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Saab picks Subaru exec as COO of North American business

Filed under: Etc., Saab, Subaru

Saab finally has a few bucks to spend, and the Swedish automaker is doing just that by grabbing Timothy Colbeck, former Senior Vice President of Sales at Subaru. Colbeck is being thrust into the role of President and Chief Operating Officer for Saab’s North American business operations. Colbeck certainly has his work cut out for him, but a fresh capital infusion and some new models on the horizon should help.

Saab picks Subaru exec as COO of North American business originally appeared on Autoblog on Mon, 09 May 2011 16:16:00 EST. Please see our terms for use of feeds.

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Saab to celebrate Chinese and Russian partnerships with global tour

Filed under: Saab, Earnings/Financials

So far in 2011, Saab has been riding a ragged roller-coaster filled with major ups and downs. Just recently, however, things have been trending more positively. Saab inked a deal with Chinese automaker Hawtai that will pump in millions of dollars, and open up major inroads to the vastly expanding auto industry in China. The Swedish automaker is understandably excited by this new deal, and has decided to embark on a global tour to highlight its new partnerships.

Besides discussing its new manufacturing teammate Hawtai, Saab will also bring Russian investor Vladimir Antonov along for the ride, once his deals have gone through. Victor Muller, Saab Chairman, wants the world to meet Saab’s newest partners. All involved parties will be hitting the road to reach out to the world-wide media, once all respective deals have been finalized and approved.

Saab to celebrate Chinese and Russian partnerships with global tour originally appeared on Autoblog on Wed, 04 May 2011 15:32:00 EST. Please see our terms for use of feeds.

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Saab saddles up with Chinese automaker Hawtei

Filed under: China, Europe, Saab, Earnings/Financials

Saab Emblem

Volvo no longer stands alone as the only Swedish automaker with a Chinese partnership. According to Autoblog.nl, Saab and The People’s Republic’s Hawtei are reportedly set to announce that the two companies have joined forces. Hawtei, formerly Hautai, is likely best known on this side of the globe for strutting a logo that could have been the bastard child of the BMW roundel and the Microsoft window. At this point, it’s unclear exactly what each automaker hopes to gain from the alliance, though something tells us that Hawtai will likely supply the capitol needed to keep the lights on at Saab.

The news comes after Saab announced that it had secured a loan to resume production in the short-term.

Autoblog.nl reports that Victor Muller, the current owner of Saab, will be part of an announcement about the Chinese partnership on Tuesday.

Saab saddles up with Chinese automaker Hawtei originally appeared on Autoblog on Mon, 02 May 2011 16:55:00 EST. Please see our terms for use of feeds.

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Saab closing in on deal with Russian, Chinese investors

Filed under: Saab, Earnings/Financials, Spyker

Around the same time that Ake Jonsson stepped down as chief executive of Saab, the Swedish automaker announced its expansion into the Russian and Chinese markets – a vital move if Saab is to increase its global market share. But it’s not just the cars that Saab and its parent company Spyker are interested in selling in these two giant markets. It’s also looking to offload shares in an effort to raise much-needed capital.

The first address is Vladimir Antonov, a man who shares a considerable history with Spyker. The Russian banker and multimillionaire oligarch was once the company’s largest single shareholder and acted as its chairman, and is also the owner of CPP Manufacturing, to which Spyker sold its own sportscar business. After investigations alleged ties to organized crime, however, General Motors stipulated that Antonov had to leave the company before it would transfer ownership of Saab. Those allegations have apparently now been either disproven or swept under the rug as Antonov has now been cleared by both GM and the Swedish National Debt Office to invest as much as 30 million euros in Saab for a 30-percent stake in the company.

Following that revelation, Saab is also said to be closing in on a deal with a major Chinese carmaker, following a similar path that led crosstown rival Volvo to align itself with Geely following its sale by Ford. Among the manufacturers with which Spyker is reportedly undergoing discussions are the Great Wall Motor Co., China Youngman Automobile Group and Jiangsu Yueda Group, all relatively small players even in China’s domestic market. Even so, they could provide the capital Saab needs to continue operating, and if they can, Saab’s certainly in no position to pick and choose.

Saab closing in on deal with Russian, Chinese investors originally appeared on Autoblog on Mon, 02 May 2011 16:20:00 EST. Please see our terms for use of feeds.

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Saab to resume production after securing short-term loan

Filed under: Plants/Manufacturing, Saab, Earnings/Financials

Saab factory

Production at Saab’s Trollhättan, Sweden plant has been shut down for weeks due, as these things often are, to a lack of cash needed to pay suppliers. That should change in the next week, though, as Saab parent Spyker has announced that it has secured a convertible loan agreement with Gemini Investment Fund Limited worth 30 million euros.

The Swedish automaker says the loan will help reboot the plant, but Saab is also counting on a 29.1-million-euro draw-down from the request to the European Investment Bank, which will reportedly arrive next week. With both loans, Saab says in the post-jump press release that it will be able to resume production at Trollhättan, pending a delivery schedule agreement with suppliers.

The loan, which matures in six months and carries a seven-percent interest rate, will act only as a stopgap measure to enable a production restart. Saab is reportedly also trying to strike a deal with a Chinese automaker to help stabilize its operations and provide much-needed funding. Saab is said to be continuing to work out a deal with Russian businessman Vladimir Antonov, who hopes to own 30 percent of the automaker. Hit the jump to read over the press release.

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Saab to resume production after securing short-term loan originally appeared on Autoblog on Mon, 02 May 2011 14:00:00 EST. Please see our terms for use of feeds.

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Saab loses $107 million in Q1, looking for a Chinese partner

Filed under: China, Saab, Earnings/Financials

Automotive News reports that Saab lost $107 million during the first quarter of 2011. The automaker says that it is unlikely to meet its 2011 production target of 80,000 units, which is hardly news when considering that the automaker can’t even make vehicles right now. The automaker sold only 9,674 vehicles in the first quarter of this year.

Saab is still looking for funding to jump-start production, and the company is reportedly in talks with three Chinese automakers in hopes of finding a partner. Spyker CEO Victor Muller reportedly said in a statement that Saab is looking for alternatives for funding operations, including “discussions with Chinese car manufacturers.” Bloomberg reports that a deal could be made with one of the companies within the next few days.

[Source: Automotive News – sub. req.]

Saab loses $107 million in Q1, looking for a Chinese partner originally appeared on Autoblog on Fri, 29 Apr 2011 10:59:00 EST. Please see our terms for use of feeds.

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Deja-Vu: Saab’s chances of survival depend on… General Motors?

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

Saab logo

The Saab Shutdown of 2011 grinds on, with uncertain finances threatening to silence the operation for good. Even though Spyker took on the ailing brand, former owner General Motors is still the key to Saab surviving, The New York Times reports. Saab’s Trollhättan plant ground to a halt in early April, and part of owner Spyker’s plan to infuse working capital includes selling the plant and other real estate holdings to Vladimir A. Antonov and then leasing the property back from him. Antonov is a controversial figure in this triangle, and the Swedish government and the European Investment Bank need to sign off on his becoming a shareholder of Saab.

The European Investment Bank told the Times that it has provided an answer on the matter, so it now all hinges on General Motors. For its part, GM is keeping mum about whether or not it will sign off on the deal, with spokesman Klaus-Peter Martin offering up a “no comment.” That statement has been directly echoed to Autoblog by GM spokesman Jim Cain, so it looks like we’re all playing the same waiting game to see if Saab makes it.

[Source: The New York Times | Image: Chris Paukert/AOL]

Deja-Vu: Saab’s chances of survival depend on… General Motors? originally appeared on Autoblog on Wed, 27 Apr 2011 12:59:00 EST. Please see our terms for use of feeds.

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Beijing Autos shows T60 based on Saab 9-3

Filed under: Concept Cars, Sedan, China, Saab, Shanghai Motor Show

You never know what you’ll find cruising the halls of the Shanghai Motor Show. China Car Times has discovered a true oddity of automotive evolution – the Beijing Auto T60 Sedan. What’s so curious about this particular four-door? As you may recall, BAIC recently got its hands on the old Saab 9-3 platform, and word on the web is that the automaker was itching to prove that it can hone aging bones into an attractive vehicle. The result is the T60. According to the Chinese automaker, the concept will reach production by 2012.

According to CCT, the T60 received a warm welcome from the auto show crowd. Though the vehicle makes use of design elements lifted from Volvo, Honda and Lexus, the overall effect is attractive enough and as far from the aging 9-3 as you can get. Head over to China Car Times to see the full monty and to check out a complete gallery of the T60 concept.

[Source: China Car Times]

Beijing Autos shows T60 based on Saab 9-3 originally appeared on Autoblog on Mon, 25 Apr 2011 18:31:00 EST. Please see our terms for use of feeds.

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Reports: Volvo denies talk of Saab takeover,
Muller looking for partner in China

Filed under: Europe, Saab, Volvo, Earnings/Financials

It looks like Volvo and Saab won’t be teaming up to create one Swedish carmaker to rule them all. According to Reuters, Volvo has made it clear that the company has had no talks with Saab about buying the besieged automaker and that none are scheduled to take place. The Swedish newspaper De Telegraf had previously reported that the Swedish government was urging Volvo into talks with Saab about a potential takeover. The move would mean that a government loan previously granted to Saab by the European Investment Bank would have a greater chance of being repaid.

Saab has hit (further) rough waters in recent months with multiple supplier hiccups resulting in production stoppages including instances of the automaker being unable to pay for parts. In addition, sales fell well short of 2010 forecasts, resulting in a further cash crunch. The Swedish automaker has since performed a few economic stunts to get production rolling again, including selling the company’s properties and re-leasing them at a lower cost.

In related matters, Automotive News reports that Saab CEO Victor Muller is looking to broker a deal with a Chinese automaker to help finance the company, although it is understood that Beijing Automotive Industry Holding Co. is not one of those parties. BAIC, you may recall, purchased old Saab assets (the previous generation 9-3 model, among other things) back in 2009 for $200 million, and it also expressed interest in buying Saab from General Motors before Muller’s Spyker stepped in and completed the purchase.

[Sources: Reuters, Automotive News]

Reports: Volvo denies talk of Saab takeover,
Muller looking for partner in China originally appeared on Autoblog on Fri, 22 Apr 2011 13:59:00 EST. Please see our terms for use of feeds.

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Muller looking for partner in China”

Report: Saab secures financing to restart production

Filed under: Saab, Earnings/Financials

blurry saab sign

Are the dark clouds parting over Trollhättan? According to Saabs United, it’s starting to look that way. Swedish automaker Saab has just received a green light that will allow it to borrow money from a European bank.

Saab’s plant is now owned by a company called Saab Automobile AB Properties, and that company is run by Vladimir Antonov. No money has yet been transferred, but this move clears the way to make that happen… pending a few conditions. The price paid for any property must be fair (whatever that means), Antonov will have to resolve any outstanding questions regarding his history and the money will go through a bank that has no connection to Antonov. It’s clear that the automaker is still nervous to do business with Mr. Antonov, but the time has come where cash is urgently needed.

There’s still no word yet on when production will resume. A sign that this is close to occurring, however, has come by way of suppliers agreeing to start sending in needed parts. Head over to Saabs United for more insight on this most recent development in the ongoing Saab saga.

[Source: Saabs United | Image: Fabrice Coffrini/AFP/Getty]

Report: Saab secures financing to restart production originally appeared on Autoblog on Fri, 15 Apr 2011 18:13:00 EST. Please see our terms for use of feeds.

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