Saab Trolling For Money
Today, 3,700 employees of Saab received an invitation to come to an all hands meeting tomorrow, Wednesday. It will be a break from the doldrums. In Trollhättan, the lines have been down for three weeks now because Saab has no money to pay parts suppliers, reports Automobilwoche [sub]. Tuesday ended in Sweden without a solution. Suppliers, unions and Swedish politicians demand immediate action, or Saab will go down the drain.
Talk about a Chinese savior has died down. All hopes hinge on Vladimir Antonov, and the sale of the factory to the Russian, well, business man. The problem is: The real estate is collateral for a loan from the European Investment Bank (EIB). Saab told Automobilwoche that the sale is “no sure” due to harsh demands by the EIB.
Antonov’s Swedish spokesman Lars Carlström said that the EIB is making new and much too restrictive demands.
Says Automobilwoche: “Antonov’s involvement as a Saab shareholder had been contractually excluded when Saab changed ownership in 2010. This against a backdrop of CIA information that the Russian had been involved in criminal money laundering. Antonov denies the allegations.”
According to the New York Times, “the onus for rescuing Saab, the struggling Swedish automaker, appeared to shift Tuesday to its former owner, General Motors, whose approval is required to release official financing.” The EIB told the New York Times that “there was no final approval from G.M. on Saab’s liquidity package.”
Spyker reiterated today that it is also considering other financial options with Chinese car manufacturers. The Chinese are an often used bogeyman to prod negotiations along. If that is the case, then Spyker is playing poker with the wrong partners. With government joint venture partners, GM is very much clued in to what is happening on the Chinese side.
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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A SAAB is not a Hummer. It's a type of car that makes you hum - and whistle along with its turbocharged engine. Drive one, and you'll know all the difference!
You are absolutely right. The Hummer had - and should have retained - its specific attitude: that of a military vehicle. That's possibly why the brand doesn't exist anymore. My posting was about the difference between SAAB and HUMMER. Of course, you can buy a turbocharged Audi, or BMW. Or Volvo. Or VW. Or Renault. A lot of people do. And of course, not only SAABs have four wheels. What is the point?