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An even more extreme supercar is on the way from Swedish supercar maker Koenigsegg with a knee-knocking power to weight ratio from which its name is derived.
Swedish magazine Teknikens Varld’s accusations toward the 2012 Jeep Grand Cherokee became much harder to dispute with the rag’s latest video. Both the clip and brief article that accompany it end with a pointed message that says: “Don’t buy the Jeep Grand Cherokee, for you and your family’s safety.”
After a press release and a strongly-worded blog response by Gualberto Ranieri, Chrysler’s senior vice president of communications, it seemed as thought the battle between the automaker and with Swedish publication Teknikens Varld was all but over — until the magazine published new claims that prompted the brand to issue another response.
This isn’t supposed to be a problem anymore, but a Swedish publication found during its “moose test” that even at moderate speeds the Jeep Grand Cherokee is at serious risk for a potentially fatal rollover.
This news will surely anger anyone who currently owns a Saab that had some warranty left on it. However, General Motors is coming to the rescue, sort-of. GM is reaching out to those who bought a new Saab before February 2010. These cars were marketed and sold under GM’s ownership of Saab.
In a statement by GM’s spokesman Jim Cain, he said; “In the event Saab cannot or will not fulfill its obligations to administer the warranty programs with its U.S. and Canadian dealers through Saab Cars North America or otherwise, GM will take necessary steps to ensure that remaining warranty obligations on Saab vehicles marketed by GM in the United States and Canada will be honored.”
This act of kindness is very surprising, because GM doesn’t even like covering warranties on local-made products it considers was built by “old GM.”
So if you own a pre-2010 Saab, you’re in luck. However, for anyone who bought a newer Saab, it’s probably time to invest in a good used car warranty program.
[Source: Detroit Free Press]
Saab has officially been struggling for two whole years now, since its problems first came to light in December, 2009.
With time, it has seen some positive developments, but things don’t look any better for the foreseeable future.
A few months ago, Saab had received a court order that prevented its creditors to push the company into bankruptcy. It would use this time to reorganize. However, Saab’s owner – Swedish Automobiles NV, has said that Saab and its creditors have just five to six days to submit their views to the district court in Sweden. The court will decide whether to end the reorganization and push the company into bankruptcy.
Despite attracting two major Chinese companies (Pang Da Automobile Trade Co. & Zhejiang Youngman Lotus Automobiles) to invest in Saab, there have been delays in getting the necessary payments from the Chinese, and production lines have been sitting still for almost an entire year.
Saab previous owner, General Motors also has some objections. Most of the technologies found in current Saab vehicles is licensed from GM, and it does not want to support a sale of Saab that could hurt its own position in China.
GM currently builds the 9-4X for Saab in Mexico. If GM pulls the plug on their deal with Saab, it would be impossible for the company to survive in its current form.
Stay tuned, as this drama is far from over just yet.
[Source: Automotive News]
According to Saab CEO, Victor Muller, a takeover offer of the Swedish brand by China’s Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. has been turned down.
Although initial talks were intended to aid Saab in raising capital, Muller explains during a Reuters interview, “The token offer was unacceptable because it would trigger every conceivable change of control clause and that would possibly mean the end of Saab.”
Although the undisclosed offer was unsuccessful, the two Chinese automakers are still interested in Saab, committed to their 53.9 percent stake in the Swedish brand.
Addressing Saab’s plans if the Chinese companies walk away from the deal, Muller answers, “There is always a plan B.” However, keeping his cards close to his chest, Muller will reveal the details of the plan, “only if we resort to it.”
Moreover, an investment firm has also pledged an injection of capital, prompting the directing administrator in charge of Saab’s reorganization to request on Thursday for the Swedish court to pull the plug on Saab’s bankruptcy protection. Saab, having extended plants halts since March due to lack of money, avoided bankruptcy last month when the Swedish court granted Saab voluntary reorganization.
[Source: Automotive News]
After more than a year of struggle under Spyker’s management, many thought Saab would have succumbed to its financial woes already, yet somehow the Swedish automaker has been able to pull a few tricks out its bag just as it would seem that its luck had run out.
The latest reports indicate that Saab’s two Chinese suitors, Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., are aiming to complete an investment deal on Saab by the end of 2011. According to the lawyer of Pang Da Automobile, Peter Goes, “The deal can be closed before the end of the year. They [Pand Da] are most impatient on getting production restarted. The main interest of our client is getting the cars into China.” Getting production restarted is especially crucial as Saab’s Trollhattan assembly plant is currently at a halt due to money owed to their suppliers and workers.
The final obstacle hindering Pang Da and Zhejiang’s $245 million Euro deal is obtaining approval from the Chinese government. As the automotive industry within China balloons, the Chinese government has been reluctant to let it expand much further, at least not without their supervision.
When given the green light, Pang Da and Zhejiang will receive rights to distribute Saabs, and are in development for plans to assemble Saabs in China as well.
Poor Saab can’t catch a break. Last week Saab’s European supplier were putting pressure on the Swedish automaker to declare bankruptcy, and this week the car company has pulled out of next months Frankfurt auto show, due to a lack of finances.
A Saab spokesperson explained that the car-maker will concentrate its resources on restarting production at its factory in Trollhatten, Sweden.
Saab was forced to end production in late March because of financial issues. The Swedish automaker has been trying to raise more funds and has stated plans of restarting manufacturing in a few weeks, however the car brand has said this for months.
“Whilst it would be desirable to be at the show to help further Saab’s global presence, it is not considered an appropriate use of resources at this time,” a posting on Saab’s Inside Saab blog stated.
[Source: Automotive News]
Swedish Automobile, owner of financially-stricken Saab, is being pressured by European suppliers to declare bankruptcy, hoping the threat will pressure the automaker to pay back debts.
Saab production came to a halt in April, with suppliers refusing to deliver components because they were not being properly paid. Spanish auto panels maker Matrici S. Coop prepared a bankruptcy request, after being owed $2.8 million by Saab.
Lars Holmqvist, head of the European Association of Automotive Suppliers said, ”Some companies are waiting and having no answer. Now, some have heard that other companies have been paid partially. Then they are getting very upset. They realize there is no other way but to try to demand bankruptcy because obviously then Saab pays.” Lars also explained that he had been contacted by some German companies that were owed more than 5 million euros each. They too are also interested in pursuing the process to demand Saab bankruptcy.
Saab spokesman Eric Geers explained, “We know the situation we are in. We are working very hard to resolve this and to get a more stable financing in place.”
Earlier this year Saab’s employee union threatened to push the automaker to the bring of bankruptcy over unpaid wages to workers.
[Source: Automotive News]