Nevs has signed a Strategic Collaboration Agreement with Panda New Energy Ltd., about 150,000 9-3 Sedan EV
National Electric Vehicle Sweden (Nevs) and the Chinese company Panda New Energy Co., Ltd. have signed a strategic collaboration agreement. According to the agreement, Nevs will provide Panda with 150,000 9-3 sedan electric vehicles until the end of 2020. In addition, the agreement also includes 100 000 other EV products and services from companies associated to Nevs and its owners. The total value of the agreement is 78 billion RMB.
Press Release from SaabPartsUK
■Parts production restarts at Trollhättan plant
■Fully assembled car parts and other components purchased from Saab Automobile’s bankruptcy estate
■New contracts signed with key suppliers
■Further reassurance for UK Saab owners and authorised repairers
Saab Parts UK welcomes the news that parts production will restart at Saab Automobile’s press and body plant in Trollhättan.
Saab Automobile Parts AB recently signed an agreement with the administrators of Saab Automobile AB allowing them the use of Saab’s press and body shop plant, including the specialist tooling, for the manufacture and assembly of body parts. A second agreement was also signed to acquire a large number of fully assembled parts and other components.
Lennart Stahl, CEO of Saab Automobile Parts AB, said: “These agreements, together with recently signed new contracts with key suppliers, are part of a comprehensive program to ensure a consistent supply of parts for Saab vehicles, both short and long term.”
Saab Parts UK has been successfully trading for almost four months, whilst growing its network of authorised repairers and welcoming customers back to the brand.
Alan Cowan, Sales Director at Saab Parts UK, said: “This is great news for Saab customers and our network of authorised repairers in the UK.
“Now that the press and bodyshop plant have restarted production and new agreements have been signed with key suppliers, we should see parts availability back to the levels they were at before Saab Automobile stopped production.
“UK customers can continue to be confident that their Saab will be serviced and maintained by a team of highly skilled and qualified technicians who have the product knowledge and technical training to keep their cars in the best condition possible. Only Original Saab parts are fitted and are backed by a two years’ manufacturer warranty.”
TRADING UPDATE SWEDISH AUTOMOBILE N.V. (including SAAB AUTOMOBILE AB)
THIRD QUARTER 2011
Zeewolde, the Netherlands, 18 November 2011 – Swedish Automobile N.V. (Swan), a holding company that owns
subsidiaries which produce and sell premium automobiles under the Saab and Spyker brands (together referred to as the
“Group”), today issues a trading update for the third quarter of 2011 ended 30 September 2011. The Group is listed on
NYSE Euronext Amsterdam (ticker symbol SWAN).
- Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB (together Saab Automobile)
entered voluntary reorganization under Swedish law
- Longer term future and stability for Saab Automobile expected after signing of a memorandum of understanding with
respect to a EUR 100 million conditional agreement on sale of all shares in Saab Automobile and Saab Great Britain
Ltd. (Saab GB) to Pang Da Automobile Trade Company Ltd (Pang Da) and Zhejiang Youngman Lotus Automobile
Co., Ltd. (Youngman)
- Conditional agreement reached on sale of Spyker Automotive business to North Street Capital, LP with net proceeds
for Swan of EUR 32 million
- Efficiency improvement initiative launched as part of voluntary reorganization process, in order to create more
flexible and competitive cost structure
- Finalizing voluntary reorganization process, implementing revised business plan and restarting sustainable production
top priorities for Saab Automobile management
- Sales performance seriously affected by production stoppages and tight liquidity situation during third quarter
Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that it entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100% of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of EUR 100 million.
Final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman, which will contain certain conditions including the approval of the relevant authorities, Swan’s shareholders and certain other parties. The consideration of EUR 100 million will be paid in instalments. An important consideration for Swan to enter into the transaction is the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile.
The administrator in Saab Automobile’s voluntary reorganisation, Mr. Guy Lofalk, has withdrawn his application to exit reorganisation. The MOU is valid until November 15 of this year, provided Saab Automobile stays in reorganisation.
Trollhättan, Sweden: The Saab 9-5 Sedan 2.8V6 Turbo has been named Car of the Year in Singapore by a prestigious Consumer Guide, published by Wheels Asia. The annual ”Car Buyer’s Guide 2011/2012” ranks all models on sale in Singapore, and the Saab 9-5 was favorably compared with the Audi A6 and BMW 535i in the Executive Sedan class.
– We are very happy, says Jonas Hernqvist, Regional Manager for the Asian markets. The markets in Asia are demanding and Singapore especially so, since it so restrictive when it comes to car imports. Therefore it is particularly gratifying and encouraging that the Saab 9-5 is honored in this way.
Saab Press Release October 7th 2011
Press Release from Saab.
Saab Automobile Signs EUR 70 Million Technology License Agreement.
Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile) signed a technology license agreement with a special purpose vehicle named Swedish Automobile coöperatief U.A. (SPV). The license agreement relates to the non-exclusive rights in Saab Automobile’s Phoenix architecture technology for a consideration of EUR 70 million.
As part of the transaction, Youngman has also signed a technology license transfer agreement with the SPV on purchasing the license and providing a guarantee for its payment of the license. This commitment of Youngman and the technology license agreement between Saab Automobile and the SPV are part of a bridge financing transaction. This bridge financing transaction and receipt of funds by Saab Automobile are still subject to finalization of definitive transaction documentation with the lender that will provide the bridge loan.
It is the intention to repay the bridge loan with the proceeds of the EUR 245 million equity investment of Pang Da and Youngman, which is still subject to approval of the relevant authorities.
Swedish Automobile Issues Subscription Notice Under GEM Facility
Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces today that it issued a subscription notice for 4 million shares under the current EUR 150 million equity facility between Swan and GEM Global Yield Fund Limited. The exact number of shares to be issued and the price thereof will depend on the pricing period which commences today.
Swan and Saab Automobile AB continue their discussions with parties to obtain further short-term funding to be able to restart and sustain production.
SU commentary: To me this is a plan B. It looks like Saab is taking measures to be able to pay the August wages, just in case plan A can’t be fulfilled fast enough.
This is my personal assumption and not a fact.
Discussions About Sale of Saab Property Ongoing
Trollhättan, Sweden: – Spyker Cars N.V. (Spyker) announces that discussions about the sale and lease back of the Saab property are still ongoing as indicated in earlier statements. Spyker expects to make an announcement about the sale of the Saab property shortly, provided that final agreement has been reached.
From my point of view this is not news at all, as I thought they were working on that no matter what the news agencies said. But it is nevertheless interesting to know that they can have a solution for that shortly (till Friday??).
It is the second positive press release for this morning, which is good to keep the positive mood arround Saab while the supplier discussions are on-going. 🙂