Goodbye Youngman (again)

While we are waiting for a confirmation on a sale of Saab it is surely worth mentioning that Johan Nylèn, lawyer and spokesperson for Youngman in Sweden, told SVT-Västnytt that they did not have contact with the receivers for a while. Very interesting also that according to him the receivers did not even react on the recent, new, bid. I can imagine Youngman damaged their own credibility too much or they simply came too late.

So the plot thickens that the buyer will be NEVS – but there is still room for a surprising comeback of another party. We’ll see.

29 thoughts on “Goodbye Youngman (again)”

  1. I’m hoping a white knight will swoop in and save Saab from the clutches of NEVS. A bit over twenty years ago a supposed white knight swooped in at the eleventh hour and saved Saab from the clutches of Fiat. However white knights aren’t always what they appear to be and that knight turned out to be a very dark shade of grey, if not totally black.

    Here’s hoping that there is still a white knight out there for Saab?

  2. Well, the sale to NEVS seems a done deal… Did anybody from the SU team get hold of any of the NEVS guys to ask what they really plan to do? Is this a ploy to protect Volvo from any serious competition globally, or an actually sensible gambit by BAIC to leapfrog SAIC, Geely and the rest?

  3. The surprising comeback of a former owner does me think about the Wallenberg familiy. Am i right? Who else could be an surprising owner who cuold make a surprising comeback and wasn’t it so that their name for a few months ago was to see amd read here in a another topic?

      • The reason i thougt that was:
        “So the plot thickens that the buyer will be NEVS – but there is still room for a surprising COMEBACK of another party. We’ll see.”
        And the word: COMEBACK did me think about the Wallenberg faimily, a former owner and so also another party.
        Then my gues will be: Pang Da? Or Mister Antonov?
        However, there is only 1 thing important: That SAAB is going to live again and then as never before.

      • Well Till, IF that is pure speculation, I don´t want it at all… it´s getting too hard to take all twists and turns and various rumours…:)

        BUT if you have som confirmed info from a source then we´re hopefully in for some exciting couple of weeks…

        /Daniel

  4. Godbye Youngman = Goodbye SAAB …………………….sad but true
    There never going to be a SAAB Car again.The sell to NEVS may not even cover the cost for the admins
    And any work in Trollhättan we can now forgett exept battery production.
    What about Saab Parts then ?
    What about phoenix ?

    For me NEVS not even intressted in making cars ..

    • But really, griffin up! Do you really think they pay a lot of money for a _car_ factory and a _car_ brand and then starts to produce batteries? That would be stupid to say the least…
      We dont know what Nevs plans are, but I think we van be assured they have a plan with a decent chance to make profits. Again, something else had been really stupid. Investors dont work to loose money, they’re goal is to gain some cash…

      • Yes I guess so. If NEVS will produce cars, electric or biofuel or what ever, they need a spearpart organision and what I heard NEVS has no interest in SAAB PARTS.
        The admin goal is to gain cash…but if they have a bid on 4,0 Billion and take a bid on 1,5 Billion that must
        be a nail in the eye for the the former contractors to SAAB. The have clame as well and want there money..
        I’m shoure no one , not even the admns know the plans from NEVS but as I heard so far I just think it’s a dead end.

        And then I ref to ttela.se (googletranslate)
        ==================================
        According to TTELA it should not just be about the production of electric cars by the consortium, the National Electric Vehicle Sweden (Nevs) are interested. It will also involve creating a facility for production of electricity from biomass, and production of batteries for the automotive industry.

        According to one source, an American company, Prudent Energy, as the battery manufacturing partner.

        In the review of the most important person behind Nevs, future CEO Kai Johan Jiang, who TTELA made ​​it clear that biomass and bioenergy production is a core business of the companies he is involved in – State Power Group and the National Bio Energy in China .

        And according to another source, the battery manufacturers interested party to be the U.S. company Prudent Energy, headquartered in the U.S. but also in China. The company owns several patents in the production of batteries and what’s more it stays the company’s president, Johnson Chiang, the board of the State Power Group, bioenergy company in which the protagonist behind Nevs, Kai Johan Jiang, is the founder, CEO and Chairman. TTELA have searched Johnson Chiang but failed.

        From Nevs page says it TTELA’s tasks as follows.

        – I regret to fit on this issue right now, says spokesperson Mikael Östlund and declares that it will be able to answer any questions if you succeed as a Saab stakeholder.

  5. SU, this orchestrated is it/ isn’t it reporting is doing no one any good. The headline yesterday was unsubstantiated as is todays. Let’s just wait and see?

  6. I’m just curious of how many accounts registered on SU that belongs to the PR firm Springtime that does all the communication for NEVS… many positive comments about NEVS and many negative about YM… coincidence?

  7. “Goodbye NEVS” title would make my day.

    This morning, when I was reading news on TTELA about plans for battery production and production of electricity from “biomass” (whatever that is), staring to imagine the once upon the time proud SAAB workers assembling batteries and blending bio-trash, I felt really bad.

    Once more: please anyone else then these people! Mahindra, I promise I will park a SsangYoung jeep next to my 9-5 if you Buy SAAB!

  8. NEVS will most likely collaborate with; Mahindra, Youngman or Baic once a deal is signed, where those companies take a part ownership or become a customer to the services that NEVS + Saab can offer. Right now everyone saves money by not bidding any further, and waiting for the deal between NEVS and the lawyers to be done.
    As they say: this ain’t the beginning of the end – it’s the end of the beginning.

    • Which just confirms my theory of SAAB being supplier of batteries, hybrid platforms, production facilities etc but not cars! At least not in huge numbers.

      And the latest plans of producing “biomass” energy instead of taking over SAAB parts just makes me cry!

  9. Time for a reality check…

    Yesterday, Swedish newspaper SvD talked to the head of The Swedish National Debt Office, and it’s not pretty…

    The state took Saab Parts AB and Saab Tools AB as securities when they in turn secured the EIB loan on 2.2 billion SEK. The state had to repay the loan to the EIB and now they want the taxpayers money back. Seems like Saab Parts AB is not at all worth any 2.2 billion SEK, but rather only 1.2 billion SEK. The reason seems to be disruptions during the bankruptcy and the bankruptcy of the US operation. The article also mentions problem with warranties and the fact that many dealers have found parts from other sources. If the state cannot sell it for a reasonable price, then they will keep it. He goes on to talk about expanding the operation to include parts for other car brands to make the operation more profitable and to generate some money back to the state in the years to come.

    Saab Tools AB is also a problem. It is valued to about 500 million SEK. If a buyer wants to produce any of the current models, they have to include Tools in the purchase. But, while Tools were supposed to be a debt free operations it somehow built up debts before the bankruptcy. And since the state is a unprioritized creditor, it’s a long shot getting any money there. The article goes on to reason that the Debt office will try to persuade a buyer to free Tools of it’s debts.

    http://www.svd.se/naringsliv/branscher/industri-och-fordon/riksgalden-fast-med-saabs-reservdelsbolag_7261067.svd

  10. Are we to read into this that YM originally made a $492M bid but the receivers had little or no contact with YM; and then a renewed $552M bid from YM was completely ignored?

    Something is very odd in all this. If these YM bids are correct then I have to question the process the receivers followed. Perhaps there was always going to be the same winner in this, NEVS.
    Something scared M&M off earlier as well and I am beginning to think I can see why they gave up.

    It appears the only casualty is SAAB 🙁

  11. The only problem with speculation is that it leads to even more speculation that could be damaging the brand even more. Could it be that NEVS is a ‘front man’ for BAIC? Ooops, some speculation on my part. 🙂

    We just dont know what NEVS’s plan is for Saab so its probably best for us to just wait and see.

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