicles being investigated. 668 complaints regarding the vehicles having defective fuel gauge readings...
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Saab is hitting the road in an effort to promote its new financial backers, but the road show will have to wait for approval from several authorities who must approve Saab’s transactions with China’s Hawtai Motor Group and Russian financier Vladimir Antonov. CEO Victor Muller will target major media events and car shows in an...
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April’s U.S. sales figures are in, and to the surprise of exactly no one, $4-gallon gas and continuing unrest in basically everywhere has led to a surge in small car sales. As far as small cars go, Kia, Scion and MINI were the front-runners: Kia sales shot up by 57 percent, while MINI’s increased by...
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Saab has been rescued from near-collapse yet again after an agreement was signed with China’s Hawtai Motor Group. The agreement will form a joint venture for manufacturing, distribution and technology between Saab owner Spyker and Hawtai. It will also provide $222 million in funding for Saab, ending the Swedish automaker’s halt in production caused by...
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Those findings registered over the weekend brings the total number of complaints so far to some 668 and NHTSA is investigating a whopping 865,000 vehicles regarding this problem.
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With Saab parent company Spyker Cars having secured a 30 million euro short-term loan, Saab vehicles will now resume production after a payment dispute with suppliers forced them to suspend their operations. Saab CEO Victor Muller released a statement to the media, remarking “I would like to apologize to our dedicated employees, suppliers, dealers and customers...
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In a further effort to help restart production, Saab also said that it was raising funds from shareholders, “pursuing various initiatives to improve the group’s liquidity” in the words of the company, but declined to elaborate any further.
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Vladimir Antonov, Russian banker, investor, billionaire, and perennial runner-up for Most Interesting Man In The World Award, has been cleared by the Swedish National Debt Office to become a shareholder in Spyker, and ultimately Saab. Despite possible connections with organized crime that any Russian billionaire is expected to hold in the first place, Antonov has...
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Saab’s attempt at selling off assets to a Russian financial magnate Vladimir Antonov has stalled after the European Investment Bank told the Swedish auto maker to essentially find a new partner within a set time frame. The EIB and other parties have expressed concerns regarding Antonov’s reported Russian mafia connections. All parties involved are understandably...
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However, Volvo has now gone on the record, stating that no such talks have taken place. In the meantime, Saab CEO Victor Mueller, is continuing to look for other sources to tap into for capital, including Chinese automakers.
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According to website Saabs United (sounds more like a soccer team if you ask us), the Swedish government has given Saab the go-ahead to secure more funding from a European bank.
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Saab parent company Spyker held talks with parts suppliers Thursday, in a bid to restart production that has been halted over a dispute regarding unpaid bills. The scandal has been a blight on Saab’s efforts to re-structure after a tumultuous year of teetering on the brink of bankruptcy. “We’re expecting that we could resume normal...
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Saab has halted production yet again amid another dispute with suppliers. Saab representatives declined to say how long the production stoppage would last, but said that they were in discussions with their suppliers to resolve the matter. Saab’s parent company Spyker said that last week’s production stoppage was related to unpaid bills. In an interview...
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