discussions Archives

Filed under: China, Europe, Government/Legal, Saab, Earnings/Financials, Spyker

Saab factory sign in Trollhatten, Sweden

Earlier this morning came word that Saab’s deal with Chinese automaker Hawtai had fallen apart. While in discussions with Hawtai, parent company Spyker was evidently also talking with another automaker located in China – Great Wall Motors. According to Reuters, those talks have apparently never ended, and, in light of today’s news, we’re going to speculate that it’s time to escalate the discussion or officially turn off the lights at Saab assembly plants.

Great Wall has cash and Saab has cars, technology and a dealer network. The two companies could be mutually beneficial, but there are hurdles to overcome before anything can actually happen. The Chinese government must approve a foreign joint venture before it moves forward. Still, it’s a good sign that companies are still interested in working with Spyker, and that could keep Saab alive.

Spyker isn’t simply pinning all of its hopes on Great Wall, as other Chinese companies are also on its radar. Besides a potential Chinese investor, however, Spyker and Saab are still hoping to see their European Investment Bank drawdown approved. Once either scenario plays out favorably, Saab can resume producing automobiles.

Saab on the money hunt, still in discussions with Great Wall Motor? originally appeared on Autoblog on Thu, 12 May 2011 14:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Saab on the money hunt, still in discussions with Great Wall Motor?”

Filed under: Chrysler, Ford, GM, Earnings/Financials, UAW/Unions

It’s no secret that some members of the United Auto Workers aren’t thrilled about the concessions that the union made during bankruptcy negotiations with both General Motors and Chrysler. Now that both of those automakers are back on their feet, the UAW wants a slice of their new-found prosperity. According to Bloomberg, UAW President Bob King believes that his members’ sacrifices helped keep GM and Chrysler afloat, and now they deserve to share in the fruits of those concessions. King said that UAW members each gave up between $7,000 and $30,000 each as part of negotiations since 2005, and the union gave up wage increases for cost of living, surrendered raises and ditched bonuses to keep the Big Three afloat during the darker days of 2009.

The UAW is expected to negotiate new contracts with Ford, GM and Chrysler early this year before they expire in September, and all three automakers are being tight-lipped about how additional compensation could factor into those negotiations. King has also been jockeying for positions on the executive boards of the domestic automakers in an attempt to better represent the union’s needs.

[Source: Bloomberg | Image: Bill Pugliano/Getty Images]

Detroit 3 in discussions with UAW on how to share benefits of “amazing turnaround”? originally appeared on Autoblog on Wed, 05 Jan 2011 15:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Detroit 3 in discussions with UAW on how to share benefits of “amazing turnaround”?”