Moves to save Saab have taken another step forward overnight with the European Commission approving a 400 million euro (AUD$633 million) loan from the European Investment Bank to help establish Saab Spyker Automobiles N.V.
European Union competition commissioner, Neelie Kroes, said the loan to Saab will not cause “any undue distortions of competition” and complied with the aid rules it set out.
The original deal signed with General Motors on January 26 required Dutch supercar maker Spyker to part with US$74 million and US$326 million in preferred shares. US$50 million was to be paid by February 15, with the remaining US$24 million due on July 15.
Spyker initially paid US$25 million to GM at the signing of the deal. Today it announced it is entering a loan agreement with Heerema Holding Company to secure the other US$25 million, and remains confident of finding the remaining US$24 million to finalise the deal.
Spyker last week revealed its ambitions to return Saab to profitability by 2012 and expand the range to four vehicles in the future, including the 9-4X crossover and a 9-1 small car.
(with Bloomberg)
I had a look at the new Saab 9-5 crash test results. Expected to see an identical video to that of Opel Insignia it is based on. It was not! While Insignia’s windscreen cracked all over, 9-5′s remained intact. 9-5 also had much less intrusion to the side during the pole test. Looked like much strong body. so, maybe it is really a premium car, not a just a re-badged job.
Slightly premmy with the headline there, lads.
What Saab have received is a ruling from the EU Commission that the Swedish government guarantees do not constitute a breach if EU rules on State aid. That’s the green light for the EIB itself to finalise a decision on Saab’s loan, but it’s not the decision itself.
Now that the EU is done, Saab are waiting on the EIB for granting the loan, and for the Swedish National Debt Office to finally give the thumbs up for loan guarantees.
All that’s due by the end of this week as Spyker have to close the deal on Monday.
The brand needs to let go, it’s like the come back of hey hey its saturday. You want to see it but you wouldn’t commit your time to watching it religiously. This is the problem with SAAB, products like Volkswagen, Audi and even Skoda have now left it behind, many years behind and for the brand to find traction in profitability it wlll need to ask a premium.
Build quality, technology and future developments need to be a part of the future and yet these costs literally billions in research and development.
Even if the money is given it is dead money, the hand full of people that would buy the product would have moved on to other better alternatives (and there are many) and of those who will buy it would need a price justification.
Take the VW Golf/Skoda Octavia Wagon, same size as the 9-3 wagon but much greater engine transmission technology, laser wielded chassis, greater safety, more standard features and arguably much cleaner elegant interiors for around $10,000 less to buy as a new car.
I really think its race has been run
Well ,good article.