Business & Money

Sports car maker buys Saab: report

Published: 11 Jun 09 17:15 CET
Online: http://www.thelocal.se/20022/20090611/

Dictionary tool Double click on a word to get a translation

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.

Koenigsegg has signed a declaration of intent with regard to the purchase, with more detailed negotiations set to continue over the coming months.

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

TT/The Local (news@thelocal.se/08 656 6518)

What do you think? Leave your comment below.

Fark It! Digg This Facebook  Share everywhere
Send to a friend Printable version Twitter This

Your comments about this article:

The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.

17:57 June 11, 2009 by Gower76
This is really sensational news - great for patriotic Swedes that Saab will remain ostensibly Swedish, albeit backed by Norwegian dosh.
18:08 June 11, 2009 by Beavis
Koenigsegg make class cars, but I guess they are not selling. Probably want a budget car to sell instead.Bit like Ferrari buying Lada...

One is an engineering masterpiece, the others a piece of scrap
18:14 June 11, 2009 by karex
It wasn't scrap when it was still entirely Swedish - same goes for Volvo cars...

Now it will have a fighting chance to regain Swedish quality.

Good for them!
23:41 June 11, 2009 by martell
My comment got rejected due to "profanity".

Okay.
04:58 June 12, 2009 by AWH
I have owned 2 SAAB vehicles that I loved. When I attempted to buy my third a couple of months ago the dealer here in Sydney, Australia, didn't want to know me. I bought a Honda instead. The first task the new owner has for the Australian marketplace is to shake up the dealer network and get sales moving. What was once a great and innovative vehicle is now a sad and plastic American wannabe.
08:34 June 12, 2009 by Rick Methven
I have owned 10 SAAB Cars over the past 30 years and have been happy with all of them. BUT the quality of my current 9-5 Aero is not as good as my 9000 Aero which was the last of the truely Swedish SAABs and is still going well. The GM influence with typical American cost cutting has lowered the standard to fit in with the rest of the GM crap. Now it is time to re-build the Saab image for quality and innovation. First step - get rid of the 9-3 (Opel look alike), which has really dragged the SAAB image down. With the change in ownership there is now a strong possibilty that my next car will be a SAAB
08:59 June 12, 2009 by Nemesis
This is very good news. SAAB should never have went to a quality and jobs destoyer like General Motors.

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.
14:28 June 12, 2009 by High Priestess Kang - Slut
Thank goodness!!!
16:21 June 12, 2009 by Mzungu
Shame that, VEB Sachsenring Automobilwerke Zwickau didn't buy SAAB,pehaps we would then had a car to be proud of...lol.

*time for a beer,bye!*
16:52 June 12, 2009 by jack sprat
A bigger more experienced company would probably be a better bet.

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
17:16 June 12, 2009 by Bender B Rodriquez
I don't know about that, but I think Saab needs a visionary leader and not just another giant car manufacturer. Sabb should not compete by massproducing boring mainstream cars; they should be the Google, Skype and Spotify of cars...
17:32 June 12, 2009 by jack sprat
After the drop in quality,reliability and confidence under General Motors,...designing,producing and marketing new up-market models will be no easy task.

There can be no short term quick fix.

Just hope the finance,determination and know how are there to see it through long term.
17:59 June 12, 2009 by High Priestess Kang - Slut
Agreed.

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.
ADD YOUR COMMENT   (YOU MUST LOG IN OR REGISTER TO MAKE A COMMENT)
Business & Money headlines
Swedbank CEO Michael Wolf

Swedbank reports heavy losses

Swedbank has reported a bigger than expected operating loss of 1.6 billion kronor ($226.7 million) for the final quarter of 2009, yet the bank's CEO Michael Wolf sees opportunities for profits in 2010. READ (10 COMMENTS) »

SAS cuts 650 jobs

SAS cuts 650 jobs

Troubled Scandinavian airline SAS has announced a new share issue to raise 5 billion kronor ($674 million), as well as a programme of cuts and savings designed to save a further 2 billion kronor. READ (26 COMMENTS) »

EU approves Sweden's Saab loan guarantee

EU approves Sweden's Saab loan guarantee

The EU's competition watchdog has approved the Swedish government's intention to guarantee a European Investment Bank (EIB) loan to automaker Saab. READ (5 COMMENTS) »

Image: Ilker

Tide turns for Swedish bankruptcies: report

The number of Swedish firms filing for bankruptcy declined by 14 percent in January in comparison with the corresponding month in 2009. 484 companies went to the wall during the month, new statistics show. READ (1 COMMENT) »

Volvo optimistic as losses mount

Swedish truck maker Volvo says it sees signs of recovery in the global economy as it reports a net loss of 14.7 billion kronor ($1.96 billion) in 2009. READ (4 COMMENTS) »

Saab dealers: we'll help pay for Spyker deal

Saab dealers: we'll help pay for Spyker deal

Swedish Saab dealers have said they are willing to stump up millions of kronor to help Dutch sportscar maker Spyker secure its purchase of Saab Automobile. READ (16 COMMENTS) »

Swedish daily slashes workforce

Swedish daily slashes workforce

Dagens Nyheter, a Swedish daily newspaper, has announced that it is slashing more than 100 jobs after a year of continued losses. READ (4 COMMENTS) »

Metro finishes 2009 with a flourish

Metro International, the Swedish publisher of free newspapers, reported a strong last quarter in 2009 but recorded a loss for the full year. READ »

Scania cuts dividend as profits fall

Despite a fall in net profit for the fourth quarter, a brighter forecast put the wind in the sails of Swedish truck manufacturer Scania on the Stockholm exchange on Wednesday. READ »

Electrolux stock falls on gloomy forecast

Swedish appliances firm Electrolux reported solid 2009 profits on Wednesday. But a weak forecast pushed the company's stock into a nosedive. READ »

More Business & Money
Blog Update: On Swedish Business

05 February 16:37

Stockholm garbage collectors – an overpaid relic of a bygone age? »

"There is a school of economic thought that opposes the CBA because it creates an insider-outsider workforce, raising wages for those with an over-protected job and levels of unemployment for those without. It is just one side of the argument and there are strong ones available to counter it, but a clearer example of the validity of this thesis is surely hard to find." READ »

  • 27/1 11:02 Saab’s last chance saloonI sincerely hope that Spyker/Saab can prove the army of doubters wrong and become a winning combination. But if not then at least the interim period can be used to ensure that the Swedish automotive industry can prepare for life after if this newest dawn proves fleeting. READ »
  • 17/12 19:26 Juletide dilemmasOur global environment demands that we skip presents altogether; our patriotic economic conscience requires us to go out and spend, spend, spend... READ »

Find a new job in Sweden now
FP&A PROFESSIONAL
Stockholm
Michael Page International
Technical Support
Stockholm
Mercuri Urval
Real Estate Professional
Frankfurt
Michael Page International
Credit & Collection
Stockholm
Mercuri Urval
Danish speaking – Credit & Collection
Stockholm
Mercuri Urval
System Integrator for Server platform and Application in Core Network
Kista
HRM Affärsutveckling
Technical Support
Stockholm
Mercuri Urval
SMG - Corporate Sports Sales Executives
Stockholm
marcus evans (Scandinavia) ltd.
FINANCIAL SERVICES INDUSTRY CONSULTANT
Stockholm
Michael Page International
NORWAY ACCOUNTING LEAD
Stockholm
Michael Page International

ALL JOBS »


More business news from Sweden

Latest Business & Money news from Germany
Jobs
Expatriate in Stockholm?
We offer services for foreigners who've recently moved or are planning to move to Stockholm. Corresponding with local authorities, organizing your home, seeking childcare and domestic help, plus more.
MORE INFO
Folk High Schools in Sweden
The Swedish Folk High Schools have courses that give you the possibility to bring out all your colors!
www.folkhogskola.nu
Visiting Stockholm?
Then you'll find The Local's new Stockholm Section useful. Find pics, guides, news and lots of useful information about Stockholm.
www.thelocal.se/stockholm
The Local's new Marketplace
Find products and services that are specifically focused on English speakers living in Sweden!
FULL DETAILS
Welcome to Adlon Hotel in Stockholm
A perfect location both for business and pleasure. Centrally located, with atmosphere.
www.adlon.se
Winter archipelago tours
Visit Stockholm's beautiful archipelago. Great boat tours for all preferences.
MORE INFORMATION
Doctor of Psychology
Therapy in English

David Schultz PsyD
Individuals & couples
In Stockholm in person or by phone or video conferencing
www.anxiousorblue.se
Play football in Stockholm
Kick-off the new football season with LFC, Stockholm's premier English-speaking football club.
MORE INFO
JOB: Trainee Sales Executives
Midfield Media, a leading provider of events and executive forums, is seeking Trainee Sales Executives
FULL JOB DETAILS
Enjoy a beautiful winter weekend in Västervik
Treat yourself with a calm and relaxing weekend in beautiful archipelago surroundings
MORE INFORMATION
JOB: Copy editor and English speaking project manager/editor
Tidningskompaniet, one of Sweden's leading agencies for custom publishing, seeks two new employees in Stockholm and Göteborg
FULL JOB DETAILS
Counseling in English Individuals & Couples - Stockholm
Beth Rogerson PhD - Clinical, Marriage & Family Therapist
Click or call 08-5580 1266 now