GENERAL MOTORS has officially announced that it will sell 100 percent of Saab shares to a consortium lead by Swedish supercar manufacturer Koenigsegg.
The deal still hinges on a hefty loan from the European Investment Bank which must be guaranteed by the Swedish Government, but should the loan be approved Saab will be well on its way to rediscovering its independence.
“This contract is an important step in the journey to a potential deal,” GM Europe President Carl-Peter Forster said.
“Saab’s great cars, its unique design, safety- and engine-technology, as well as its excellent brand image, combined with Koenigsegg Group’s unique combination of innovation and entrepreneurial spirit, bode well for a successful future for the brand.
“We will continue to work with all parties to define the final details and ensure a fast closure of the deal, which we expect to take place in the next few months.”
The deal is expected to be finalised by the end of the third quarter this year, with the European Investment Bank supplying Saab with a €600 million loan. Both GM and Koenigsegg will also contribute funds toward keeping Saab afloat.
“The proposed agreement will enable us to maximize the brand’s potential through an exciting new product line-up with a distinctly Swedish character,” said Jan Åke Jonsson, Managing Director of Saab.
“Today’s announcement is great news for Saab’s current and future customers, dealers, suppliers and employees around the globe.”
General Motors will continue to supply Saab with powertrains and platforms for a “defined period”; Saab has no plans to shift production of its upcoming 9-5 sedan out of Sweden.
Saab is one of four GM brands, along with Hummer, Pontiac and Saturn, being either sold or retired as the former world number one manufacturer works to shed the non-performing parts of its operations.
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*****PRIMO!*****
“if Koenigsegg manages to get Saab back on its feet”
What a ringing endorsement…..NOT
SAAB is doomed, why do you think GM is so desperate to dump it, costing them millions every week it operates.
If GM could not show a profit, and they tried EVERYTHING how the hell can a backyard supercar maker do it?
Simply not making the volume or high enough ticket to make any sort of profit.Its the next Rover in the making.
I wish them well, but its name is ruined and its sales are stuffed, resale is a laugh and RRP way to high [who would buy a SAAB at the same coin as a Benz/BMZ/LEXUS etc] its ONLY real hope was do a marriage with FIAT, and it let that one slip.
RIP
Cheers,
F-0
seriously I don’t see anything wrong in Saab, in fact my uncle’s a loyal customer of them and I’ve been in his lil convertible.
it’s decent and they really do deserve more credit than they’ve been given :3
Maybe Koenigsegg might just dig up its brains and change the whole company orientation around
I like Saab quite a bit. They are unique in their own way.
Something like this can only be a good thing. Just like Toyota’s new head chief.
^^ uniquely ugly.. they might sell a few more cars if they actually designed a decent looking car..
^^
I don’t think it’s their looks that is the problem with their sales here. It’s the fact they were designed from a country that gets snow pretty much all year round. Those cars don’t last in our climate.
There is that and the price. Paying upmarket prices for a GM. Hopefully this changes that.
^^ i would have thought snow would be more harmful i.e rust.. have heard some european countries use salt on pavements/roads to help melt the ice which would then make it worse.. salt + water/ice/snow + car = rust..
imo, ugly cars, overpriced, underpowered.. only real benefit is the safety..
^^
You are right that some of the road qualities and such is more harmful. But a car designed to run basically in freezing conditions is going to suffer in the complete opposite.
I heard that some of their higher up turbo engines pack a fair bit of punch.
Looks comes down to preference in the end.
But I can agree with them being way overpriced.
^^ no doubt there would be problems in a climate like ours, particularly summer time obviously..
The saab turbo X is the only decent looking saab with decent power.. 2.8 turbo v6 but still only makes 280hp which is kinda disapointing, must be running very conservative boost..
I would like to see more modified saabs, but i think it would be asking too much.. rrp price + modifications.. could be a waste of cash for very minimal gains..
* goes to research modified saabs
I can’t see how you think 280hp = ~210kw from 2.8 litres is disappointing.
Audi get 155kw from their 2.0 litre, the 3.0 litre twin turbo from BMW has 225kw and it takes ford 4 litres to put out 270kw. (not many years ago it was ‘only 240kw from 4 litres)
It seems on the money really.
Sure you could boost it more (like the respective uber audi’s and fords etc) but I guess they were ensuring some sort of longevity too.
Having said that, I don’t think Saab look too bad.
A bit odd sometimes inside, but perhaps that’s their appeal anf ‘uniqueness’
Too much time building aircraft.
What a lot of bull, Sweden dosen’t have snow most of the year!!
So you guys telling people Saab, Volvo, Scania truks Volvo truks dont work in Australia becuse of a diferent in climate.
Funny all these feelings towards SAAB. Yet it is my understanding that the reason SAAB went from a leading technology manufacturer in the early eighties to a boring repetitive one in the nineties and later waas purely to do with GM’s ownership. AS with Suzuki and Isuzu, once GM had control they pilfered what they could from SAAB (safety equipment in particular) and yet gave them no monies to develope new product. For reference compare the changes with Suzuki and Saabs lineup over the same period with the changes in Volvo, Jaguar and Mazda (under assistance and ownership of Ford).
Hopefully this buyout will give Saab the much need Autonomy to actually grow once again. I enjoyed my 900 Turbo during the eighties.
r12’s i was thinking moreso along the lines of an evo 9 or 10.. smaller engine, 2 less cylinders, (granted it runs way more boost) but still mitsubishi can get close to 400hp..
Fair enough ABC, but I don’t think they really want to.
I mean, what’s the median age for a Saab driver…. gotta be 50+ me thinks
I have no doubt they ‘could’ if they wanted to.
I think it was saab that released a proto of a variable compression engine so I know they ain’t silly
NB: maybe they SHOULD…. boy would it change their image!
Hey lars,
You’re right mate.
Not sure if people have long memories or they talk out of their *you know*, but it was decades ago that some saabs actually had their exhaust routed in such a manner that it would retain heat around the engine.
Without checking, I’m sure they don’t do that today and I’m sure just like Volvo and every other manufacturer out there, Saab do how weather testing just like the rest!