Saab Trolling For Money

Bertel Schmitt
by Bertel Schmitt
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.

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3 of 26 comments
  • Saabista63 Saabista63 on Apr 27, 2011

    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!

    • Inside Looking Out Inside Looking Out on Apr 27, 2011

      I guess every car today has or will have soon turbocharged engine. TSX had turbo engine or Audi A4. What so special about turbocharging in SAAB? At least Hummer is special in the sense that it is used by military and have specific layout and attitude.

  • Saabista63 Saabista63 on Apr 27, 2011

    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?

  • Jkross22 Good for the seller selling at the right time. I don't see 7 grand here for a 30 year old 318i, but as the late John Candy said, "You don't make any calls, you don't make any sales."
  • Analoggrotto For Tesla owns the entire universe, General Motors is allowed to have part of the heavens on earth, but only true Tesla owners, the first and true followers of Elon Musk will see the purest of Elysium.
  • Probert The only extra port I see happening is a V2G outlet. I don't think the Tesla port supports this. To have both CCS and Tesla would involve masses of cabling and expense that would be absurd in a game of nickels and dimes.
  • FreedMike "So why Rampage and not Dakota?"I'd say it's because "Dakota" just doesn't provide the same measure of penile-sufficiency reassurance that "Rampage" does. In any case, like the Grand Wagoneer, I'm shocked they didn't do a midsized truck years ago.
  • VoGhost Mercedes wins!!!! Now lets compare sales.