Swedish automaker SAAB has gone through a lot of tough times lately. They’ve finally hit rock-bottom, going bankrupt in 2011. Their vehicles were quirky, yet luxury oriented and safe. Saab these days is looking to sell its assets, with two Chinese companies looking to make the move.
Despite the tragic demise of the Saab brand, former Saab CEO Victor Muller isn’t going to quit just yet. Found wandering around the 2012 Geneva Motor Show during its first press day, Victor Muller announced, “I’m a reborn man!” Victor Muller elaborated upon the proclamation and revealed details to keep Spyker Cars, the Dutch hand-made…
With both men recognized in the Saab community as serious collectors, enthusiasts and specialist mechanics, there’s no question that despite being split in half, the cars in the Heritage Collection have indeed gone to good homes.
Swedish automaker Saab is attracting more interest dead than alive. The officially bankrupt automaker is in the process of liquidating its assets and former rivals are lining up to buy a piece of the much-talked-about but little-bought maker of quirky cars. Recent reports indicated that German automaker BMW was interested in purchasing Saab, but we…
The ongoing saga around Saab’s bankruptcy seems to never end, and this time around there may be six to seven serious bidders for the Swedish automaker, one of which is believed to be BMW. At their weekly press conference, the company touched on its pressing salary situation for its current employees and mentioned that it…
Nails just keep dropping in Saab‘s coffin, despite Chinese company Youngman’s attempts to sway the tide otherwise. The latest detail in what’s become a sad saga of failure has to do with dealerships and their reaction to being caught in the fallout. It’s probably easy to forget, but if an automaker goes belly-up, the folks…
McTevia & Associates, the legal firm brought in to deal with Saab North America’s creditors and dispose of its remaining assets, announced that cars in the Heritage Collection will be sent to auction (bids had to be registered before Friday, February 10 at 12 noon Eastern).
Now, the Debt Office has reported that the outstanding balance on the loan (equivalent to some $325 million) has been paid, making the Swedish government the former automaker’s largest creditor.
Last week we reported the news that Saab was auctioning off the vehicles in its museum, with over 120 different models looking to be separated from one another. It appears that Saab enthusiasts and the city of Trollhättan, where the museum is located, wasn’t too keen on that idea. The museum has been saved thanks…
A Turkish private equity firm, Brightwell Holdings, has announced its interest in placing a bid on now bankrupt Swedish automaker, Saab. The firm, based out of Istanbul, invests in energy, transport and technology and wishes to buy all of Saab and wishes to keep production in Sweden. “We will make a bid very shortly, there’s…
Just when it seemed Saab would be gone from news headlines for good, Youngman swooped in again to make a bid. Apparently the company hasn’t given up on getting Saab back up and running. According to Dagens Industri, a Swedish business news organization, the Chinese firm is submitting a £430 million offer, or about $560 million….
Bold and ambitious, Victor Muller founded Spyker Swedish exotic sports cars before purchasing Saab, believing in its return to past glory under his leadership. Confident in his abilities, Muller’s gamble on Saab put Spyker in danger as well. Following Saab’s devastating bankruptcy, Swedish Automobile N.V. (Swan for short, formerly Spyker Cars N.V.) have announced that there…
Next on the chopping block for Saab is the auctioning of over 120 Saab models from the Swedish automaker’s museum at its headquarters in Trollhättan. Car collectors from all around the world will now have the opportunity to own some very rare and even one-off concept models from Saab’s museum including their UrSaab prototype, the automaker’s…
It seems that General Motors is feeling a little guilty for how things went down with Saab, but just a little guilty. GM will be contacting 70,000 plus Saab owners and offering them the “GM Saab private offer” to help quell any negative feelings left over after the closing of Saab’s doors. The incentives won’t…
Just about 100 more Saabs will roll off the line after the Swedish automaker decided to send some employees back to finish incomplete units still standing in the factory. The company was plagued with financial problems after changing hands from GM to Spyker Cars and ultimately Swedish Automobile. That forced them to shut down despite…
Reportedly talks are underway between Mahindra & Mahindra and Saab’s administrators, though so far, as to which Saab assets are up for grabs, little has been revealed, Mahindra & Mahindra in particular, remaining very tight lipped on the matter.
As another calendar year draws to a close it’s time to take a look back at the top 10 biggest stories of the year in the auto industry. It’s been a busy 12 months, starting all the way back in March when the Fiat 500 officially went on sale, marking the return of the brand…
Lost in the news regarding Saab‘s bankruptcy is the impact on US dealerships as they were forced to sell all vehicles as is and with no warranty since December 19th, 2011. Many dealerships are looking for ways to liquidate their inventory as all 188 US dealerships were also notified that all factory incentive programs and…
Though Youngman’s attempts to save Saab proved futile, it appears that the Chinese automaker isn’t giving up on Saab-related assets. Youngman announced that they’ve acquired the rights to Saab’s Phoenix vehicle architecture and also announced that they have intentions of setting up a firm in Sweden to develop a new car based on the Phoenix…
Just yesterday we reported that Saab has announced that it will not honor any warranties effective immediately and they also advised their dealers to sell off the remaining cars ‘as is.’ This news will surely anger anyone who currently owns a Saab that had some warranty left on it. However, General Motors is coming to…
After filing for bankruptcy on Monday morning, Saab is now suspending all warranty coverage on its North American cars. Saab dealers have been told that all remaining vehicles they have on the lot are to be sold as is with no coverage; The warranty booklets were even removed from the information packets of new Saab’s….
It’s probably not surprising, but considering the money it’s already put out to try and save Saab, China’s Zhejiang Youngman Lotus Automobile Co Ltd, is still interested in acquiring what assets it can
Saab’s financial rollercoaster seems to have come to what many have speculated would be its inevitable conclusion, with the Swedish automaker today announcing it has filed for bankruptcy with the District Court in Vänersborg, Sweden. The news comes as Saab was seeking to reorganize, with the struggling car maker desperate to arrange funding. The most…
Youngman has repeatedly tried to buy into Saab, but the latest deal was vetoed by General Motors, which still owns licenses for Saab technology.
Saab‘s clock is ticking quickly to find a way out of bankruptcy with just a “very few days” left to find a loan. Unfortunately, General Motors has been playing a vital role in blocking Saab from selling any of the company to a Chinese automaker, forcing Saab to try to find a loan. Since Saab…
