EUR 25 Million Convertible Bridge Loan: *SALARIES PAID*

Press release: Swedish Automobile Enters Into EUR 25 Million Convertible Bridge Loan With Gemini Securing Additional Short-Term Funding And Pays Employee’s Wages

Trollhättan, Sweden: Swedish Automobile N.V. (SWAN) announces that it entered into a EUR 25 million convertible bridge loan agreement with Gemini Investment Fund Limited (Gemini), thereby securing additional short-term funding.

SWAN entered into a EUR 25 million convertible bridge loan agreement with Gemini with a 6 months maturity. The interest rate of the loan is 10% per annum and the conversion price is EUR 1.38 per share (the volume weighted average price over the past 10 trading days). SWAN may at any time during the loan’s term redeem it without penalty and it intends to do so once the funding from Pang Da and Youngman is received, in which case no dilution as a result of this bridge loan will occur.

Upon receipt of Gemini’s EUR 25 million and upon reaching agreements with its suppliers on payment terms, Saab Automobile hopes to complete its scheduled loan drawdown of EUR 29.1 million from the European Investment Bank (EIB).

As a result of this convertible bridge loan (EUR 25 million), the sale of the real estate (EUR 28 million) and the sale of cars to a Chinese buyer (EUR 13 million), Saab Automobile (conditionally) secured EUR 66 million in additional funding this week. Assuming the receipt of these funds takes place as scheduled, Saab Automobile expects to have secured the liquidity required to restart production hopefully within 2 weeks, subject to reaching agreement with its suppliers which includes feasible delivery schedules.

Victor Muller, CEO of Swedish Automobile and chairman of Saab Automobile said: “I am relieved to report that we made the June salary payments this afternoon from the proceeds of the sale of cars we announced last Monday. We again extend our sincerest apologies to our employees for the hardship the late payment has caused to them. We have clearly gone through a very rough patch in the past few weeks and hopefully we can now reach agreement with our suppliers so as to ensure a resumption of our production in a controlled way. Our mid and long-term funding is secured by the Pang Da /Youngman agreements which are still subject to obtaining certain governmental approvals. Assuming these approvals are obtained, the Gemini bridge loan will be repaid in full.”

 

No 9
Member
5 years 2 months ago

My question. Do they need the EIB money to start production?

Jeff
Member
5 years 2 months ago

Possibly. According to this statement, so long as the transfer of the 66 million Euro payment goes through as scheduled (from Gemini, the “Chinese buyer,” and Hemfosa goes through it should start within 2 weeks. The only deal that was conditional on EIB approval was possibly the real estate deal with Hemfosa. I’m not sure if that’s still the case, but we’ll find out soon.

spacy
Guest
5 years 2 months ago

Read 2nd from last paragraph above:

No 9
Member
5 years 2 months ago

Indeed. The EIB money would then be used to pursue with the «enviromental projects».

xlx
Member
5 years 2 months ago

afaik EIB money is for environmental projects, so they can’t use it anyway

till72
Member
5 years 2 months ago

One thing came to my mind: as the last tranche of EIB money Saab asked for didn’t arrive did Saab finance the ongoing development from their own cash completely or did the put those projects on hold? If they used their own cash they may be able to get back a certain amount to their cas pool as the EIB money arrives…
(I hope this thought was understandable)

rune
Member
5 years 2 months ago

till72: A djup strupe informed the crew recently that as far as he knows, Saab funds the projects initially. Then, each quarter, the EIB looks over how much Saab have spent on projects that qualify and lends Saab 50% of the money already spent.

So… When EIB turns tail and refuse to pay up, it will indeed challenge Saab’s finances. Saab cannot go back in time and unspend the money EIB had already promised them.

I would love to get my hands on the loan agreement and see what it actually says.

More to follow on this story I hope.

JasonPowell
Member
5 years 2 months ago
When EIB turns tail and refuse to pay up Rune, Would that not go against the initial agreement to the EIB loan and hopefully that would give Saab the opportunity to challenge the EIB legally? Seems like they are kind of making terms up as they go if this is true. I have never received a loan before that stated that if I didn’t have enough my in my account that the bank could then reneg on my loan that they had already approved. I wish the EIB could be exposed for what they are, and to think everyone was… Read more »
rune
Member
5 years 2 months ago

That is why I said I’d love to get my hands on the loan agreement.

Indeed, it sounds like no loan I have ever heard of before.

A SU-crew member is working on a bigger article though, so stay tuned.

Audun
Member
5 years 2 months ago

@Rune: “A SU-crew member is working on a bigger article though, so stay tuned.”
I look forward to read that article.

Bravada from GMI
Member
5 years 2 months ago
Rune, that’s a fairly standard way of getting EU funding of any kind, and if you look at investment loans, e.g. real estate financing, this is how it looks. The bank will see how you spent your money and decide whether you are indeed pursuing the project according to your business plan instead of engaging more money at preferential rate into a black box. And EIB is right to question whether Saab is indeed in a position to continue with the projects rather than diverting the money to cover the current cash crunch. All in all, I believe this will… Read more »
rune
Member
5 years 2 months ago

Bravada, I fail to see how not paying ensures the progression of aforementioned projects.

There is always a chance a project might not come to fruition, but for all we know EIB might already only be paying for completed projects. (I dunno — do you?)

In any case, Saab already spent money on these projects. They could have spent it to cover the cash crunch, but they did not. They probably should have, but did not. It seems harsh to punish them afterwards.

Bravada from GMI
Member
5 years 2 months ago

Rune, how do you know how Saab spent each bit of money they did? For now we know very little about Saab’s finances. I keep track of all the financial data published, and I still have only a very general idea.

You must be a lucky person to have never financed something out of EU-support monies, but actually the way they require you to document your expenses and only pay in installments when you have provided enough proof you spend according to plan is the sensible part of it.

rune
Member
5 years 2 months ago
When EIB pays out, it is my understanding that Saab have already spent the money and showed EIB the receipts. EIB have full insight into what the money was spent on. There is no wiggle-room. It is unlikely Saab could show up with a bunch of handwritten receipts, claim to be working on fusion power and then have money drop into their hands out of nowhere… I could understand your concern if EIB paid in advance, to fund R&D the next x months. But this is apparently not the way it works (or rather worked until EIB pulled the plug).… Read more »
Tripod
Member
5 years 2 months ago

Thanks for the information, Rune, and comments.
Looking forward to reading more; the work from you all is SUper. 🙂

JasonPowell
Member
5 years 2 months ago
Bravada from GMI, Regardless of Rune knowing how each bit of money was spent by Saab is not really in question is it? Saab has collected on this loan in the past have they not? One would assume that would mean they know what is required to document how it was spent to ensure they receive the money from the EIB. If they did everything as they have been instructed and still have not received the payment (drawdown) would it not be fair to say that the EIB is in the wrong? To me it seems the EIB is changing… Read more »
spacy
Guest
5 years 2 months ago

Production needs to go @ full pelt, once running, to repay all the advanced monies received/borrowed & new orders need to come in Fast.

Well done All @ Saab…..Very well done.

Carlo A
Member
5 years 2 months ago

GRIFFIN UP !!!!!

Audun
Member
5 years 2 months ago

And VA is don´t have time to meet the press tomorrow (he will meet the press later), he has more important tasks for Saab: http://ttela.se/ekonomi/saab/1.1270516-nytt-antonov-staller-in-mediatraffen 🙂

Carlo A
Member
5 years 2 months ago

yes, he is beating up Maud at 11.30 🙂

Audun
Member
5 years 2 months ago

With her sons windmill? Is it true that her son owns a windmill company? If so, she should leave her post.

Carlo A
Member
5 years 2 months ago

conflict of interest or just an impression ? 🙂

Audun
Member
5 years 2 months ago

“katar1na” today at 16.06 in this post: http://saabsunited.saabklubben.se/2011/06/19813.html

Audun
Member
5 years 2 months ago

Someone should try to find out if there is a conflict of interest in Maud Olofsons work.

Audun
Member
5 years 2 months ago

http://www.vk.se/Article.jsp?article=314523
http://www.nyteknik.se/nyheter/innovation/forskning_utveckling/article3103165.ece
And she said that windmills could be made at at the factory i Trollhattan.
I don´t think this would pass in Norway.

Troels, Denmark
Member
5 years 2 months ago

Audun – this is interesting. Maud is talking about innovations and new initiatives – and do nothing to keep Saab; – one of the most innovative companies in Northern Europe – alive …

rune
Member
5 years 2 months ago

A little googling turned up this:
http://www.alliansfrittsverige.nu/2009/11/november-23-2009-expressvag-for.html

In October, she stated that she did everything possible to speed up the handling, and let the representatives of the company meet fellow EU ministers. Now in November TV4 reveals that Maud Olofsson’s son is the IT manager at the company, and Olofsson promise not to help them more in the future.

So there you have it… Saab should have employed her son back then, and Saab would have been as big as BMW by now.

Audun
Member
5 years 2 months ago

Thank you Rune.
I´m deeply shocked!!! Saab should have a good case!

Chris Carrier
Member
5 years 2 months ago

IT Manager doesn’t equal Owner. It’s not exactly a fluff position, either. I agree it doesn’t sit right, but is there more to it?

Audun
Member
5 years 2 months ago

And this article i published February 17, 2011: http://www.nyteknik.se/nyheter/innovation/forskning_utveckling/article3103165.ece
So she still try to help them in 2011

Audun
Member
5 years 2 months ago

@Cris: Yes, she talked down Saab, and did nothing to help Saab.

katar1na
Member
5 years 2 months ago
Here´s a funny detail for those of you who are interested in the Swedish culture: Maud Olofsson invited her up to come political partners to her home – to take a bath in her outdoor bathtub. A pertinent comment would be: she should never have got up from there 😉 This SAAB-matter is not the only one she screwed up. Everything she laid hands on have ended in a disaster. I have a relative who privately meets Maud sometimes – that is how I know. So she is not among devoted friends all the time, and this lady should be… Read more »
Audun
Member
5 years 2 months ago

@katar1na: Thank you for following up this.
I completely agree with you in this:
“Right now we are at least HAPPY for the SAAB Team in Trollhättan!!!
KEEP UP THE GOOD WORK AND PLEASE DON´T GIVE UP!”

RS
Member
5 years 2 months ago

katar1na, whatever is going on with Saab we should be careful not to start rumors about anyone or anything that cannot be proven to 100% certainty.
An innocent sentence can get bit lost in translation and stir up something that’s not helpful in any way. Someone’s company for instance can be interpreted in many different ways.

Red J
Member
5 years 2 months ago

RS,
we should be careful as you said, but the big G may help. 😉

RS
Member
5 years 2 months ago

It might also be the big L that’s missing in this relations with the Swedish Gov.
Hope I wasn’t able to offend someone again? 🙂

zippy
Member
5 years 2 months ago

Or at least explain why she is such an old windbag! 😉

katar1na
Member
5 years 2 months ago

“RS” – you´re right.
On the other hand, the Swedish Government themselves accused Antonov for maffia-relations and then acting on that belief… and as far as I know, there have been no excuse?!

In the position that Maud holds she must be more than careful with the interests she´s supporting. Especially when it comes to close relatives, and especially in Sweden where we do not need a maffia since local politicians and businessmen usually are relatives or close friends supporting each others interests anyway 😉 Gothenburg for example…

But your point is correct.

Tripod
Member
5 years 2 months ago

Careful. 🙂
He wrote a nice letter to her, and voiced his concern about the change, her resignation, and what that would mean for Saab.
http://ttela.se/ekonomi/saab/1.1270356-uppdaterat-antonov-vadjar-till-olofsson

Tripod
Member
5 years 2 months ago

The above was a reply to the initial:
Carlo A June 29, 2011 at 18:51.

It’s not easy to follow comments, since it can be 15 comments between a comment and reply, as here; that, and the problem that you can only reply in three or something levels, makes it difficult.

katar1na
Member
5 years 2 months ago

That man could write a love letter to a dictator! I´m stunned – beautiful in every way… almost in love with that man 😉 Let´s hope that the fish will bite…

gryphon95
Member
5 years 2 months ago

Finally, some good news. I genuinely hope that we keep hearing more and more of it!

Quijote
Member
5 years 2 months ago

Bravo!

And the roller coaster continues.

jxh
Member
5 years 2 months ago

The Wall Street Journal mentioned this. Not much there about Saab lately.

Beechy
Member
5 years 2 months ago

Great news!! it helps me keep the faith while i’m waiting for my 9-3. I’m also starting to wonder if V.M is related to the great Harry Houdini with his many increadible escapes from impossible situations.

eduardo_spain
Member
5 years 2 months ago

Thanks Victor, this is a great relief.

ryanonsrc
Member
5 years 2 months ago
So we have both the bridge loan and the payment from the anonymous Chinese investor coming in all at once. That’s great! Being a relative late-comer to the Saab Saga, I am beginning to see what people mean by the “roller coaster” nature of this experience. Seriously, I had no idea after buying my Saab 9-3, I would get sucked into this fast-paced drama where news is breaking, literally every 3 or so hours. As a software engineer, I am used to this short of a news cycle in the computer industry … but for an automotive company? Well, it… Read more »
No 9
Member
5 years 2 months ago

Well, it goes to show that Saab is a very unique animal.

You got that right friend.

sala or bust
Guest
5 years 2 months ago

Well, very welcome to the SAAB show. We are all buckled up and have no where else to go but tangle along…. 😉

It’s a thrill, it’s both fun and scaring and you will find it rewarding listening or at some times commenting on the progress!

A roller-coaster? Naaaa, way to slow for me

Chicago Swede
Member
5 years 2 months ago

Welcome to the family!!!

goofy
Member
5 years 2 months ago

Don’t worry, getting sucked in is only Dr. Hossiep’s “Involvement Index” in action. All Saab converts should be warned:

till72
Member
5 years 2 months ago

Yeah,welcome to the family!

And it is no wonder that it all came at once, it just shows that Victor has the true Saab spirit: “power as you need it”. 🙂

SAAB_Andee
Member
5 years 2 months ago

VM did it again – He fights like a lion To all who critized him as temporary CEO – In this near death situation you need a Muller.

NorthOfAtlanta
Member
5 years 2 months ago

Now if the Swedish Government and EIB would just follow Ted Turners motto,

“Lead Follow or Get Out of The way”

We might be able to get back to discussing sales, colors, the newest options and what the new 9-3 is going to look like.

Audun
Member
5 years 2 months ago

That would be great!

No 9
Member
5 years 2 months ago

At the moment, «It ain’t over till its over» is quite adequate!

ryanonsrc
Member
5 years 2 months ago

… and may I dare bring up the question of why the new 9-5 and 9-4X doesn’t have a griffin on the steering wheel?

I mean they are both beautiful cars but … come-on! Call me superficial but I like to see the Griffin when I am sitting at a stop-light 🙂

Henrik B.
Member
5 years 2 months ago

Because the Griffin Logotype is owned by the Truck company Scania. SAAB cannot use it anymore – unfortunately.

Cheers!

Carlo A
Member
5 years 2 months ago

really I did not know this …. I understood they could both use it …. what a pity….

what about the old one with the aircraft used on the Phoenix?

Carlo A
Member
5 years 2 months ago

does the new 9-5 not have the griffin on the bonnet?

Jonas Axelsson
Member
5 years 2 months ago
Well the US folks had planned to get rid of Griff anyway as an evil, vile symbol of aggression. But I wonder if perhaps that if the Griffin was a historic Swedish symbol they could perhaps use it anyway. Where I am YOU CAN NOT COPYRIGHT SOMETHING OF THE PUBLIC DOMAIN, and if The Griffin is a national symbol there may be a chance. Or, look up the original historic Griffin and use that with minor modification? I was lucky and took the Griff off my old 900ng before it was donated. The one on the steering wheel make a… Read more »
ryanonsrc
Member
5 years 2 months ago

Well there was a version of the Griffin with the “Scania” text on it … So I can understand them dropping that, but my 2007 9-3 has the Griffin without the Scania text. The new 9-5 has this same logo but the removed the one from the steering wheel *and* the trunk (boot). So if they can’t use it anymore, why is it still on the front of the car? Seems more like a (bad) design choice to me.

Jonas Axelsson
Member
5 years 2 months ago

As do our 2008 and 2009, but these are GM cars and did the Spyker deal negate any of the agreements to use it?

rune
Member
5 years 2 months ago

They want to emphasize the S A A B wordmark more. I believe the thinking is that people will have a difficult time recognising the griffin, so might as well be blunt about what brand the car is.

Since most Saabs rarely stay to chat with other cars, there is only a limited amount of time to study the griffin.

That said, what do you think about the tail of the Phoenix and the old airplane logo? (http://saabsunited.saabklubben.se/tag/phoenix — some pics of the tail in the “European Tour 2011” story and others)

Khrisdk
Member
5 years 2 months ago

No matter what I will miss the Griffin.
Even though they have a way of leaving prematurely 🙂

The Griffin is the symbol of Scania, which is not the truck company, but Skåne. aka. Eastern Denmark,temporarily on loan to Sweden

http://en.wikipedia.org/wiki/Scania

Not that wikipedia can always be trusted.
You should see the danish version 🙂

katar1na
Member
5 years 2 months ago

Do it yourself! I made one in silver stripe cutout and put on my car. Even though I´m past +40 yrs, I hear young lads wistling when passing or parking – it´s all because of my Griffin stripe… quite nice 😉

ryanonsrc
Member
5 years 2 months ago

Rune: Yes, emphasizing the SAAB name is a good idea. And I think bringing back the Jet logo sounds promising (if they can strike the right balance between retro and modern). But, it really depends on how it looks on production vehicles, as concept cars tend to exaggerate design motifs (yes, I realize that is an understatement).

spacy
Guest
5 years 2 months ago

Jonas Axelsson
Member
5 years 2 months ago

Rune, I am very old school and like things simple and clean. The Phoenix seems to be overly complex and abstract. I know it appeals to many.

Regarding the old airplane logo, the prior pilot in me loves it and I fully intended to put on the back of my SC but seeing others that have done it it looks forced.

That said, I would love to see a subtle window decal for the rear with the old logo. I have a t shirt or two with that.

jxh
Member
5 years 2 months ago

StateOfNine.com sells replacement logo emblems. So as long as there’s a circle of the right size, maybe you can add your own back in.

Tripod
Member
5 years 2 months ago

Rune,
I agree. That was how I interpreted it, they want to emphasize the S A A B wordmark more. Especially now, since it seems like in some markets they thought it went away.

A good choice.

“Since most Saabs rarely stay to chat with other cars, there is only a limited amount of time to study the griffin.”
😀 True.

saabman
Member
5 years 2 months ago
I’m with ryanonsrc. I admire my Griffin logo on the steering wheel often when I’m stuck in rush hour. It’s a fabulous distinctive symbol. Personally, I liked the early 2000s practice of having the Griffin in the center of the rear, with SAAB on the left (as you face it). It was the best of both worlds. There’s no need to have 2.0T on the back. And it’s nice that on the newer models they don’t wear off. By the way, SU debunked the theory that Saab wouldn’t be allowed to use the Griffin any longer some time ago. Here’s… Read more »
Tripod
Member
5 years 2 months ago

SaabMan,
As a Swede and Saab nut I love the Griffin (though I don’t agree with Khrisdk about the “Eastern Denmark,temporarily on loan to Sweden” 😀 ); what I meant was that I can understand that they wanted the name “emphasized”. SAAB left and Griffin in the centre is also great; an uncluttered, not so busy look, would be best.

ryanonsrc
Member
5 years 2 months ago

Tripod: Or We could have the Griffin to the Left of the SAAB name (as I’ve seen in many other logos). That would look both modern and would pull the name out of the Griffin logo for extra emphasis without sacrificing the Griffin.

I think I’d much prefer that. The old Jet Engine logo, I thought, was sufficiently preserved by Saab’s distinctive front grill design, where the horizontal bar with “Saab” on it is intended to be an airplane wing.

Jonas Axelsson
Member
5 years 2 months ago

There never was a jet design, it was the Saab 18 (twin prop), and my grill is just a generic wing on our 08 and 09.

Tripod
Member
5 years 2 months ago

rallyho,
Yep, I agree, Saab 18; it’s not a Saab Lansen, or similar. 😀

As a Swede, and Saab enthusiast, I sometimes have difficulties to understand what people, in the English speaking world (not to mention the French speaking world since I don’t understand a single word, almost 😀 ), mean with different things; SPG, jet design etc. etc.

Jonas Axelsson
Member
5 years 2 months ago

Isn’t Gemini an Antonov or Converse satellite company for investment loans? He is getting money in one way or the other so it’s almost academic.

BoeBoe
Member
5 years 2 months ago

Yes it is.

Kikaluka
Member
5 years 2 months ago

Ladies and gentlemen, on this moment of excitement, please don’t forget to order your new Saab. This is the time…

till72
Member
5 years 2 months ago

I’m in. A 9-4x Aero lease is just calculated at my dealer. Would love to order a convertible, too, but my 9-3x is too new.

zippy
Member
5 years 2 months ago

+1

ryanonsrc
Member
5 years 2 months ago
Getting the Used 9-3 was a perfect move for me at the time. In some sense it was a very opportunistic move (I took advantage of the steep depreciation that Saabs have had recently) and I got a wonderful car that is in almost new shape and low mileage. Oddly enough, I remember the first time I saw a Saab was back in 2002, this fella from Denmark drove me somewhere. I honestly can’t remember what model it was but it was a green color, and for some reason: I remember being fascinated by it. The look and the feel… Read more »
saabman
Member
5 years 2 months ago

ryanonscr, we have a lot in common…. I bought a gently used 2007 9-3 a year ago, too, with just 23,000 miles. I got a great deal (trading in a 9 year old Kia) and LOVE it. It fulfilled a long-time dream of mine to own a Saab. I named it Garbo. This former Scandinavian Studies major is very happy.

ryanonsrc
Member
5 years 2 months ago

We do indeed .. my Saab had 52,000 miles (feels like it has had much less). My Hyundai was 6 years old and didnt age nearly as gracefully as the Saab (which, once again, feels new). I named mine Lars-Erik (a swedish composer :-)).

I have a 2.0T model, you as well? Or did you get the Aero?

saabman
Member
5 years 2 months ago
Yes, a 2.0T. Just a regular, not the anniversary edition. There’s not so many out there for sale right now, but last spring there were sooooo many. The dealer I went to must have had 5 or 6 2007s. It was a little overwhelming. Now, I have a hard time deciding if I prefer the look of the 2007 or the 2008+. I kind of like the more prominent griffin on the 2008+, but it is busy looking. Not keen about losing that in future models. It’s also taken a little while to warm up to the newer look of… Read more »
ryanonsrc
Member
5 years 2 months ago
Yeah, the curvy headlights on the 2008 model looks a little wierd to me … it seems to be better on the latest model though. The dealer I went to (in Corte Madera, California) has a lot of Saabs but the one I got was the only one tha jumped out at me (based on price, number of miles, condition, yeaf 2007, etc.). When I bought it, the 2007 model year seemed most appealing to me as I like the straight line look of the front. But yeah, now that it looks like Saab will survive we will have the… Read more »
kiriakos
Member
5 years 2 months ago

I agree Kikaluka, if my Saab wasn’t so new, i would head straight to the dealer right now to order a Griffin or pick up a 9-5 on the lot. The time is now! We need to clean up the dealer lots so we can force them to re-start production asap! I’l be going tomorrow to order a turbo6 badge and some touch up paint, it’s the least i can do now.

Kikaluka
Member
5 years 2 months ago

Since dec 2009, me and my collegue bought 3 new Saabs and 2 preowned. I love them all, but my 2011 9-5 Aero is the best ever. The 5, A6 and E look so very boring when my 9-5 is around. And it drives just as good and is 10% cheaper. That’s a lot of fun for the money…

katar1na
Member
5 years 2 months ago

I´m ordering a new key – small, but necessary since the last owner did something nasty to it (bad people mistreat their SAAB). But I saw the most wonderful TurboDiesel the other day… that owner must have loved the car more than anything… lovely to see =)

ryanonsrc
Member
5 years 2 months ago
Same here! The primary key was fine, but the second had this weird funky smell and the rubber material the key is made out of is shedding. Is that the same with yours katar1na? I wonder if they left the key in the sun or dunked it in some kind of weird oily solution (not sure why). Anyhow, I ordered a third one (actually just ordered the electronic part, the manual key part I kept for use in the new electronic component). Next I have to check out the manual to figure out how to “pair” (I believe Saab calls… Read more »
katar1na
Member
5 years 2 months ago
Well… I actually only will get the chip stuff inside exchanged 😉 But the cost is still the same as a new one… I think? So my key smells just fine 😉 Maybe you should try washing your hands with soap? (Just kidding!) But leaving the key in the sun is a very bad thing to do I understood. A service guy told me he had a friend working at the hospital doing MRI (magnetic x-ray). She put the key inside that magnetic device just to test the common thought that it will damage the key settings. It did not!… Read more »
ryanonsrc
Member
5 years 2 months ago

actually you are right … a dealer needs to “marry” the remote with my car … annoying!

Oh well, Ill just have that done on my next major service.

rune
Member
5 years 2 months ago

@ryanonsrc: Just make sure you have at least one working key. If you loose all your keyfobs, the dealer will have no choice but to change the entire system. That is a very expensive system. I did not quite understand if your second keyfob was mangled beyond repair or just ugly.

ryanonsrc
Member
5 years 2 months ago

@Rune: The buttons don’t work on the second fob but it seems to start the car just fine. I bought the third one because 1.) I would like a second fully functioning key (which my wife can use if needed) 2.) As a backup in case something happens to both the original and the second funky one.

The primary one that I have at the moment works 100% fine so I’m not concerned with that one.

rune
Member
5 years 2 months ago

Sounds like you’re on the right track. My only concern was that which Swade posted about here: http://saabsunited.saabklubben.se/2009/08/modern-saab-owners-look-after-your-keys.html

(hmm, comments are gone there, I think it was back then I asked about the possibility of going swimming with my future keyfob, an idea not met with much enthusiasm :P)

GerritN
Member
5 years 2 months ago

$200 to $300 for a new key and marrying it to your car.
Welcome to the new brave world of electronics. They won’t steal your car but you get robbed by the dealer instead. No critique towards Saab intended, most ‘premium’ brands have the same feature, you’re just paying for the monopoly, it’s about $10 in parts.

Troels, Denmark
Member
5 years 2 months ago

Great news! 🙂
Very well done Victor Muller! 🙂
I do hope the production of the amazing cars will restart very soon – and the process of developing new cars in the great innovative spirit of Saab will continue…
I am looking forward to see the coming green, efficient, safe, well-driving and hopefully beautiful cars from Saab. I am also hoping that Saab will have success enough to – in few years – become a healthy business. ( The latter seem to be more important to the Swedish government then the uniqueness and innovative standard of the company…. )

katar1na
Member
5 years 2 months ago

Hehe – love to U2 Denmark 😉

michaelb
Member
5 years 2 months ago
Finally some good news. More liquidity and salaries paid. I hope it is not too late. and the damage will turn out to be irreversible. In Switzerland, traditionally a very good Saab market in terms of sales and margins (often fully equipped Aero models as standard), there is a serious crisis among Saab dealers and clients. The “Neue Zürcher Zeitung” (NZZ), probably the newspaper most read by Saab buyers also, in a survey of interviews with Saab dealers reports that trust among clients (and dealers) has gone – definitely and probably foreever. Clients withdraw their orders, and the surprise reports… Read more »
Kikaluka
Member
5 years 2 months ago

Saabs don’t come with a picture of VM on the dash as standard. They do come with a great ride, amazing looks and a 10% lower price tag than their competitors (9-5 compared to 5A6E). I really don’t see why I can’t recommend Saab to friends, and I don’t see why you can’t either.

cmd
Member
5 years 2 months ago

Dear michaelb

As a swiss Saab customer for many years with currently 2 Saabs at home in my garage and a 9-4x order signed which should be delivered after summer, your statement scaries me a lot. But I do not want to cancel my order as I still belive in Saab! Management may change but the spirit of Saab will remain and will survive this crises as wel, hopefully.

CurtInFalcon
Member
5 years 2 months ago

@MichaelB. I certainly understand your frustration, Michael. Dealers here in the USA are hurting for business too. Some are closing, some are considering dropping Saab from the line-up. A dealer in Boston (a traditionally strong Saab market) has nearly 75 Saabs for sale – 23 of them are the new 9-5! Unfortunately, there is no money for marketing. Even with the recent cash infusions, I do not expect things to turn aruond for a very long time. However, there is still hope, eh? Don’t get too down.

Red J
Member
5 years 2 months ago

MIchael,
when the glass is half empty, it is also half full at he same time, it is only a point of view. Realism does not exist, as there is no universal reality.
You have your point of view, and I have mine.

The case of Switzerland, is, as you say, not encouraging, but I don’t think Saab will disappear from Switzerland, it is only a snap-shot of the current situation.

And, YES, I do know that Saab has now much more work to do to be profitable than 3 months ago, I’m not blind.

SAAB_Andee
Member
5 years 2 months ago
dear michael – i think victor wasn´t to overoptimistic – sales were rising and the new models were ready to start -they also had negoations in china before march – so they wanted to make a long term deal before the production stop . i think that the main problem was going out into public from the suppliers – normally these things have to cleared behind closed doors and the real debts were in the range of the normal paying goals – because of the glass house situation. – of course situation the situation and trust has hurt a lot… Read more »
spacy
Guest
5 years 2 months ago

The old markets are very important to Saab.

New Markets are good for the vaste expansion wanted, but not at the expense of EU. Saab have a huge repair job to do in the EU (including GB, where many dealers are simply fed up with the promises!!) & the US.

Bread & butter comes before the Jam…….

Meller
Member
5 years 2 months ago
What makes me feel strange is the cash flow situation. VM announced in Geneva, that the Saab’s financial future is secured. Then, 2 weeks later the factory was stopped. Then Pang Da deal was announced and we were all told that from now on the situation is secured again. “We won’t let this happen again” we were told….*nd after few days the facotry was stopped for the second time…. In the same day, E. Geers announced (correct me pls if I’m wrong) that it was planned and the restart was planned for the next day. Since that day factory stands… Read more »
Patrik B
Member
5 years 2 months ago

+1

saabman
Member
5 years 2 months ago
I agree. Have these been communications mistakes or something more deceptive? I certainly understand the desire to present matters as positively as possible, but then when things don’t work out as presented it is not only embarrassing but also very frustrating and lowers confidence in Saab. I keep hearing the refrain, “we have no liquidity problem, it’s just a matter of when payments go out.” The last months have proven that statement wrong. But, today is not a day for raising those concerns. It’s a day to celebrate that Saab is still here and has the potential to grow stronger.… Read more »
hans h
Member
5 years 2 months ago

I agree.
What happened?

I hope somebody i writing a book about this also.

Mynoob
Member
5 years 2 months ago

Good work Saab!

Robbie 95
Member
5 years 2 months ago

Good Evening from the West of England.

I ordered TODAY my new 95 Sportwagon Aero TTiD in Carbon Grey and parchment leather interior. It’s a beautiful vehicle and I cant wait for it to be delivered ( hopefully) September.

With 146g/km emissions , such a high spec and great looks , it’s going to turn a few heads in The Cotswolds !!

SAAB UP !!!!!!!!

anders
Member
5 years 2 months ago

Woah! Great SAAB, I hope you’ll love it 🙂

Troels, Denmark
Member
5 years 2 months ago

Congratulations! Very nice car! 🙂

Coke is it
Member
5 years 2 months ago

Congratulations!

I’m also looking forward to the delivery of my 9-5 SC in September 🙂

jouni72
Member
5 years 2 months ago

Well then it will be built just in the same time as my 95 SC ttid aero… Congratulations!

PaulAero
Member
5 years 2 months ago

Will this configuration (9-5 Aero TTiD) ever be available with an automatic gearbox ???

Red J
Member
5 years 2 months ago

Well done, sir !!!

Chicago Swede
Member
5 years 2 months ago

God Bless the English. Just like Churchill, SAAB will prevail!

spacy
Guest
5 years 2 months ago

I thought the 95 Sportwagon Aero TTiD, had a minimum of 160g/km emissions

Red J
Member
5 years 2 months ago

It is a little bit weird, but the UK price guide is the only one showing correct CO2 values.

spacy
Guest
5 years 2 months ago
spacy
Guest
5 years 2 months ago
zippy
Member
5 years 2 months ago

One thing for sure, VM doesnt give up easily.

Saab Up!
Victor Up!

Tilley
Member
5 years 2 months ago

Where did I read this?

“SAAB, the car company with ‘9’ lives”.

I wonder how many we are up to now? Let’s not use up any more, please. Too much stress.

anders
Member
5 years 2 months ago

Cats have nine lives, we have way more.

Tilley
Member
5 years 2 months ago

Ah, good to hear. I hope it’s ’99 or 900, or maybe even 9000′ !

900 classic cab
Guest
5 years 2 months ago

Nice work ! Almost there…almost there.

JH
Member
5 years 2 months ago

Very good news! Even if everything is not sorted out yet, things are definitely moving in the right direction! 😀

Tomas TL1000R
Member
5 years 2 months ago

Whats happening in the end of july? Do Saab have any money to pay there employee? Just a question, to start the production takes about two weeks and how much money can they earn in that short period of time? 10 000+ cars in stock is good but can Saab afford to pay in advance if necessary?

I keep my fingers crossed and hoping for the future. It´s not going to be easy but it must go even if it will take years to show black figures. Believers and wealthy investors is the key.

WooDz
Member
5 years 2 months ago
25 Million: First up I just want to say Thanks to JEFF for predicting the future in his post June, 23rd. There were a lot of nay sayers to SAAB pulling the Gemini Joker card with such a low share price. Just goes to show that Muller knows what he’s doing even if I have doubted his talents at times. Victor I will buy you beer when me meet in Frankfurt, or better I throw a free After show party for you guys. SAAB Logos: I love the griffin but I don’t see it as the be all and end… Read more »
Börjesson
Member
5 years 2 months ago

WooDz, if I remember correctly Jeff was talking about the GEM fund. This is Gemini. Not the same animal. 🙂

Jeff
Member
5 years 2 months ago

Yep, different WooDz, though credit is always fun. I almost wanted to put Gemini in there too since that seems to be Victor’s preferred hat to pick rabbits from, but I hesitated because I didn’t want to start another conspiracy theory thread about who is really behind Gemini…

Either way, I’m just happy the money is being transferred, and hope the Chinese get all the approvals necessary. Time to start being productive and covering the good things about Saab, not the day to day financial deals.

BoeBoe
Member
5 years 2 months ago

You are confusing GEM (GEM Global Yield Fund Limited) with Gemini (Gemini Investment Fund Limited) those are 2 complete different things.

SAAB LANCE
Member
5 years 2 months ago

————CLEAR ZZZZZZ———-CLEAR ZZZZZZ———-CLEAR ZZZZZZ—^—^—^—^—^—^—!

Momcat
Member
5 years 2 months ago

+2 😉

Ronnie_Rad
Member
5 years 2 months ago

you must be kidding me…

Go drive your audi into a tree.

Chris Carrier
Member
5 years 2 months ago

What the heck is wrong with you? You come on talking about your new car by a competitor and expect kindness when Saab is in this crisis? “Mean” to you??? Read your post — what’re you, drunk right now or something?

Jeff
Member
5 years 2 months ago

Please don’t flame the guy, he comes here from time to time to tell us about his new Audi for reasons none of us really know. We mostly just let him be. I will say though, if he ever calls anyone here a bitch again, his IP will be banned.

till72
Member
5 years 2 months ago

He should remember that we know that he traded bla bla bla Saab bla bla bla for Audi bla bla bla….

Chicago Swede
Member
5 years 2 months ago

I have so much to add here, but I promised Jeff I wouldn’t. I will just say there is a reason you live in Ohio.

Toby K
Member
5 years 2 months ago

Its pretty sad isn’t it? His Mum must love tho’ I guess….

JasonPowell
Member
5 years 2 months ago

Really? Why do you keep coming back here? Sometimes you say some nice stuff about Saab, but then if people don’t engage in commenting on your comments, you say something to get people mad. I think you need this group more then any of us need you, who will listen to you if you don’t have this forum to annoy people on? Stop wasting forum space with your comments and don’t be so disrespectful to call people bitches.

Daniel B
Member
5 years 2 months ago

Welll I assume your Audi has about the same driving experience as sitting on top of an half melted brie so… godd luck to you and your car my friend;)

katar1na
Member
5 years 2 months ago

You are just simply envious, man!

Confess – you just can´t handle the turbo – ha!
It takes real men to drive a SAAB. Or women.

It´s okey – you drive your Audi and the rest of us cars.

Be careful, dear friend. The brake system is a common failure for your beloved thing with weels.

SaabSouth
Member
5 years 2 months ago

This feels like starting an old lawnmower after the winter, bloody hard to get it going but once it starts it works well. Whilst it is good news for the employees it is not the news we need…… when will production start?

wpDiscuz