Saab 9-3 Production Halted on Financial Concerns
Are financial problems brewing again for Swedish automaker Saab?
National Electric Vehicle Sweden (NEVS) has released a statement that production on the 9-3 has been halted as one of NEVS’ shareholders, Qingbo Investment Co. Ltd. has not fulfilled its contractual obligation to finance the operations. In addition to stopping production, the company has had to reduce its workforce, but remains positive that long term financing will be secured.
SEE ALSO: 2014 Saab 9-3 Production Officially Begins
NEVS’ main owner, National Modern Energy Holdings Ltd. (NME) has become the sole financier of the company and recently transferred a large sum of funds along with making additional investments in China, such as the new battery factory and the technology development center. The company iterated that its assets are significantly higher than its debt and NEVS “is planning to use short term credits to cover all outstanding and near term obligations until the long term financing is secured.”
GALLERY: Saab 9-3 Aero
[Source: The Wall Street Journal]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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That's really a shame. While I prefer the larger 9-5, I think the 9-3 is a great car. I hope this isn't the beginning of the end... again.
Having owned a 9-3 aero 6MT I can tell you unibody advances since 2004/2006 are such that the 9-3 unibody is obsolete. NEVS could CAD modify if they have that talent and the source file to get better NVH.