Press Release Just In.

Press-Releases, 13.06.2011
saab-automobile-spyker-pang-da-and-youngman-enter-mou-distributionmanufact.

Saab Automobile, Spyker, Pang Da And Youngman Enter Into MOU On Distribution/Manufacturing Partnership For China And Equity Participation
Trollhättan, Sweden: Spyker  Cars N.V. (Spyker) announces today that Spyker, Saab Automobile AB  (Saab Automobile), Pang Da Automobile Trade Co., Ltd (Pang Da) and  Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman) signed a  non-binding memorandum of understanding (MOU). The MOU includes an  equity participation in the total aggregate amount of about EUR 245  million as well as a strategic alliance consisting of a three partite  distribution joint venture and a tripartite manufacturing joint venture  for Saab-branded and child brand vehicles in China.

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Press Release: On the temporarily production Stop

Saab Automobile Temporarily Suspends Production Pending More Stable Inflow Of Components

Trollhättan, Sweden: Saab Automobile today decided to temporarily suspend production at its production facility in Trollhättan. The seven-week production stop in April and May has not just affected Saab Automobile, but particularly also its supplier base. While Saab Automobile booked lots of progress and reached agreements with the vast majority of its supplier base, negotiations with a number of suppliers on payment and delivery terms are still ongoing. These negotiations are expected to be finalized shortly.

Saab Automobile is working on a number of initiatives to secure further short and medium-term funding.

Read morePress Release: On the temporarily production Stop

Nice Residual News from Saab GB

SAAB ON THE MOVE WITH RISING RESIDUAL VALUES (PRESS RELEASE)

  • Analysts and leasing companies raise residual value forecasts
  • Improvements outperform market trend, reflect growing confidence
  • Most powerful sub 120g/km diesel Saloon and Estate on sale in the UK
  • Saab GB celebrates with sales up 73.5 per cent in Q1
  • Saab GB expands Corporate Sales team
  • Read moreNice Residual News from Saab GB

    Press Release: Saab Automobile Enters Agreement With Hawtai Motor Group On Strategic Partnership

    Trollhättan, Sweden: Following yesterday’s announcement that Spyker Cars N.V. (Spyker) secured its short term funding, Spyker announces today that Spyker and Saab Automobile AB (Saab Automobile) signed an agreement with Hawtai Motor Group Company Limited (Hawtai). This agreement conditionally secures medium term funding and includes financing in the form of subscription agreements in the amount of EUR 150 million as well as a strategic alliance for China including joint ventures on manufacturing, technology and distribution.

    • Spyker, Saab Automobile AB and Hawtai Motor Group sign agreement on strategic alliances partnership with respect to manufacturing, technology and distribution in China, subject to definitive transaction documentation
    • Spyker will enter into a subscription agreement with Hawtai in the total amount of EUR 120 million for in aggregate 24.6 million shares as well as a EUR 30 million convertible loan, subject to definitive transaction documentation and certain conditions

    As a part of the transaction Hawtai will invest EUR 120 million for up to a maximum of a 29.9 percent equity stake in Spyker on a fully diluted basis. The remaining EUR 30 million will be in the form of a convertible loan agreement in the amount of EUR 30 million with a 6 month maturity, an interest rate of 7% per annum and a conversion price of EUR 4.88 per share. The transactions are subject to agreement on definitive transaction documents and certain conditions, which include consents from certain Chinese governmental agencies, the European Investment Bank and the Swedish National Debt Office. As part of the transaction, Tenaci Capital will convert EUR 42 million of its current loan to Spyker into share capital in Spyker at EUR 4.88 per share, thereby substantially reducing Spyker’s interest burden.

    Victor Muller, CEO of Spyker and Chairman of Saab Automobile, said: “The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan since we secured the required mid-term financing subject to meeting certain conditions, whilst on the other hand it allows Saab Automobile to enter the Chinese car market and establish a technology partnership with a strong Chinese manufacturer.

    “We expect that Saab’s unique brand values based on its aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market. Our driver-oriented vehicles appeal to a whole new group of independently thinking customers who appreciate Saab’s advanced designs, safety and responsible performance.

    “With Hawtai’s clean diesel engine technologies and production capacity, and its ambitious development programs, we have found the right partner to develop the Saab business and build a solid relationship.”

    Mr Richard Zhang, Vice President of Hawtai, said: “This is a great day for our relatively young company which was founded ten years ago. The partnership with the iconic Saab brand will give us access to innovative technologies and an international network which would have taken us decades to build. On the other hand we have a very strong Chinese manufacturing and distribution infrastructure which we will make available to our new partner Saab Automobile. Our participation in Spyker, Saab’s parent company, demonstrates our commitment to the future of Saab Automobile as a premium European car manufacturer.”

    Founded in 2000, Hawtai is a China-based privately-owned automotive company with its headquarters and R&D centre located in Beijing, and two production facilities located in Ordos, Inner Mongolia and Rongcheng, Shandong Province. Hawtai currently has an annual production capacity of 350,000 vehicles, 300,000 clean diesel engines and 450,000 automatic transmissions. By 2015, Hawtai aims to have raised this capacity to 1 million vehicles, 1 million engines and 1 million automatic transmissions, and to have established itself as a global leading automotive company.

     

    Note to Editors:

    Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft Company), was founded in 1937 as an aircraft manufacturer and revealed its first prototype passenger car 10 years later after the formation of the Saab Car Division. In 1990, Saab Automobile AB was created as a separate company, jointly owned by the Saab Scania Group and General Motors, and became a wholly-owned GM subsidiary in 2000. In February 2010, Spyker Cars N.V. of the Netherlands, acquired the company from GM as an independently-run business.

    Saab cars reflect the brand’s unique Scandinavian design ethic, which is fused with its aircraft engineering heritage. The company is a global premium car maker with a distinguished history of innovation. It is recognized for its pioneering role in turbocharging, as well as occupant safety and the introduction of flex-fuel technology through Saab BioPower. Saab Automobile AB currently employs approximately 3,800 staff in Sweden, where it operates world-class production and technical development facilities at its headquarters in Trollhättan, 70 km north of Gothenburg.

    CONTACT:

    Saab Automobile Press Office

    Tel: +46 (0)520 279797

    Press Release from Saab GB: Get set to save with Saab

    It’s not often you get something for nothing, but that’s exactly what is on offer for owners of Saab cars more than three years old.

    Anyone who owns a Saab three years or older automatically qualifies for free membership to Saab’s Service Club, a loyalty scheme that provides a host of exclusive benefits to its members including free visual health checks and discounts on parts, servicing and Saab accessories.

    Alan Cowan, General Manager Aftersales at Saab GB comments: “Saab customers can really make the most of the Saab Service Club and the exclusive benefits it offers.

    “The Saab Service Club offers a cost-effective way to keep Saabs in perfect running condition through their lifetime of ownership and new members can take advantage of the offers and savings available to them immediately after registering.”

    Saab GB has recently introduced a fixed price Annual service for cars that are three years and older for £249 and includes a thorough and comprehensive vehicle check including fluid top-ups and filter changes. An Oil service is also available for £129 and includes oil and filter change, vehicle diagnostic check, road test and wash and vacuum. Both service prices include parts, oil, labour and VAT.

    In fact, it’s not just owners of Saab vehicles three years or older that can take advantage of service offers.  Owners of Saab vehicles under three years can take advantage of a tailored three-year fixed price service plan that covers all regular servicing and takes away the hassle of unexpected annual bills.

    The Saab Service Plans are not only inflation proof, but customers can also decide what level of servicing they want.

    Owners can benefit from calculated monthly payments based on annual mileage and how many services they want the plan to cover. This offers motorists increased flexibility and choice when it comes to looking after their car.

    Prices are fixed for the duration of the plan, so there are no hidden interest charges, making it easier to budget and spread the cost of an annual service into installments, just like household bills.

    Cowan adds: “With our team of trained technicians we can offer the experience and expertise to help keep customers’ cars in the best condition possible, servicing them to manufacturer’s specifications and using only genuine Saab parts that are covered by a standard maintenance schedule.”

    For more information on the Saab Service Club and to register for free as a member, visit http://www.saabserviceclub.co.uk and for more information on fixed price service plans contact your local Saab dealership or visit http://www.saab.co.uk

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