Category: Saab

After a slight hiccup National Electric Vehicle Sweden AB has completed the purchase of Saab’s assets. A statement from NEVS reads:

National Electric Vehicle Sweden AB (NEVS) today announced that the company has finalized its acquisition of the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB, effective August 31, 2012. The prerequisites for implementing the NEVS business plan are now in place. The acquisition includes IP rights for the Saab 9-3, IP rights for the Phoenix platform, tools, the manufacturing plant and test and laboratory facilities. The acquisition also comprises all outstanding shares in the property company which owned the Saab facilities in Trollhättan, Sweden. The transaction was conducted as a cash purchase. The purchase amount will not be disclosed.

Interestingly, the rights to the Saab name are included, but NEVS will launch a new logotype for its vehicles. To be accompanied by a complete new visual identity, we presume.

As previously reported it’s expected the first new Saab under NEVS ownership will be an electric powered saloon based on the Saab 9-3, to be launched approximately 18 months from now.

You can read the statement from NEVS in full after the break.

The buyout of Saab’s bankrupted assets by National Electric Vehicle Sweden (NEVS) was announced back in June. However, SaabsUnited reports the deadline for the finalisation of that sale has been missed.

At this stage NEVS has not released a statement explaining why they have not proceeded as planned. Although, NEVS spokesman, Mikael Östlund, has told Swedish newspaper TTELA they expect the purchase to be delayed by at least a month, possibly longer, but they still plan to have the deal completed by the European summer.

Östlund also said NEVS will not release any official statements on the delay until the papers have been signed.

Suddenly, the future of the Saab brand has taken an altogether familiar and disheartening phase.

[Source: SaabsUnited]

As we reported last month start-up start-up business National Electric Vehicle Sweden (NEVS) emerged as the front runner to buy Saab. Now it’s official, the sale has gone through.

These paragraphs from the NEVS press release (available in full after the break) tell us what to expect from the new new Saab:

NEVS is an international consortium formed by Japanese, Swedish and Chinese stakeholders. The company will establish a new automobile venture in Trollhättan, solely dedicated to development and manufacturing of electric vehicles (EVs).

The first model to be developed will be based on the current Saab 9-3, which will be modified for electric drive using advanced EV technology from Japan. Launch is targeted at year-end 2013/2014.

In parallel with EV conversion of the Saab 9-3, an all-new model will be developed, based on additional cutting-edge technology from Japan. Marketing and sales will be global, with an initial focus on China, projected to be the largest and most important EV market.

Worth pointing out, though, is this sale is for the assets of the bankrupted Saab only: “Saab Automobile Parts AB, as well as intellectual property rights for the Saab 9-5, owned by General Motors, are not included in the purchase agreement.”

Reaction has been mixed over at the Saabs United blog, with this editorial summing up the mood: “The Saab we knew is essentially history, and a clean start focusing on future technology is what’s ahead.

“What I find most heartening about the new owners is that they are looking to pursue cutting edge propulsion technology to contribute to the most economical, environmentally sound, and best driving experience. This isn’t unlike the first Saab engineers using a two-stroke engine, or the addition of a turbo to a mainstream vehicle that made the 99 so damn enjoyable to drive.”

A newly registered Swedish company has become an unlikely lead bidder to pick over the leftovers of Saab, now in the hands administrators. National Electric Vehicle Sweden is a consortium included the former boss of Volvo Trucks, has emerged as the leading bidder after Chinese company Youngman ended its interest in the Swedish marque.

Aside from its name, not much else is known about National Electric Vehicle Sweden, which was only officially registered this week. It’s believed to be backed by a Japanese–Chinese group called Sun Investment, owning 49%, with the majority 51% owned by Mikael Kubu, president of Gothenburg-based law firm Ac-Gruppen.

Valdemar Lonnroth, a journalist from Trollhattan newspaper TTELA, said: “We have a very anonymous investment company that owns shares in this registered company, Sun Investment, but we still don’t know who’s behind it.

“We don’t know if it’s a Chinese or a Japanese company behind this conglomerate. Nobody has really a picture of what kind of resources they have or what their intentions are, besides the fact that they want to produce electric vehicles.”

In February it was thought BMW may have been interested in taking over Saab’s scraps, but nothing has really emerged since then.

For now the administrators are keeping their cards close to their chest and choosing not to offer any comment on the sale process.

[Source: Autocar]

Saab. Remember them?

Well now you can at the official Saab Cars Museum in Trollhättan. True to form the existence of the museum almost fell through, amid controversy which saw its contents put up for auction.

The merry chaps from Saabs United were on hand for the opening and filmed a short video. It’s a bit wobbly, but offers a glimpse of the genuinely cool classics on show, as well as the future models that never really got a chance to shine.

The Gemini Investment Fund, already a Saab shareholder, has agreed to loan an extra €25 million to ensure Saab can remain solvent in the short term. This follows an earlier €30m loan from Gemini last month. The money has already been used to pay workers their wages for the month of June.

Saab’s production line is currently idle, although it is hoped they will resume manufacture in the next two weeks. However, it is likely ongoing negotiations with suppliers will need to be finalised before that can happen.

Further assisting Saab’s immediate fortunes is the order of 582 cars from an unnamed Chinese company who has agreed to pay the €13m invoice up front. Also, a €28m conditional property sale has been brokered.

You have to ask, though, will we be talking about Saab as an ongoing concern in 2021? Saab hasn’t made a profit for over 20 years and Swedish Automobile, nee Spyker, has never been in the black.

[Source: Reuters]

“Saab is a company that builds cars that cannot make money.”

They are the words of Swedish Prime Minister Fredrik Reinfeldt. Hardly a ringing endorsement for one of Sweden’s most iconic brands. The comment was made yesterday following a press release on Thursday from Saab announcing they were unable to meet their salary obligations.

“Swedish Automobile N.V. (Swedish Automobile, formerly Spyker Cars N.V.) announces that Saab Automobile AB (Saab Automobile) will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding,” reads the statement.

Saab is currently negotiating to sell off some of its real estate to raise funds. But the following words from Thursday’s press statement can’t be filling unpaid employees with much hope.

“These discussions are ongoing. There can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.”