New Saab 9-3 to Debut in Early 2013

The new 9-3 will be an all-new model and will feature, as Colbeck says, an “edgy reinterpretation of design cues from the company’s past”, though he declined to elaborate.

What he did divulge though is that Saab is seriously contemplating dropping the 9-3 moniker and adopting another one from the company’s heritage: “There’s a chance we might move away from that” was his statement.

Colbeck also revealed that Saab has plans for the development of a smaller model which would be a modern-day successor to the 92 that was produced from the late ‘40s till the mid-50s: “It wasn’t in the business plan prior to the new investment, and now it is”.

In the meantime, the Swedish company said it will introduce in US this fall the 2012MY versions of the 9-4X and the 9-5 sedan and station wagon

Story sources: Autonews [Sub. Req.]

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Saab Roller Coaster Continues as Cash Gets Tight

Saab just can't seem to catch a break. After moving from the General's formerly overcrowded pocket into the hands of Spyker, the once-quirky brand is now doing all it can to bring production back online after failing to pay suppliers.

The gist is this: Saab received 400 million Euros (~$580 million) from the European Investment Bank so it could keep on ticking. Sweden guaranteed the loan, meaning whatever Spyker's resolution calls for must get the go-ahead from the Man.

Saab hopes Sweden will release some collateral, but in order for that to happen its loans must be reduced. According to Reuters, the first hit would be cutting money from IEB loans intended for green tech.

Bo Lundgren, Sweden's Debt Office Chief, says, "We can to some extent consider reducing the collateral which in turn would leave them able to use the collateral to obtain financing...But that is on condition that they scale back the amounts being guaranteed and reduce the volume of loans and that we on the margin improve our safety margin."

Saab has a few other cards up its sleeve, however. For one, the brand may sell off real estate and then lease it back. Another potential solution comes in the form of Spyker Cars owner Vladimir Antonov. He's the Russian investor who was run out of Spyker by General Motors for alleged shady business dealings, and he's got funds.

Regardless of how Saab fares, higher-ups in Sweden's government want people to know that they will not simply assume responsibility for organizing the company. Anders Borg, Sweden's Finance Minister, says, "It is very much up to those who are responsible for Saab to sort the problem out...It is not going to be solved by the taxpayers lowering their demands for clarity and good governance."

Keep checking back as the Saab survival story continues.

By Phil Alex

Saved by Antonov: Saab Sells Production Facilities to Russian Banker to Get Cash

The Swedish government offered Saab conditional backing for a deal to free up cash for the company (see previous story here), whose production lines have been stopped for two weeks as Saab didn't pay suppliers. "We have decided to allow the Debt Office to conclude an agreement with Saab," said enterprise minister Maud Olofsson during a news conference on Friday.

The government has approved a proposal from the Debt Office to allow Saab to sell real estate, including the production plant, to Russian financier Vladimir Antonov and then lease it back from him. The minister said this deal would bring €30 million to Saab in the first phase, although the real estate was worth much more than that.

Russian bank-owner Vladimir Antonov was one of Spyker's major shareholders before the Dutch-based company bought Saab from General Motors. Antonov was forced to sell his share before GM approved the sale, but now it seems Antonov is back in the game. The Swedish government agreed to the deal as the real estate was held as collateral for a 400 million euro loan from the European Investment Bank (EIB) to Saab, which the Debt Office guaranteed.

Olofsson said that the agreement means that the size of the EIB loan would now fall to 280 million euros. "This means in practice that the exposure of taxpayers falls as the size of the loan falls," Olofsson told reporters on Friday. However, the Swedish government had set conditions to the deal. These were that Saab had to get a market price for the property and to have access to production facilities. In addition, the payment had to take place through a European bank without links to Antonov and questions surrounding the buyer had to be cleared up.

What this all means is that from now on, Antonov will have a say in Saab’s future. Pending government approval, he may also buy a stake in the company.

By Dan Mihalascu

Source: Reuters

First Photos of New SAAB 9-3 Convertible Independence Edition

On Wednesday, February 23, SAAB will host a special party at its Trollhättan plant in Sweden to celebrate what it describes as "the first anniversary of Saab’s rebirth as an independent carmaker".

I'd argue if Saab is really independent given that the company heavily relies on GM for its current portfolio (one example is the new 9-4X which is based on the Cadillac SRX and is built at the Detroit automaker's Ramos Arizpe factory in Mexico) and is actively seeking help to develop its future models having already sealed a deal with BMW for the supply of 4-cylinder engines, but that's another story for another time.

Case in point is that at the birthday party, the Swedes plan to debut a commemorative edition model based on the 9-3 Convertible, the first pictures of which were spilled on the internet today. According to Saabsunited, the 9-3 Convertible Independence Edition will be built in a limited run of 366 units, apparently one for each day that passed since Spyker Cars took over the company from GM.

The special edition model gets a 220HP 2.0T Biopower engine and will boast several unique features such as the bespoke Sunset Red color, new 18-inch alloy wheels, gray leather seats with a center strip and piping in orange, numerous Hirsch interior appointments and an orange-colored turbo instrument needle.

By John Halas

Source: Saabsunited

Saab Officials Confident that 2011 will be a Turning Point in the Company’s History

Saab sold just 31,696 cars globally in 2010, after having cut its sales target from 45,000 to 30,000-35,000 vehicles, due to the restructuring of the brand’s supplier base. However, with fourth quarter (2010) sales up 129% compared to 2009, Chairman Victor Mullen believes that Saab “is firmly establishing itself as an independent car manufacturer”.

Last year was especially difficult for the Swedish automaker, as the low inventory decimated sales figures.

“One of the largest challenges in 2010 was to restock our dealers around the world to normal levels again, especially in a market like the United States, where you need dealer stock in order to be able to sell cars”, Muller said in a statement on Wednesday. “For instance, when we acquired the company, there were a mere 500 cars left on the ground in the United States. Normal inventory levels in this market should be at 6,000-7,000 units”.

Optimum inventory levels are still a long way from reality, but, during the past 12 months, Saab did pick up some momentum, which, coupled with the launch of new models, should help the maker achieve the projected sales volume of 80,000 units for 2011.

Saab will invest US $1 billion into its recovery plan, with the focus being on new models. The 9-4X crossover, set to debut in May, is of them. Next up is the ageing 9-3 due for replacement in 2012. Furthermore, Saab wants to revive the 92 model of the ‘50s, in the form of a modern compact car, which, if priced correctly, should add much needed volume to sales.

The Trollhättan-based manufacturer will continue to expand its dealer network as well, targeting markets like China and Russia and it expects to be profitable in 2012, with sales projected to reach 120,000 units.

By Csaba Daradics

Source: Autonews [sub. req]

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