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Official: Spyker to be renamed Swedish Automobile N.V. as Pang Da talks with Chinese gov’t.

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

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Spyker is on a Chinese money hunt, and it appears the automaker may have found a partner willing to pony up the cash. Pang Da, a Chinese automobile distribution company, had recently entered into a memorandum of understanding with Spyker. Now, Spyker is set to rename itself Swedish Automobile N.V., and the Saab-owner believes Chinese authorities will give the green light for this deal to proceed.

According to Saab CEO Victor Muller, a very important portion of the deal has already gone through; a cash infusion of €30 million ($42M USD). Muller states that “Pang Da’s advance payment and sales of imported Saab cars are not subject to approval from the NDRC. The first advance payment of EUR 30 million was received last Tuesday.”

Bloomberg reports that the rest of the deal may not move forward so easily. According to analysts in China, the country’s government is unlikely to allow Pang Da’s purchase of a stake in Swedish Automobile N.V. because the nation is working to consolidate its auto industry, not expand it.

If approved, however, Pang Da will spend $91 million and receive a 23 percent share of the automaker’s business. Despite the negative view of Chinese analysts, Pang Da says it remains confident the transaction will be approved.

Continue reading Spyker to be renamed Swedish Automobile N.V. as Pang Da talks with Chinese gov’t.

Spyker to be renamed Swedish Automobile N.V. as Pang Da talks with Chinese gov’t. originally appeared on Autoblog on Mon, 23 May 2011 13:29:00 EST. Please see our terms for use of feeds.

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Report: Swedish gov’t. working on freeing up Saab loan

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

Saab sign at auto show in a blur

The last few weeks haven’t been easy for Saab, as the Swedish automaker has had to stop production twice due to supplier issues. Not just any problems, either, as the suppliers wanted to get paid, and Saab simply didn’t have the cash. That led to widespread speculation that the automaker was destined to shutter only a year after Spyker purchased the company from General Motors.

Now Bloomberg is reporting that the Swedish government is looking into getting a bank loan to float the company for the short-term. The loan will most likely come from Bankas Snoras in Lithuania, which is run by Russian investor Vladimir Antonov, who has attempted to buy into the brand since GM originally put it up for sale.

The Swedish government is fighting for more than just a few thousand, albeit important jobs as well. Sweden backed Saab’s 400 million-euro ($577 million) loan from the European Investment Bank, likely leaving the Swedish taxpayers on the hook for a hefty bill if the automaker goes south.

Bloomberg sources say lawyers are working on a deal that would float the automaker $48 million while the government approves the involvement of Antonov. Once approved, the Russian investor would then add 50 million Euro ($72 million in U.S. funds) to Saab’s coffers in exchange for a 30 percent stake in the company.

We’re thinking this deal will get done and Saab will be able to pay its suppliers. But whether the Swedish government and Antonov are throwing good money after bad is another matter. We’ll continue to follow this situation as it unfolds.

[Source: Bloomberg | Image: Fabrice Coffrini/AFP/Getty]

Report: Swedish gov’t. working on freeing up Saab loan originally appeared on Autoblog on Mon, 11 Apr 2011 13:01:00 EST. Please see our terms for use of feeds.

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Swedish design firm crafts Beach Cruiser fit for The Hamptons

Filed under: Concept Cars, Europe, Specialty, Luxury

2012 Gray Design Strand Craft Limousine Beach Cruiser

2012 Gray Design Strand Craft Limousine Beach Cruiser – Click above for high-res image gallery

The Strand Craft Limousine Beach Cruiser is designed to shuttle the super-wealthy from luxury suites to their favorite resort’s pristine beaches in as much comfort and style as money can buy. Cooked up by Swedish firm Gray Design, the Beach Cruiser is powered by a 6.0-liter, 400 horsepower Chevrolet V8 pushing grunt to all four wheels, so guests never have to wait too long before hitting the sand.

Inside, Gray Design decked the Strand Craft out with the last word in luxury appointments. The upholstery is Alcantara set off with brushed aluminum and chrome accents on the dash and console. Watchmaker Breitling, famed for its relationship with Bentley, handled the instrumentation, while Swarovski Crystal accents take the opulence to obscene levels.

The Beach Cruiser’s stereo is a 15-speaker 1100-watt Naim audio system, which Gray Design says keeps sound quality optimal even with the limo’s canvas roof open. Strand Craft is mum on what this super shuttle will retail for, but you know what they say…

Gallery: 2012 Gray Design Strand Craft Limousine Beach Cruiser

2012 Gray Design Strand Craft Limousine Beach Cruiser

[Source: Gray Design, Strand Craft]

Continue reading Swedish design firm crafts Beach Cruiser fit for The Hamptons

Swedish design firm crafts Beach Cruiser fit for The Hamptons originally appeared on Autoblog on Sat, 09 Apr 2011 09:36:00 EST. Please see our terms for use of feeds.

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Swedish designer reinvents the Jaguar E-Type

Filed under: Concept Cars, Jaguar, Design/Style

growler e 2011 concept

Growler E 2011 Concept by Bo Zolland – Click above for high-res image gallery

The Jaguar E-Type turns 50 this year, and we continue to pine for its classic lines to this day. Bo Zolland, a car designer from Sweden, is clearly also a fan of the iconic E-Type shape. Unlike most of us, though, he has the tools and skill to generate a vision of what the E-Type might look like were it to come back to life in the 21st century.

Zolland calls his rendered Jaguar homage the Growler E 2011 Concept, and it clearly takes design cues from the original version. We also spy some 240Z and Chevrolet Corvette, though you could just as easily say those cars learned their lines from the E-Type.

Fittingly, the Growler would be built atop the guts of a Jaguar XKR, which would also donate its 5.0-liter V8 engine (tuned to produce 600 horsepower). Check out Bo Zolland’s Growler E 2011 Concept in the gallery below. Sound off with your thoughts on his design in the comments.

Gallery: Growler E 2011 Concept

Growler E 2011 Concept

[Source: Caradisiac.com]

Swedish designer reinvents the Jaguar E-Type originally appeared on Autoblog on Wed, 23 Feb 2011 14:01:00 EST. Please see our terms for use of feeds.

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Swedish man may pay largest speeding fine ever

Filed under: Government/Legal, Mercedes-Benz

Mercedes-Benz SLS AMG – Click above for high-res image gallery

Just because major portions of the German Autobahn have no speed limit doesn’t mean you can drive as fast as you want anywhere in Europe. Where there are posted restrictions, most European countries take speeding very seriously and levy hefty fines. The latest case in point is a 37-year-old Swedish man who was clocked at 180 miles per hour on a motorway between Bern and Lausanne in Switzerland.

Unfortunately for this driver of a new Mercedes-Benz SLS AMG, Switzerland doesn’t have fixed fines for speeding. Instead they use a formula similar to that in Finland where the fine is calculated based on the vehicle’s speed and the driver’s income. Back in 2002, Nokia executive Anssi Vanjoki had to pay a fine of $103,600 for going 47 mph in a 31 mph zone.

In this latest incident, the driver faces a penalty of just over $1 million for traveling at the highest speed ever recorded on a public road in Switzerland. Apparently the SLS escaped being clocked by several older cameras that are limited to 125 mph before finally being recorded by a new camera with a higher radar speed range. His excuse: The speedometer was faulty.

As far as we know, this is the most expensive speeding ticket ever issued, though there are reports of a kid who last April was caught speeding in his dad’s Bugatti Veyron, the punishment for which was permanent seizure of the vehicle.

Gallery: 2010 Mercedes-Benz SLS AMG

mb-sls-amg-gullwing-large_06 mb-sls-amg-gullwing-large_03 mb-sls-amg-gullwing-large_05 mb-sls-amg-gullwing-large_02

[Source: The Telegraph]

Swedish man may pay largest speeding fine ever originally appeared on Autoblog on Fri, 13 Aug 2010 12:15:00 EST. Please see our terms for use of feeds.

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