Part of Saab’s presumptive “quirky” image is a serious lack of funds. Saab “bled red like a stuck pig” as Car & Driver so delicately put it. Saab was sold when GM ran out of money. Victor Muller didn’t have the funds, and Saab’s future owner, Made-in-China Swede Jiang Dalong also seems to suffer the cash flow problem that is so familiar to all who touch Saab. The presumptive buyer has received an ultimatum by the bankruptcy administrators: Pay in full until Friday, or the deal is off. (Read More…)
Victor Muller managed to sell out to China after all. Today it was announced (full press release here) that Muller’s Spyker and former Saab suitor Youngman will form two companies. Spyker calls them “joint ventures,” but they look more like companies owned mostly by Youngman, with Spyker holding a token share. (Read More…)
Bringing suit against GM for not letting Saab live another day could be turning into a popular sport. Lars Holmqvist, former head of Europe’s automotive supplier body CLEPA, and as such an insider when it comes to the latest Saab dirt, says that spurned Youngman of China is also thinking of suing GM. (Read More…)
A hitherto unknown Chinese business man who leads a shadowy “consortium” buys the assets of Saab. The media eats it up. Dalong “Kai Johan” Jiang takes the microphone and says what everybody wants to hear: “Electric cars powered by green electricity is the future and electric cars will be built in Trollhättan.” Jiang says there is a huge market for these made-in-Trollhättan EVs, waiting in China.
Nobody dares to say that it does not make sense at all. We say it. (Read More…)
Even after its death, Saab is still good for some excitement. Today, the Wall Street Journal breathlessly reported that an “electric-vehicle consortium buys Saab assets.” When you click on the link in Google, you get your assets handed to you via a rude 404: Page not found. The same is happening with many sites that reported a sale of Saab’s assets to a company called National Electric Vehicle Sweden (NEVS), which is as Swedish as chopsticks.
What is behind those missing links? Who is the nice man who goes thumbs up next to China Communist Party Polit Bureau member Li Keqiang? And why has he allegedly just bought Saab? (Read More…)
Before and after Saab had gone bankrupt, pipe-dreamers thought that the company can be revived with just a few million dollars. The number commonly used was $50 to $70 million. We maintained that it would cost a few billion dollars to get the company going again.
A group of 41 Saab U.S. dealers today petitioned a U.S. Bankruptcy Court to put Saab Cars North America into involuntary Chapter 11 bankruptcy protection, Automotive News [sub] reports. Last Friday, the dealers had threatened to file a Chapter 7 for involuntary liquidation, but changed their minds. Leonard Bellavia, a lawyer representing most of Saab’s U.S. dealers, explains: (Read More…)
Tom Carpenter, co-owner of Auto Center Southeast in Groveport, OH, had three Saturn dealerships. In 2009, GM euthanized Saturn, and Carpenter had to look for new cars to sell. Now, he is looking again. (Read More…)