With a Halloween deadline to get its restructuring back on track looming, Swedish Automobile has rejected an offer by Youngman and Pang Da to buy 100% of Saab’s shares. Moreover, the struggling Swedish brand has canceled the existing agreement with Youngman and Pang Da, its erstwhile would-be rescuers. A Saab presser notes:
Today, Swedish Automobile N.V. (Swan) announced that it has given notice of termination with immediate effect of the Subscription Agreement of July, 2011 entered into by Swan, Pang Da and Youngman.
Swan took this step in view of the fact that Pang Da and Youngman failed to confirm their commitment to the Subscription Agreement and the transactions on the agreed terms contemplated thereby as well as to explicit and binding agreements made on October 13, 2011 related to providing bridge funding to Saab Automobile AB (Saab Automobile) while in reorganization under Swedish law.
Pang Da and Youngman have presented Swan on October 19 and 22 with certain conditional offers for an alternative transaction for the purchase of 100 percent of the shares in Saab Automobile which are unacceptable to Swan. However, discussions between the parties are ongoing
EAM3Learned to drive in my parents' 1981 Maxima. Lovely car that seemed to do everything right. I can still hear the "Please turn off the lights" voice in my head since everyone wanted a demo of the newfangled talking car. A friend of the family had a manual transmission one and that thing was fun!
285expI am quite sure that it is a complete coincidence that they have announced a $7k price increase the same week that the current administration has passed legislation extending the $7k tax credit that was set to expire. Yep, not at all related.
SykeIs it possible to switch the pure EV drive on and off? Given the wonderful throttle response of an EV, I could see the desirability of this for a serious off-roader. Run straight ICE to get to your off-roading site, switch over the EV drive during the off-road section, then back to ICE for the road trip back home.