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February 14, 2012
Sports car maker buys Saab: report
Published: 11 Jun 09 17:15 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/20022/20090611/
Sporty Swedish car maker Koenigsegg has teamed up with a group of Norwegian investors to buy Saab from General Motors, according to state broadcaster Sveriges Television's news show Rapport.
- Saab shares dive despite strong 2011 report (10 Feb 12)
- Saab to cut Swiss Gripen fighter price: report (8 Feb 12)
- Several bids for Saab: administrator (7 Feb 12)
The sports car maker, based in Ängelholm in southwest Sweden, has secured the backing of Norwegian investors, according to Rapport.
Koenigsegg has long been named as one of the parties interested in snapping up the ailing Swedish auto giant.
Earlier on Thursday, the Swedish trade ministry indicated that a sale was near when it released a statement to the effect that negotiations could now begin over state guarantees for loans to Saab. The Swedish National Debt Office (Riksgälden) is to act on behalf on the Swedish state in opening loan negotiations with Saab Automobile in order to pave the way for lending from the European Investment Bank (EIB).
"We have always said that when Saab got a new owner Riksgälden would be given the task of negotiating loan guarantees, if such are required. Following today's decision we are well prepared for that," said state secretary Jöran Hägglund in a statement.
Koenigsegg was founded in 1994 by Swede Christian von Koenigsegg, 36.
Video: Jeremy Clarkson test drives a Koenigsegg
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"is that a yo-yo in your engine?"
.
One is an engineering masterpiece, the others a piece of scrap
Now it will have a fighting chance to regain Swedish quality.
Good for them!
Okay.
This will hopefully save jobs, keep investment in engineering in Sweden and help strengthen the European car manufacturing market.
The quality of SAAB cars has dropped while under ownership by GM. That needs to be reversed and anyone brought in by GM, should be immediately fired as they are anti quality and completely useless.
I look forward to seeing SAAB innovation and quality again.
At last, some high quality and highly innovative European manufacturing may be allowed to flourish again.
*time for a beer,bye!*
Theres a big question mark over wether a small co.producing a handful of specialised cars which have produced mixed feedback,can design and mass produce a quality popular car at a competitive price and operate efficiently on a large scale to World-wide markets
There can be no short term quick fix.
Just hope the finance,determination and know how are there to see it through long term.
I think GM's total failure with SAAB lies in the fact that GM tried to market the product as a mass, rather than the niche product it is.