General Motors has reached an agreement to sell off part of its struggling Saab division to China’s Beijing Auto (BAIC). The deal would see BAIC take control of Saab’s rights assets and tooling assets of the past 9-5 and 9-3 models in order to build those vehicles in China. Saab’s future has been uncertain for...
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The Swedish government is putting the pressure on General Motors, saying that it must make a decision this week on the sale of Saab if the deal is to go through by the end of the year. “They must at least have chosen one of the interested parties this week, otherwise it will be tough...
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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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Volvo’s entire product lineup is in a state of change as the Swedish automaker works to update models with new curvy designs inspired by the brand’s revolutionary XC60 luxury crossover. The latest two models to receive the stylistic upgrade are the C70 convertible and C30 hatchback. The C30 gets a new front end with a...
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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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Ford’s sale of its Swedish Volvo brand to Chinese automaker Geely has moved one step closer to completion with news that the two companies have reached an agreement on intellectual property rights issues. The agreement will see Geely take over control of all technology developed exclusively by Volvo, and still allow Volvo to use any...
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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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Ford’s preferred Chinese bidder to purchase the automaker’s Swedish Volvo unit has announced a plan that would see Volvo doubt its sales in the coming years. Zhejiang Geely Holding Group, which owns and operated Chinese automaker Geely, has said it believes it could boost total sales to close to one million vehicles globally, up significantly...
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Volvo will use the Geneva Auto Show next March as the platform to debut its new S60 luxury sedan. The Swedish automaker has even released two images of what the upcoming vehicle will look like and we’re happy to report that much of the more dynamic styling from the concept car has been carried over....
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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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Ford named Chinese automaker Geely Holding Co. as its preferred bidder for Volvo. “Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward while preserving its core values and the independence of the Swedish brand,” said Ford Chief Financial Officer Lewis Booth in a statement....
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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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Volvo will bring diesel engines as well as diesel-hybrids to North America in the future says the company’s North American CEO. Doug Speck made the comments to Automotive News, as the automaker is faced with the same lofty corporate fuel economy standards as the rest of the industry, which will see automakers average 35.5 mpg...
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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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For several months Chinese automaker Geely has been touted as the front runner in the bid for Volvo, but now a U.S.-based group has emerged with a credible offer. Calling itself the Crown consortium, the group consists of several private equity firms and is fronted by two industry experts: Michael Dingman, a former Ford director;...
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At the Frankfurt Auto Show, Volvo officially unveiled a sporty R-Design package for the XC60, giving the brand’s progressive luxury crossover an even more appealing look. Outside the R-Design model gets a new “silk metal” finish for the grille, fog lamp surrounds, mirrors and a silk metal R-Design badge. The side skirts will have an...
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Along with a redesigned version of the C30 hatchback, Volvo also debuted a facelifted C70 model at the Frankfurt Auto Show. While the retractable hard-top convertible isn’t entirely new for 2010, the redesign shows a noticeably different body with design cues from the S60 Concept and the new XC60 crossover. Volvo will also offer the...
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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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The Volvo C30 will get a much needed facelift for 2010, debuting at the Frankfurt Auto Show next week alongside the modernized C70. “Since its introduction in 2006, the Volvo C30 has become highly appreciated for its unique appearance. This applies in particular to the rear. With the new front, it feels as though everything...
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Set to debut at the Frankfurt Auto Show in mid-September is the new 2010 Volvo C70 retractable hard-top convertible. While the car isn’t entirely new, the redesign shows a noticeably different body with design cues from the S60 Concept and the new XC60 crossover. Volvo will also offer the C70 in a new Flamenco Red...
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Ford’s sale of Swedish automaker Volvo to China’s Geely Automotive may start next month. According to a report in Swedish business daily Dagens Industri, Geely is the only company to actually submit a competitive bid. In July Ford reps commented that the automaker was discussing with several potential buyers. Ford has reportedly set the a...
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