Ttela: Saab gets funding

Just appeared on ttela.se:

On Friday, the Chinese company Youngman paid around 34 million Swedish kronor. The money will cover the Saab Automobile taxes and fees to the tax, according to Dagens Industri.

According to the newspaper’s source Youngman will be on Wednesday, pay a little more than 180 million that will go to staff salaries. Before December is over, Saab will also be added about another 90 million.

– Information and documentation will be forwarded to Vänersborg before 13 o’clock on Thursday. Thus, reconstruction continue, “said the source, which is related Youngman, to Dagens Industri.

However, there are no data indicating that its Saab would have paid their taxes to the Tax. Monday was the last day, but it takes five days for the Tax Board to see if the money is in Saab’s account at work and then there are further milestones before there is a definitive record on 6 January.

Looks like Rachel told the truth in today’s interview. The mentioned sums would be enough to pay the salaries which would bring Saab in a much better position when it comes to the court decision on Friday.

Of course this is not the big deal but it could buy the time to finalize the plans Saab is negotiating with Youngman. As we could read today, those will most likely take a bit more time than until Thursday.

Additional news are that Victor is in a meeting with the NDO tonight but there is no further infotmation available yet.

saabtec
Member
4 years 9 months ago

This is clearly a step in the right direction.

Carlo A
Member
4 years 9 months ago

Good, it is moving ….. I am very happy …………………

Griffin Up !!!

bpsorrel
Member
4 years 9 months ago

Me too! And….Rachel Up!! 🙂

paul
Member
4 years 9 months ago

+1 for both!

kochje
Member
4 years 9 months ago

+1
Saab Up

saabdog
Member
4 years 9 months ago

Wow…just wow!

OddJob
Member
4 years 9 months ago

Seriously, this is really good.What a day : )

Karl Ask
Member
4 years 9 months ago

YES!!! YES!!!! GRIFFIN UP !!!

Tilley
Member
4 years 9 months ago

There are obviously people/companies that really believe in Saab. There’s no other way to look at it.

Henrik B.
Member
4 years 9 months ago

Or believe in the techonology and future development of Saab….

Cheers!

Angelo V.
Member
4 years 9 months ago

Under any reasonable point of view, this has to buy time. This is showing good faith and good intentions. If they get tripped up somehow, it will be further evidence that there are people working against this for sinister reasons.

Coke is it
Member
4 years 9 months ago

Can Saab finally get a rest from working out new deals and start concentrating on restarting the factory?

Anyway, good news 🙂

richard
Member
4 years 9 months ago

This is a very reassuring next step in the process. No company throws in that amount of money unless they are fairly certain things will progress to a satisfactory conclusion and agreement – especially considering this money will go to salaries which I assume would be pretty much unrecoverable should things not work out. Youngman is showing VERY good faith in the process and the hopefully forthcoming deal later this week.

I’ll ease up on the F5 for now, knowing that noses are to the grindstone in these 11th hour negotiations. 🙂

Angelo V.
Member
4 years 9 months ago

Richard: You are absolutely right. Doesn’t matter who the company is—-and especially in today’s China—-companies are not in the business of throwing millions of dollars down a rat hole. They are indeed showing good faith and it’s apparent they have reason to believe this is going to work out with the Saab name surviving on new automobile production for years to come. I’m very encouraged—-we’re not nearly out of the woods yet, but a few steps closer to getting there.

Henric Tungström
Member
4 years 9 months ago

I don´t think Youngman would do this if the rest of the negotiations looked bad.

kochje
Member
4 years 9 months ago

agree with you.

quickbird
Member
4 years 9 months ago

Guys, what kind of tax and fee of tax Saab need to pay? It is a dump question, but still want to know…

quickbird
Member
4 years 9 months ago

Sorry, it is dumb, not dump…

Saabissimo
Member
4 years 9 months ago

VAT and National Insurance contribution would be the UK equivalent. (Moms och arbetsgivaragifter). These are paid monthly and due date is very strict.

quickbird
Member
4 years 9 months ago

I see. Thanks for the answer, Saabissimo!

ivo 71
Member
4 years 9 months ago
Well, probably not VAT, you have to sell something to have to pay that 🙁 . In this situation, Saab is probably eligible for VAT refunds. But perhaps the social stuff related to previously paid salaries? However it is, since I doubt Youngman is in this in the role of a philantropic institution, it would seem that they really, really want to push through with the acquisition of Saab. Good for them and good for Saab! I saw some Chinese members write here that Youngman is seen like a bit of a cowboy outfit in China itself. So, to paraphrase… Read more »
Saabissimo
Member
4 years 9 months ago

Yep, the social stuff is what I called employers NI contribution in UK lingo (National Insurance = Social Security). Plus also witholding tax (preliminarskatt) related to employee salaries which I forgot to mention.

And you’re right, they may very well be eligible for VAT refunds the way things are now. Let’s hope they start selling again soon…

Saabissimo
Member
4 years 9 months ago

Good news – buying time. Let’s just hope that the Wednesday installment comes through as promised so that the Thursday meeting will have a positive outcome.

One little note: “Financial Times” in the googletrans above should actually read “Dagens Industri”. The little google-monkeys typing translations take artistic liberties sometimes.

TurboLover
Member
4 years 9 months ago

Have had some problems with my OG900, so I gave it to another entusiast instead of selling it for a few K on the open market. Then I looked at SU again and great things have happened for the our favourite company!
I must have contributed with some Karma 😉

USAaber
Member
4 years 9 months ago

Did I notice champagne-corks making sounds like they are starting to slip out of the bottle necks???

It is St. Lucia’s day tomorrow (13th) in Sweden – maybe a Lucia will bring not only light,but spread some other cheer (signed contracts) as well!!!

Baver
Member
4 years 9 months ago

That would be nice, but no corks until Saabs begin to roll off that assembly line in Trollhättan and suppliers are paid (at least from my perspective).

Angelo V.
Member
4 years 9 months ago

Baver: Agreed. Your perspective is a prudent one. But that said, I think this is a good sign that were another step closer to the things you mentioned happening.

No 9
Member
4 years 9 months ago

What a gut wrenching experience!
Rachel for Pres!

reindeer
Member
4 years 9 months ago

Rachel for Pres! VM for CEO! Someone lease that woman an office in Tollhattan and lets get things rollin.

Ronnie_Rad
Member
4 years 9 months ago

The Mullinator has done it again !!!!
Go Mullinator! Go Rachel !

JasonPowell
Member
4 years 9 months ago

Love it, the Mullinator

Nate 9-3
Member
4 years 9 months ago

GET IN THE CHOPPER!

Hirsch
Member
4 years 9 months ago

Here’s to a Merry Christmas in Trollhatten!

phermansson
Member
4 years 9 months ago

Hate to spoil the party but I have heard from a VERY trustworthy source that the money is not in Saab’s accounts yet… until the money has been paid to the employees nothing is certain =(

talladegan
Member
4 years 9 months ago

No problem Tim. In fact the articles mention that the monies are not in yet.

Angelo V.
Member
4 years 9 months ago

Nothing is certain in life. This is still good news—-much, much better than what might have been reported today. I’ll take any “non-bad” news we can get at this point and think the positive thoughts!

MeanSabean
Member
4 years 9 months ago

Here’s to a great Job Victor and all the Saab and Chinese teams!

Griffin Up!!!!!

Moody Saaber
Member
4 years 9 months ago
This barely surving situation reminds of a patient being on life support. After being on the ventilator a sufficient time to let the patient survive, it’s sometimes best to pull the plug to end the suffering misery. If God were to perform a miracle by letting Saab reach the point of building cars again in Trollhattan, I wonder how many people would be confident enough to buy one. How many SU members are ready to buy a new 9-5? There’s still some out there. Open your wallet and ger out 40-50 grand that may soon be obsolete. I’m not out… Read more »
fvh
Guest
4 years 9 months ago

That’s why I traded my 2009 SAAB 9.3 XWD for the 2011 Audi A4 quattro. I was very uncertain about the future of SAAB and what my car would be worth of the company went under. I really hope SAAB survives. I think SAAB has excellent technology and is a promising company.

923m
Member
4 years 9 months ago
I took delivery of a new 9-5 at the end of October. I’m one who’s certainly hoping that SAAB is able to get back on its feet. On a somewhat related topic: While the 9-4X hasn’t made much of a dent in the US sales-wise, the SRX has been Cadillac’s best-seller the past two years: around 51,000 units in 2010 and over 49,000 by the end of November 2011. And yet unsold 9-4X’s sit on dealer lots. Had the 9-4X been introduced when originally scheduled or at least at the same time as the SRX, SAAB might be in slightly… Read more »
Moody Saaber
Member
4 years 9 months ago

You make some good points about the 9-4X.

Peter, Sweden
Member
4 years 9 months ago

I’ll get a 9-5 in spring. If it’s going to be new or used car is up to VM, YM and partly GM, though 🙂

Petteri
Member
4 years 9 months ago

Do you believe Youngman is in this for the short term?

Kimberly
Member
4 years 9 months ago
If they do reach a deal and can pull an end-around on GM without pissing them off to the point where they refuse to supply parts, SAAB needs to do the following: * Bring the 2.8T back in the 9-3, bumping up power to the 321hp (STOCK!) that you can get in a bone-stock Opel Insignia OPC * Drop the MSRP on the entry-level trim levels * Bump up power accordingly in the 9-5x (and drop MSRP on entry-level trim levels) * Bump up power accordingly in the 9-4x (and drop MSRP on entry-level trim levels) * ALSO offer Hirsch-tuned… Read more »
talladegan
Member
4 years 9 months ago

Well Kim I think SAAB is and always will be a niche product…it’s kind of what they’re meant to be! Although I agree with your points!

Kimberly
Member
4 years 9 months ago

Being a niche product in the auto industry only works if you’re making supercars and charging 150K+ per unit and selling a couple thousand per year, or 500K+ and selling a couple hundred per year, and don’t have to concern yourself with thousands of employees.

Tripod
Member
4 years 9 months ago

Not completely true when it comes to the numbers. Morgan Motor Company has been around since the beginning of the last century; they make, what, 700-900 cars per annum, of different models, with a price range of around £30-100k. But they are quite special. That said, I don’t think that Saab should be that kind of niche product and it has never been; as for niche products in general, they have been a mass volume producer in the lower end.

jonthaa
Guest
4 years 9 months ago

The 2.8 is not the most fuel efficient engine available on the market. When other brands are focussing on downsizing, it’s not in Saab’s best interest to ignore that fact. On top of that, the 2.8 is a GM product, and the current crisis has clearly shown that Saab needs to be less dependent on GM, not more. So no, don’t bring back the 2.8.

Peter, Sweden
Member
4 years 9 months ago

Isn’t Saab forbidden to have high-power engines until like 2013, according to some deal with GM?

ivo 71
Member
4 years 9 months ago
I just dont understand why so many Americans insist on gas-guzzling megapower under the bonnet when there is no road in the USA where you are allowed to go faster than, what, 70 or 80 mph? Germans, yes, I could comprehend that with their highways without speed limits but what do you really do with 300+ HP in the USA except accrue a lot of speeding fines? As I see it, the vast majority of prospective Saab drivers would be more than satisfied with much less powerful engines. It’s not the speed but other qualities that imho compel someone to… Read more »
Mark
Member
4 years 9 months ago

good news!

skn
Member
4 years 9 months ago

Dear moody saaber

I did – a gorgeous 9-5 aero with all the fixins

So did others – I’m slowly but surely seeing more on the road

Get over yourself

Chris Hansel
Member
4 years 9 months ago

Anyway you cut it this is good news. What it tells us is that Youngman is here to stay and will be at the other end of this drama, when it is over. I never thought of a Chinese Santa Claus, but the more I think of what Youngman is doing. the more I see them in that light way.
Chris

David Lawrence
Member
4 years 9 months ago

Well, I just sent the best karma I possibly could. Damn the torpedoes, full speed ahead. Today I just took delivery of my 2nd 9-5 (this time a 2008 SportKombi) and my 3rd Saab overall. We are now a 2 Saab family. Are we crazy? Probably. Problem is . .. . after months of looking. we just did not see anything else out there that we liked . . . .at any price.

Fingers crossed!!!

davidgmills
Member
4 years 9 months ago

Money!!!! Maybe. When it is in the bank I will believe it.

I am just not sure why Youngman would do it with all the uncertainty, unless they really have some serious money behind them and can make an offer all parties can’t refuse and are waiting to see just how low they can go to buy Saab.

SaabKen
Member
4 years 9 months ago

Alright, I’ll admit while this all sounds like good news, where are things right now as far as the restructuring plan goes (with GM) in terms of split % partners that they will approve. That is, assuming GM’s approval is still required in the equation.

Peter, Sweden
Member
4 years 9 months ago

I doubt it is – it seems like funding, investment and loans is the (only) way to go from now on. If there’s is such a mutual trust between Swan and Youngman, it actually also sounds like a very good scenario where we don’t have to rely in GM nor in EIB (if all goes according to plan) – not sure how much the NDRC will say about it, though.

wfg
Member
4 years 9 months ago
Great news, lets hope that this is just a beginning of the solution that brings a bright future to “our” Saab…and you know what: I somehow feel it. In my country we have a small tale: “Two frogs dropping in a pail filled with milk. They struggle and struggle but there is no hope. With time one of them, does not see any chance and gives up while the other keeps on struggling and….the milk turns to butter and the brave little fellow can jump into freedom.” Its just I feel on the guys at Saab now. Yes they struggle… Read more »
dezzer
Member
4 years 9 months ago

and a very merry xmas to you…lets hope that 2012 is a good year for SAAB and brings a little more stability to all those SAAB employees world wide.

Cecilia
Member
4 years 9 months ago

Yes!!! Please God, let this be really happening. ( I don’t want anything else for Christmas… ; )

TurboLover
Member
4 years 9 months ago

It is today the day when the Bride of Light comes to us and sings for us. She asks us to hold out a little more, because soon the light will start to win over the darkness and the days will get longer… Can Rachel Pang be our Bride of Light?

Have a great Lucia everyone!

michaelb
Member
4 years 9 months ago
This is just a story from Ttela, usually well informed, but nevertheless. Moreover, the payment in very small tranches is indicative that the deal is not done nor assured. Probably approval by the Chinese bank and by authorities needed, furthermore, that they want to talk to GM and maybe other stakeholders before the big sums would come. It is a glimmer of hope, not more. Compare it to the desparate situation of Saab, and this is the bare minimum or less. Furthermore, even if the big sum arrives, much more is needed afterwards. The brand has been hammered in the… Read more »
Khrisdk
Member
4 years 9 months ago

It is exactly what is needed at the moment. Nothing more, nothing less

RS
Member
4 years 9 months ago
This is exactly the reason why Saab must remain premium. They will never get the former owners back unless they can compete with the manufacturers from the ‘Continental-Europe’ in all phases of the game. The customers that trust them with a new car next year (if Saab survives) must be treated like royalty and I don’t mean by offering cars with resalevalue destroying discounts. What’s needed is stuff like 5 year/150k km warranty, 3 years road assistance, 2 year free service and loyalty bonuses on repairs on used Saabs. Anything that will help trust the company again and show the… Read more »
Angelo V.
Member
4 years 9 months ago

RS: If “remaining premium” means no entry level model, forget it. Saab will not survive trying to compete with Audi and BMW. They can keep high end models in the line-up, but they absolutely must plan for a car that in the U.S., starts around $20,000. A hatchback—-something funky/quirky, borrowing from their past—would put the volume of cars on the road that they need to survive. If this isn’t in their plans, they won’t be around to compete with anyone.

RS
Member
4 years 9 months ago
Does Saab need a 20k USD costing entry model (9-1)? Of course. Should the current cars be sold for a loss? Never. It is possible to manufacture a NG 9-5 costing less without lowering its quality. Obviously not and who in the world would want such a car? We shouldn’t forget it is Saabs big luxury model. What Saab needs is solid offers. A good base FWD Turbo4 with cocoa interior, sunroof and NAVI that you could put a competitive sticker price on to attract new customer. They just never should had tried to force a loaded Aero V6 on… Read more »
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