When sports car company Lotus had announced the end of its title sponsorship of the Lotus F1 team, a red flag was raised as concerns over Group Lotus’ financial problems surfaced. Now, new reports reveal that the troubles facing the automaker are more than meets the eye. Earlier warning signs were brought to attention this year… Continue Reading...
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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… Continue Reading...
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 Continue Reading...
Youngman has repeatedly tried to buy into Saab, but the latest deal was vetoed by General Motors, which still owns licenses for Saab technology. Continue Reading...
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… Continue Reading...
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Saab’s sob story saga might be coming to an end, though the information surrounding their pending acquisition is murky at best. Rumors swirled quickly around the media yesterday that the Bank of China, fourth-largest by market value had planned to acquire just under 50 percent of the company. Those reports are now being corrected— it’s a bank in… Continue Reading...
Although Saab has been struggling for the past year, don’t bet against it. All but doomed when GM sought to stop Saab’s deal with the Chinese Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co., Youngman is now proposing a new deal with Bank of China, the country’s fourth largest bank by market… Continue Reading...
Saab‘s matchmaking saga is the stuff of cinema. Facing compounding financial dilemmas and a series of unsuccessful talks with a number of investors, the troubled Swedish automaker had little going for it. Just as Saab was close to finally making a deal with its Chinese investors, Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus… Continue Reading...
After much back and forth over the past months between Swedish Automaker Saab and Chinese suitors Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., it seems like funding for Saab is very much back. The Chinese companies have both agreed to buy the Swedish automaker, providing the company with some much needed… Continue Reading...
Now that Da Pang and Youngman have agreed to buy the Swedish Automaker, lock stock and barrel (for a price of 100 million euros/$142 million), Saab can now get on with what it does best, namely making quirky cars. Continue Reading...
Narrowly escaping bankruptcy and liquidation for the 17th time (ok, maybe that’s an exaggeration), Saab has confirmed receipt of a 70 million Euro payment from Chinese investor and automaker Zhejiang Youngman Lotus Automobile Co. Far from a magic wand that will make all of Saab’s troubles go away, the automaker continues to operate in its… Continue Reading...
The Saab soap-opera continues, but this week the news is good. Saab just won a court appeal to protect it from creditors while it awaits funding from its Chinese investors. Earlier this year, two Chinese companies, Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. agreed to buy shares in Saab, totaling $334-million…. Continue Reading...
According to an official release by Saab Automobiles, Russian businessman Vladimir Antonov is still very much interested in pour money into the ailing automaker, but was awaiting clearance from the Swedish National Debt Office. Continue Reading...
The drama involving Saab is on-going and doesn’t seem to show any signs of slowing down. It seems every time the company starts production, something will cause the production line to stop, whether its money related or parts supply related, and often both. Saab was hoping to have some stability back in their lives after… Continue Reading...