March 21, 2010
Saab to double production in 2010
Published: 17 Nov 09 16:11 CET
Online: http://www.thelocal.se/23318/20091117/
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Saab Automobile plans to more than double production at its flagship Swedish factory at the start of the new year.
- Saab slapped with debt claim over worker pay (16 Nov 09)
- Saab suffers US and Swedish sales slump (4 Nov 09)
- Questions from Brussels may threaten Saab sale (4 Nov 09)
The change marks a first step toward resuming normal production levels.
“We’re going to increase the pace from the first week, and go from 13 cars an hour to 28 cars an hour, Paul Åkerlund, the IF Metall union chair at Saab, told the local TTELA newspaper.
Today’s production pace is so low that customers have been forced to wait too long to take possession of new Saabs.
In recent months, 64 of the 700 people laid off from the factory have been re-hired.
Åkerlund thinks that more workers need to be re-hired if Saab is going to meet its new, higher production goals, and hopes that the factory will increase production further next year.
According to current forecasts, Saab expects to sell about 60,000 cars in 2010.
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I hope the production can be ramped up further, so as to help out the community of Trollhättan.
Trollhättan has been badly hit by the recent redundancies and this will be at least some form of temporary relief, to the local community there.
Hopefully the people of Trollhättan will diversify there local business sector so as to aid in bringing more employment into the area.
This is insane, permitted only by tax payers money, it is criminal activity, stealing from the taxpayer to support an unprofitable business.
4 billion SEK in support this year, another 4 billion next year, 4 billion every year after that, that's money that cannot be spent on our healthcare and social benefits when we retire.
It is criminal action.
Wrong - sales are down partly because production is down and that was a measure to preserve cash until a new buyer completes the deal and an EIB loan is in place.
And wrong - the 4billion SEK you refer to actually it's 400million Euros which is a little more)is in the form of an EIB (European Investment Bank) loan set up sepecially for the Automotive industry - which has not yet been delivered. Either way it has no bearing whatsoever on any Swedish taxpayer other that the thousands of Saab employees and suppliers.
the EIB won't lend without a full guarantee from the Swedish taxpayer (otherwise known as the Swedish government).
The reason the EIB insists on the guarantee is because they know they would lose the money without it, in other words they would be throwing it down a black hole.
With the guarantee they get to preserve the capital and soak the Swedish taxpayer for interest payments in the meantime.
A win win for the EIB and several thousand Saab workers.
A resounding lose for 9 million Swedes who will have a lower standard of health care and social safety net.
You are wrong - Swedish govt has tasked the National Debt Office to ensure that Saab has the security (ie factories, land and other property) which could be sold to cover the guarantee if required. This was a prerequisite of the govt guarantee.
The Swedish govt has clearly stated they are not interested in owning car companies and that they have a responsibility to safeguard taxpayers' money - nothing has changed.
Constantly repeating "you are wrong" does not make me so, I assure you.
There is an article linked to this one if you need help with research or even help doing the math.
October sales in the USA was 500, in Sweden in was 600, so the two biggest markets are giving annual sales of 13000 units per year, and that is being generous because cash for clunkers was still running in October.
That is around 270 per week, and Saab wants to increase production up to 1500 per week.
It is insane, nobody in their right mind would do this unless they were spending other people's money, i.e. mine, yours, your neighbours and the other 9 million Swedes who it rightfully belongs to.
We have not disagreed on sales so stop creating a smokescreen. What I took you to task on was your incorrect statement about the Swedish taxpayer funding Saab to the tune of 400Million Euros - which is clearly wrong and had you any idea of what you were talking about you would know this.
You will notice I say 'you are wrong' and then I back it up. Anyway I will split the next few lines up and keep the wording simple:
-Neither the Swedish government nor the Swedish taxpayer are lending Saab 400million Euros.
- The Europen Invesment Bank is lending 400million Euros from a special fund set up to help European auto companies.
- The Swedish government's involvement is that they are guaranteeing the loan BUT only after they have ensured Saab has the security to cover it (ie Land, buildings, property etc).
NO MONEY IS BEING DIVERTED FROM HOSTPITALS!!
I'm glad we agree that Saab cannot even sell it's current production, let alone the proposed doubling.
If Saab had 4 billion SEK in assets there would be absolutely no need to involve the Swedish government at all. This is because the EIB could use these assets as collateral, or Saab could go into the commercial paper market and sell bonds using these assets as collateral.
One can only conclude that the assets are not worth 4 billion, which is why the EIB need a guarantee from the Swedish taxpayer against future losses.
Land - don't you think Sweden has a lot of it already?
Factories - the buildings without customers are in fact a liability, not an asset.
Machinery - an asset but worth about 20 cents on the dollar in a fire-sale environment
IP - already gone abroad.
Money hasn't been diverted away from services yet, but it will when Saab finally does run out of other people's money, in the form of ever lower services and healthcare over the next 20 years.