Saab: We’ll Use the Money to Boost Production
Still operating under the Swedish equivalent of Chapter 11, Swedish manufacturer Saab hopes to secure bridge financing from the government, which in turn would help the carmaker boost production. Why? Well, to "meet the high demand", Jan Ake Jonsson says.
"We are discussing bridge loans," Jonsson was quoted as saying by Autonews. "If we were to get that kind of financing that would mean we could increase production. We have the demand and we would of course have to rehire a number of individuals."
When sports car manufacturer Koenigsegg was declared winner, out of the tens of bidders for Saab, the deal included a $600 million loan from the European Investment Bank (EIB), a loan which will be guaranteed by the Swedish state.
"We are in intensive discussions with the EIB about financing. Depending on the time horizon, we will take initiatives to hold on to our money so that we manage until the financing becomes clear, so I feel pretty calm on this issue," Saab's CEO added.
The former GM European unit says it needs around $1 billion to help it restructure and launch new, competitive models. For now, as Swedish industry minister Maud Olofsson said last week, it is unclear how much of that money will come from Koenigsegg. If the money raised is enough, a government guarantee may not be needed at all.
"We still don't have any information about the amount of money they are willing to invest. And that is a key point. The other is the ability to lead the company," Olofsson said.
[Via: autoevolution]
Cadillac/Hummer/Saab chief Mark McNabb resigns after just 13 months
Mark McNabb, the general marshaling the forces of General Motors' premium channel - Cadillac, Hummer, and Saab - is leaving the company in 10 days "to pursue other job opportunities."
Only 13 months into his stint, McNabb has presumably spent most of his time trying to figure out how to help his company get rid of two of his three brands, something that likely hasn't built much confidence for McNabb in terms of job security. In addition to uncertainty about what the future holds for the premium channel (Cadillac and GM itself), we suspect that the job's responsibilities are ultimately probably not what he he had in mind.
McNabb came to GM after a second stint at Nissan - he had actually been with both Nissan and Infiniti for 20 years, before he jumped off to join Mercedes-Benz in 2005 as head of marketing. After moving over to become head of Benz sales, he returned to Nissan the summer of 2007.
There is no official word yet on where McNabb is headed or who will be his permanant replacement, but in the meantime, Stephen J. Hill, currently the general sales manager of the premium channel, will take over in the interim. Said a Cadillac spokesman, there has been "a lot of positive change here" under McNabb, "and we have a lot of product in the pipeline and so we're well positioned for the future."
[Via: wheelsnews]
Saab to unveil 25th Anniversary special edition 9-3
Saab 25th Anniversary special edition 9-3 Convertible....
Saab halts next 9-3 development
Tougher emissions and fuel economy regulations in Europe and the United States have forced Saab to put the brakes on development of the next-generation 9-3. The next-gen model was set to be based on the longer and wider GM Epsilon II platform (used for the 2009 Saab 9-5). However, Saab and parent company General Motors are considering radically downsizing the model to fit GM's upcoming 'Global premium compact' platform - a size rivaling the Audi A3. General Motors has also hinted that the new 9-3 could be manufactured in the United States. Many European automakers are feeling the impact a weak dollar is having on profits and, like BMW, are moving or increasing production in the States.