backtop


Print 27 comment(s) - last by sdfasdgdhasdf.. on Jan 30 at 1:02 PM


Spyker C8 Spyder T   (Source: Supercar Specs)

2010 Saab 9-3  (Source: Car Gurus)
Agreement is reportedly binding, so this story will finely be at an end

Late Tuesday General Motors reached an agreement with Dutch Spyker Cars NV to purchase the Swedish brand Saab Automobile AB, saving the brand from being shuttered.  The agreement is reportedly binding and is the result of compromises from all players and local governments.

Saab was originally to be sold last June during GM's bankruptcy house-cleaning to Swedish supercar maker Koenigsegg.  The drama began in November when the company pulled out of the deal, citing unspecified concerns.  That failed deal, along with the collapse of the Penske Automotive Group bid for Saturn, led to force-out of then-CEO Fritz Henderson.

Scrambling to find a new buyer, GM sold the assets behind Saab's 9-3 and 9-5 sedans to China's Beijing Automotive Industry Holding Corp, who will likely make clones of the luxury models.  A deal with Spyker was quickly discussed, but appeared stalled.

That impasse was finally resolved this week.  The deal was greased by a 400M € (about $568M USD) loan from the European Investment Bank (EIB), via an agreement with the Swedish government.

Swedish Minister for Industry Maud Olofsson describes, "That is a deep involvement of the government with the GM Europe. The [loan] money is not used for running the company but for development projects which will lead the future of Saab to be greener and more environmentally friendly."

John Smith, GM vice president for corporate planning and alliances cheers the sale, stating, "General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome."

Saab's facilities will cease their wind-down and the deal is expected to be finalized by mid-February, pending standard applicable regulatory, governmental and court approvals.  The new brand will carry the name Saab Spyker Automobiles and will continue the company-turned-brand's 65 year tradition, which began with the former aircraft parent company Saab's Project 92 automobile prototype.

The deal leaves GM able to focus on its core luxury offerings -- the prestigious Cadillac brand and the entry-level luxury Buick brand.



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

RE: Really?
By T2k on 1/27/2010 1:15:50 PM , Rating: 2
Saturn over SAAB?

While I admired the late euro-styled Saturns you must be a clueless American if you want to save it over SAAB...


RE: Really?
By porkpie on 1/27/2010 2:09:42 PM , Rating: 2
I hate to get in the way of some juvenile American-bashing, but Consumer Reports rates Saturn a more reliable brand than Saab.


RE: Really?
By Oregonian2 on 1/27/2010 2:27:44 PM , Rating: 1
Sometimes "being reliable" isn't the end-all that decides what car someone buys.


RE: Really?
By porkpie on 1/27/2010 2:40:56 PM , Rating: 1
Of course not...but someone who calls people "clueless" because of their choice of something as trivial as a car's styling cues, has the mental maturity of a 12 year old.


RE: Really?
By Samus on 1/27/2010 4:18:16 PM , Rating: 1
Right. Reliability isn't everything. If it were, I'd probably drive a Camry instead of my SVT Focus.

Ohh wait, those were just recalled for killing people :\


RE: Really?
By VMWareDude on 1/28/2010 5:40:23 PM , Rating: 1
Camrys only kill dumb americans who confuse the gas pedal with the break pedal...


RE: Really?
By ZHENDHIDE4 on 1/28/10, Rating: -1
RE: Really?
By BikeDude on 1/27/2010 2:40:15 PM , Rating: 3
A Saab and a Saturn are rolling towards eachother @ 70 kph. The Saturn is piloted by some guy from Consumer Reports, and I am driving the Saab. I have a case of chronical flatulence.

The cars are going to crash, and you are a passenger in one of them.

My question to you: Which one do you prefer?

There are about a dozen crash tests that car manufacturers need to test to pass various government regulations. Saab carries out more than 30 different tests on each model. They especially test for moose impacts. The A-pillar on a Saab is built to resist a small car and the roof is designed so it won't collapse (again: all about keeping the moose on the outside of the car).

So again I ask you: To which car would you trust your life?

The clowns over at Consumer Reports may be attempting to look after your wallet, but they sure as h--- are not concerned with keeping you alive and well. Saab's engineers OTOH are.


RE: Really?
By Sazabi19 on 1/27/2010 3:36:39 PM , Rating: 1
The Saturn, as your car gets crushed by mine cuz it's not a moose:P. I have never seen a moose in real life... not sure i have to worry about that 1. not everyone looks at saftey as the biggest seller, if i did, i may have gotten a Volvo ;)


RE: Really?
By BikeDude on 1/27/2010 4:45:11 PM , Rating: 2
No, Volvo is not as safe.

http://www.folksam.se/testergodarad/hursakerarbile... has several years rated the 9-5 as 30%+ safer than the average car. It was only last year that Volvo managed to cough up a model matching that score. Up to 2009, the 9-5 was the only car in its class to achieve that score.

The new generation 9-5 promises even better safety.


RE: Really?
By porkpie on 1/27/2010 4:09:51 PM , Rating: 2
Oh, the delicious irony of someone named 'BikeDude' instructing me to select a vehicle based on no criteria other than safety.


RE: Really?
By BikeDude on 1/27/2010 4:41:16 PM , Rating: 4
OK... How about XWD? The latest generation of Haldex all wheel drive system, which is the most advanced AWD system currently on the market?

First found in the 2008 9-3 TurboX, and soon to be a feature in the new 9-5 as well.

Or HyperStrut, promising a smooth ride in the new 9-5?

Then there is Saab's excellent turbo charge pedigre, allowing a relatively economical V4 engine to give considerable boost when accelerating from 80 to 120 kph. (I routinely overtake three big trucks in a row on winding snowy country roads)

Finally, a Saab is a delight to drive on any snow/ice covered road. It is not for naught that Saab still has a good name in the rally driving community.

Combine that with Saab's unchallenged safety record, and you have one heckuva car.

On the other hand, if all you do is drive on straight and dry roads, it really doesn't matter what you drive.


RE: Really?
By safcman84 on 1/28/2010 6:13:19 AM , Rating: 2
Saab is a european brand, and they have more success internationally than American cars do.

Most Europeans will avoid American Engineered cars if at all possible (american cars drive a lot differently to european cars)

Saab has (unless it was sold to the chinese....?)engine technology for bio-fuel that kicks a**. The Saab Aero engine produces 310bhp when running on environmentally friendly bio-fuel (bio-fuel produced from paper mulch, the waste at Swedens paper factories), and 270 when running on petrol.
Yep thats right, get more power and speed while protecting the planet - no need for sacrifice.
Well yeah I know not all bio-fuel is good for the planet, but at least the technology is there.

On a last note, the Saab is an excellent car to drive. My father got a choice of a Saab or an Audi for a company car. He tested both, and chose the Saab. You can get all the options in a saab for a lot cheaper than the same in an audi (the company fixes a limit on price of car), the automatic gear change is a lot smoother and the interior doesnt feel like cheap plastic.


RE: Really?
By trisct on 1/28/2010 11:33:24 AM , Rating: 2
Maybe Spyker will finally rescue Saab from its long tradition of fugly. That is mostly what holds it back now, being a well engineered brand. Saab could use an additional spike of reliability lately, too, but we'll see.


"We are going to continue to work with them to make sure they understand the reality of the Internet.  A lot of these people don't have Ph.Ds, and they don't have a degree in computer science." -- RIM co-CEO Michael Lazaridis














botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki