Chinese buying Saab cars again

This is an official press release from Saab, and is a big relief for many, at least the employees of Saab.

Swedish Automobile Update On Additional Short-Term Funding

Trollhättan, Sweden: Swedish Automobile N.V. (Swedish Automobile, formerly Spyker Cars N.V.) announces that a Chinese company placed an order to purchase 582 Saab vehicles with a total value of EUR 13 million from Saab Automobile AB (Saab Automobile) and the full pre-payment is expected to be received this week, providing Saab Automobile with short-term funding to pay the wages to its employees and make partial supplier payments.

Swedish Automobile and Saab Automobile continue their discussions with several parties to secure additional short-term funding to restart production. There can, however, be no assurance that these discussions will be successful or that additional short-term funding will be obtained. Discussions on the sale and lease-back of the real estate of Saab Automobile are ongoing.

Victor Muller, CEO of Saab Automobile and Swedish Automobile, said: “I am pleased to announce this agreement, as it secures part of the necessary short-term funding for Saab Automobile and allows us to pay our employees’ wages before the end of this month. The management of Saab Automobile is deeply committed to the company and its employees. I respect the decision of the union members to resign from the board of Saab Automobile. We very much regret the current cash shortage which is causing undeserved hardship to all and we are working relentlessly to resolve the current situation. We hope to secure additional short-term funding, necessary to reach agreement with all of our suppliers to restart production, soon.

“Mr. Vladimir Antonov’s interest in participating as an investor/financier in Swedish Automobile remains unwavering, but he is still awaiting a decision on his clearance from parties at interest following the Swedish National Debt Office (NDO) recommendation to clear him over 8 weeks ago. Once clearance has been obtained, Mr. Antonov can provide much needed financing and/or capital to Swedish Automobile/Saab Automobile at this critical time. We are pushing hard to obtain this vital clearance as soon as practically possible.”

Swedish Automobile will update the market of any new developments.

67 thoughts on “Chinese buying Saab cars again”

  1. Nice indeed.

    But: Why is the name of the “Chinese company” not mentioned ? I could be Pang Da, it could be a computer company as well…

  2. The best I see in this new order, is that they must be confident about next steps of short term funding.
    Hope for the best.
    Finger crossed.

  3. Yes – now lets all of us let vm and his team do their hard job. Rejoice when we can – and have the dignity to respect vm and the saab teams dedication the rest of the time. No more kicks in the groin just because we love to kick a man when he’s down, or because we’re too nervous to hold in our inner voice. Patience. Patience. Peace. VM and his team will pull this off. We will have the Saabs we dream of well into the future.

    • Well, in order to get into the position where VM has: requires nerves of steel. So, I am pretty sure he understands we all mean well and probably isn’t taking the complaints personally.

      That being said: you’re right skn. VM & Company deserve a high-five on this one.

  4. How many cat lives has Saab used? VM is one of the great deal makers of all time. Can’t wait for his book, it will be a real cliff hanger! Reminds me of the 1st Rocky movie, where VM plays the part of Rocky. Or maybe Rocky was playing VM?

  5. Great news!
    Made the hairs on my arms rise…

    Have just sent my 9-3 SC to my dealer for service, expecting to buy a 9-3 Convertible this summer, and looking much forward to the 2013 9-3 Hatch!

    SAAB UP!!!

  6. Mr. Muller pulled another rabbit out of his hat, and I am very thankful for that. A sigh of relief. 🙂

  7. Anyone who is planning to buy a new car – now is the moment when it matters. A down payment now will guarantee good tidings later. You could probably purchase later – but put money down for an SC now.

  8. Victor to a smack to the head this weekend but he’s not letting it finish him off. What about the suppliers as the whole reason they aren’t building cars right now is no deal with them.

    Victor Up!!
    Saab Up!!

    Let’s show them there is life in Saab yet!!!

    Now where is that cheering Kermit the Frog animated gif? 🙂

  9. I have been checking SU on my phone all day yesterday, all night (woke up a couple of times) and this morning continously. This is great news!
    My only question so far? What Chinese company?

    Let`s hope everyone that can help this situation out (Swe gov, EIB, etc.) really makes an effort to put Saab back on its feet. Saab only managed to get above the surface to get a sip of air I`m afraid.

  10. hello, i waiing of my saab cabrio griffin from april2011 and mayby i have it in september????
    thanks of all and dont forget sponsoring the plate of saabunited.

  11. Good work by Victor!

    I must admit, he is dedicated to make Saab a successful company.

    Now, it is time for some of our Swedish administrative authorities such as the police department and so on to place orders for new Saabs. Can’t believe how many German cars that has been bought by our tax money, they are everywhere (the police dept usually buys Volvo and Saab so they are not to blame for already bought cars).

    Save Saab by ordering great Saabs.

  12. So that’s a good start… phew.

    Am I the only one who reads the last paragraph as “we’d have the short term solution in VA but we’re blocked by third parties”?

  13. Come on guys, were you really that worried about the situation? If we, as a fan community, can’t put our faith in Victor, how can we expect other people to do it — SU has been like the comments section of the last couple of days.

    • No lost faith here. Things have been much worse back in 09.

      The problem here is that there was a lot of speculation based on facts that are only part of the complete scenario.

      It’s tough, but it’s not over. Not even close.

    • I think “some guys” were just cheering him on. They’ve heard VM works best under pressure.
      One dude even got the champagne on ice waiting for good news to pop 😉

  14. It is good news, but it is all very hand to mouth. Saab needs some stability and normality to give confidence to dealers and buyers.

  15. Great news and it almost felt as if it was the expected possible solution as it seems VM has done this over and over again, well done!

  16. So they use this money to pay the wages but is it really enough to get the production up and running again? Do we know who this chinese company actually is and do they know there is still a high possibility they might not see their cars…. I hope this works because for us working in a saab dealership things are not good!!!

    • This should only be the money needed to break the circle of waiting on others to act first.
      Next step should be the leaseback deal, and then the EIB..

  17. I’ll tell you, my bookcase fell over as I was trying to sleep last night, mostly unsuccessfully, and I for some reason thought it was a bad sign. I never should have lost hope in VM! The man is a friggin’ miracle worker!

    SAAB UP!!!

  18. 582 Cars for 13 Mil – that’s a nice discount price (ca. 22000 EUR). Are there any information which kind of cars will be delivered?

      • I took the German pricelist, chooses the basic 93, took VAT away. But I kept in mind that there is something like fleet discount and that the Chinese love bigger cars – so I don’t know if I choosed the right car..

        • Oliver,
          Saab is selling those cars to, let us call it, an importer or a dealership. So those prices are comparable to the price your dealer pays for a car, and not with the prices you pay for a car. 😉

          But, looking at the current situation, Saab might have offered some kind of discount to that Chinese company.

          • I know the conditions of dealer and importing company.
            I would like to point the issue of getting short time fundings and not able to deliver goods or pay bills in the end. The main situation doesn’t got better.
            Also the updated press announcement shows it in a complete sentence/ paragraph.

  19. May I say that being SWAN is a listed company, they can get away without disclosing the name of the mysterious chinese that bought the 582 cars ?

    That said, I am happy and it is good news …. if it gets money into the company.

  20. What if all Saab employees can give up this month’s wages (or take an 8% pay cut) so Saab can pay their suppliers first? That may save the company.

    I sure hope summer break is going to be cancelled altogether if / when productions starts again next week. Too many cars to make to go on vacation! 😉

  21. I hope this isn’t Saab’s version of Music Man. I won’t blame VM though, I’ll blame the EIB and Maud. I’m really pulling for Saab and VM to beat all odds.

Comments are closed.

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.