Spyker Cars Says Saab won’t Meet its Sales Target this Year, Now Talking with Chinese Companies for Funding
April 29, 2011
The roller coaster that is Saab has taken another turn, and unfortunately for the Swedish brand, the future doesn’t look so bright. In spite of a tentative agreement to let Russian banker Vladimir Antonov invest 30 million euros in Saab’s parent company Spyker in return for a 29.9 percent stake, the investment still needs to be approved by the European Investment Bank, which means the Swedes are still short on cash and cannot resume full production.
Today, Spyker reported a loss of €79 million before interest and tax for its first quarter earnings, while the company’s CEO, Victor Muller, said that Saab will not meet its sales target this year.
Read more »Swedish Debt Office and GM Allow Antonov to Invest in Saab
April 28, 2011
It appears that Saab's hopes of survival continue to depend after all that happened on Vladimir Antonov, the Russian banker who was forced by GM to sell his initial shares in Spyker for the Saab sale to occur. Spyker today confirmed that the Swedish National Debt Office (NDO) allowed Antonov to become a major shareholder in Spyker Cars, Saab's parent company.
"This is a great day for our company and for me personally. We worked relentlessly for 11 months to achieve the desired result: restore the reputation of Vladimir Antonov, who made so many valuable contributions to Spyker since 2007 as financier and shareholder,” said Victor Muller, CEO of Spyker and chairman of Saab Automobile.
Read more »Saab Roller Coaster Continues as Cash Gets Tight
April 15, 2011
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.
Read more »New Woes for Saab, Production Halted Again After Company Fails to Pay Suppliers
April 5, 2011
Less than a week after Saab idled its Trollhattan plant in Sweden for a few days due to a shortage of parts after failing to pay suppliers, the company once again halted production on Tuesday for the same exact reasons, despite solving the previous disputes.
"Production is stopped right now. It was stopped this morning," said Saab spokesperson Gunilla Gustavs. "We are working intensively to make sure the flow gets going again. We are having discussions with suppliers and doing our best to come to mutual agreements," Gustavs added.
Read more »Saab Temporarily Halts Production After Suppliers Suspend Parts for Not Being Paid
March 30, 2011
In a sign of the possible problems brewing up at Saab, the Swedish firm was forced to temporarily halt production for a few hours at its plant on Tuesday as well as on Wednesday after component makers cut off deliveries to the factory because they hadn’t been paid.
“Certain suppliers halted supplies to Saab Automobile pending discussions about payments and supply terms,” Spyker said in a statement on Wednesday. “Saab Automobile expects to resolve these issues in the short term, also to prevent any further disruptions in supply. Saab Automobile has sufficient means to meet its immediate liquidity needs from existing and available sources,” the company added.
Read more »SAAB CEO Jan Åke Jonsson to Retire, Victor Muller Takes Over Temporarily
March 25, 2011
Dutch automaker Spyker Cars NV announced on Friday that Saab Automobile’s Chief Executive Officer and President, Jan Åke Jonsson, has decided to step down from his position on 19 May, 2011. The company said that until a successor to the longtime Saab executive is found, Spyker Car’s CEO Victor Muller will temporarily assume the role of President and CEO of Saab Automobile AB in addition to his role as Chairman of the Board.
The 59-year old executive, who has worked for Saab for close to 40 years, took over the helm of the company in 2005 when it was still under the ownership of General Motors. Jonsson has been credited for playing a key role in the savior of Saab when the Detroit automaker wanted to close down the brand.
“I have been with Saab Automobile for almost my entire career of 40 years, of which almost six years as the head of Saab Automobile,” said Jonsson in a statement. “The last three years have of course been very demanding and forced me to focus on one thing only – my work. Now it is time for me to also spend some time on other things that had to stand back for my duties to Saab Automobile.”
Read more »Spyker to Sell its Sportscar Business in Order to Focus on SAAB
February 24, 2011
Spyker Cars N.V., the Dutch owner of Saab, announced today that is has started negotiations to sell its sports car brand in order to focus on the development of premium car maker Saab, which it acquired one year ago from General Motors.
The Dutch company said it will sell the assets of its Spyker sportscar business to the UK-based CPP Global Holdings Limited, owned by Russian millionaire Vladimir Antonov. The terms of the deal include an initial purchase price of EUR15 million, plus a further EUR17 million to be paid from future earnings over a six-year period. The money will be used by Spyker Cars N.V. to reduce its debt.
Read more »2010 Spyker Sport Cars C8 Aileron Spyder
November 25, 2010Saab to Cut Workforce after Poor Sales Forecast
November 19, 2010
Sweden-based Saab Automobile plans to reduce its workforce by 200 employees or about one-eighth of its current staff, according to report from Reuters citing a union official. Hakan Skott, a union representative at Saab, told the news site that the move was expected after the company's new owner, Dutch supercar maker Spyker, cut the firm's sales target from 60,000 units in February, to 45,000 a few months later and finally to just 30,000 cars at end of October.
Read more »
Simbol Design K1 Attack is a Shed-Built Italian GT with an Alfa V6
November 11, 2010
From the creators of the Ferrari Enzo-emulating GTX-R comes the K1 Attack, a car that takes styling cues from the Spyker C8 Aileron, Lotus Europa and others. Simbol Design has fitted the Attack with an Alfa Romeo-sourced V6 turbo good for 246 horsepower. Mated to a 5-speed manual, this gives the custom built sports car an apparent 0 to 100 km/h [62 mph] time of 4.9 seconds and a top speed of 265 km/h [165 mph].
Read more »
Swedish Regional Government Demands $15.9 Million in Debt from Saab
September 23, 2010
A local government authority in Sweden is seeking to recover US$15.9 million from Saab, even going so far as to enlist a government debt collector.
Vastra Gotaland, where Saab's main production plant is located, covered worker wages to the tune while the company was in administration. Now that Saab has its very own 'Daddy Warbucks' in the form of Spyker, the regional government wants its money back.
Spyker to Begin Selling Sports Cars at Saab Showrooms
June 3, 2010
In a move that won't surprise anyone in the automotive industry, Spyker Cars NV and Saab Automobile owner, Victor Muller, confirmed plans to sell Spyker's high-end sports cars through Saab retailers by the end of the year.
"We are signing up Spyker dealerships left, right and center," Muller said in an interview with the Bloomberg news agency at Saab's headquarters in Trollhaettan, Sweden.
Spyker C8 Laviolette LM85 Available on Forza Motorsport 3 / Xbox 360
May 12, 2010
Xbox 360 gamers are offered their first opportunity to take a virtual place behind the wheel of a Spyker supercar as the Dutch firm's C8 Laviolette LM85 is now available as the gift car of the Exotic Car Pack for Forza Motorsport 3, which was released on 11 May for 400 Microsoft Points.
"We've created something very special and unique with the LM85," said Victor Muller, CEO of Spyker and recently, of Saab Automobile as well. "It's very exciting to share our creation and passion with the Xbox and Forza Motorsport community, and we can't wait to see how players put it through the paces on the track."
Saab Restarts Production at Trollhättan, First Cars Under Spyker Ownership Roll Off the Line
March 22, 2010
Heralding a new era for Saab as an independent company freed from the shackles of General Motors, the first cars of the Swedish automaker under the loving arms of Spyker Cars and its CEO Victor Muller rolled off the production line today at the firm's Trollhättan plant. During the talks between General Motors and the Dutch supercar-maker, the factory had been idled for a period of two months.
The first Saab to roll off the production line today was an all-new 9-5 saloon, destined to join a test fleet prior to the premium sedan's official launch later this year. The 9-5 was joined shortly after by a 9-3 Convertible.
SAAB Spyker 9+ Tribute: Union Spawns Supercar Dreams
March 11, 2010
One of the first things that came to the minds of many Saab enthusiasts after the completion of the long-winded sale of the Swedish automaker to Spyker was the possibility of a supercar based on the underpinnings of a Spyker model.
Of course, we're pretty sure that the creation of a supercar is (rightfully) not among the top priorities of the people who manage the newly formed SAAB Spyker Automobiles, as there are much more important issues to take care of at the time being.
Nevertheless, independent designer Eduard Gray took it upon himself to digitally visualize a conceptual mid-engined Saab supercar that would make use of Spyker hardware.
Spyker Details Strategic Plan for SAAB, Says New 9-3 with Hatchback Variant Coming in 2012, Smaller 9-1 Under Consideration
February 2, 2010
In anticipation of a general meeting on February 12 where Spyker shareholders will officially approve the purchase of Saab, the tiny supercar maker from Holland went ahead and outlined its future plans for the ailing Swedish automaker that include the presentation of a successor to the 9-3.
F
irst of all, Spyker confirmed that Saab will be a stand-alone niche manufacturer with three to four model lines and that the Swedish brand will continue to be positioned against other premium brand brands such as Audi and BMW.
According to the plan, Saab's product portfolio will be completely renewed over the next few years beginning with the launch of the all-new 9-5 sedan early this summer, followed by a station wagon version and an Audi A6 Allroad-rivaling 9-5X crossover variant.
In 2011, Saab will introduced the Cadillac SRX-based 9-4X Crossover that will be built in Mexico, while a year later, the company will launch the all-new 9-3 that will eventually grow to include sedan, sports estate, 'X' crossover, convertible and for the first time in many years, hatchback body styles.
Spyker added that it is also looking into the possibility of adding a fourth smaller model called the '9-1', which would compete in the premium C-Segment against the likes of the BMW 1-Series and Audi A3.
However, Spyker noted that such a car isn't currently included in the official Business Plan, so if the company decides to go ahead with the development, addition financing would be required.
With the exception of the 9-4X, all other models will be built at Saab's Trollhättan factory, with Spyker aiming to produce and sell between 100,000 to 125,000 vehicles per year.
The Swedish automaker will continue to collaborate with GM after the completion of the sale, but Spyker's plan is to gradually "reduce dependency and obtain improved access to other suppliers and the co-development of unique innovations."
Spyker business plan also makes word for Saab's current dealer network which will be re-energized with a new sales and distribution approach in certain markets, starting from this year.
The business plan that was drawn up by Saab management over the past ten months, is said to have been analyzed and supported by Spyker in assistance with the firm's advisers Booz & Co and KPMG Transaction Services, as well as several advisers to the Swedish Government and the European Investment Bank (EIB).
EIB will provide a €400 million loan -guaranteed by the Swedish government- to the newly formed company.
Video Interview with Spyker CEO Victor Muller and SAAB CEO Jan Ake Jonsson
January 27, 2010
As you probably have already heard by now, SAAB was rescued on the 11th-hour on Tuesday when General Motors agreed to sell the struggling Swedish brand to Dutch sports car maker Spyker Cars N.V.
The deal is still subject to a European Commission approval of a €400 million loan from the European Investment Bank, but GM expects that the sale will be completed in mid-February.
Shortly after the two companies agreed on the terms of the sale, GM's European unit released a video with interviews with Jan Åke Jonsson, CEO of Saab Automobile and Victor Muller, CEO of Spyker Cars.
The two men talk about the deal and their hopes for the future of Saab. Watch it after the jump.
BREAKING: SAAB-ED By The Bell - GM Agrees to Sell the Swedish Brand to Spyker Cars NV
January 26, 2010
It's been a long road for SAAB, and even though we don't know what the future has in store for the quirky brand, for the time being, the Swedish automaker has been saved as General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the sale.
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Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances.
"General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome," Smith said.
Very few details were released on the agreement, but in a joint statement, the two parties said that Spyker intends to form a new company called Saab Spyker Automobiles and that the Swedish government is currently reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank.
GM said that the SAAB sale is expected to be finalized in mid-February, adding that the previously announced wind down activities at SAAB will be immediately suspended, pending the close of the transaction.
Citing "people familiar with the matter", the Wall Street Journal reported today that the tiny Dutch sports carmaker agreed to buy SAAB from General Motors for around $74 million in cash while the American firm will also receive preferred shares in the newly formed company under the name Saab Spyker Automobiles.
General Motors did not respond to Wall Street Journal's report, but it did note in the press release that "the terms and conditions specific to the sale will be disclosed in due time".
Nick Reilly, president of GM Europe, said: "Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand. We've worked with many parties over the past year, including governments and investors, and I'm very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward."
