GM sets end of road for Swedish brand Saab

[LeonOfTheDead]

With 4.000 directly employed people, plus all the suppliers, it doesn't really suprise me, as Germany was about to declare war to GM for 9.000 workers, but in a country with a population of 82.000.000 VS Sweden's 9.000.000.

[Ferrer]

It'd be a big hit for Sweden indeed. And Volvo doesn't seem all that safe either.

[NSXType-R]

Not all companies could have saved their asses just heightening the prices and lowering the volumes, the market isn't large enough for everybody and badge recognition would have entered the picture once again in the end.

Maybe some of them could have. Saab, Jaguar and Alfa Romeo (except that AR would enter Maserati territory, no go there...). I don't know if Volvo could for example, I think they should be more of a rock solid everyday car rather than a luxurious yet uber-safe sedan (or whatever it should be).

What pisses me the most is that of the four companies up for sale at GM, the only one (still) alive is HUMMER.
WTF.

I still don't like the fact that they killed Pontiac to save Buick. From what I see, Buick has no future. Besides, their spokesman just got a whole less popular.

It'd be a big hit for Sweden indeed. And Volvo doesn't seem all that safe either.

Ford might sell Volvo huh?

[LeonOfTheDead]

Ford might sell Volvo huh?

Ford wants to sell Volvo, since a year or more. Another company from China is in the lead, I think Geely.

[NSXType-R]

Ford wants to sell Volvo, since a year or more. Another company from China is in the lead, I think Geely.

Sounds stupid. Ford should get rid of Mercury instead. I don't think they own much of Mazda anymore right?

[Ferrer]

Sounds stupid. Ford should get rid of Mercury instead. I don't think they own much of Mazda anymore right?

The Chinese may only want to buy the technology, not the brand though, which is what they wanted to do with Saab.

As for Mazda, yes Ford sold their shares but they will still collaborate with them very closely. For selling their stake in Mazda was because they needed to raise cash fast.

[G35COUPE]

Yep, Ford is in talks to sell Volvo to Geely of China. Its amazing how cheaply and easily the Chinese are getting technologies that took more than half a decade to develop and perfect from western nations. Western civilization is allowing market principles to rob them of tangible and intangible outcomes/factors of sustained competitive advantage. One day, many of us will be driving Geely Motors, and maybe one day, on UCP, we will be discussing Geely Motors.

[LeonOfTheDead]

The Chinese may only want to buy the technology, not the brand though, which is what they wanted to do with Saab.

As for Mazda, yes Ford sold their shares but they will still collaborate with them very closely. For selling their stake in Mazda was because they needed to raise cash fast.

I thought Geely was a bit more serious in wanting the whole package with Volvo, as it is a more appealing brand, but that could be the case nonetheless.

Oh, G35, it isn't that the Chinese are robbing anything, other companies are selling what they are getting for that price, so if someone is doing or has done something wrong, it was exactly those huge companies that now can't survive with everything they've bought in the past.
Fisker bought a plant in Michigan worth in the 3 digits range and payed only 18 M $, but I didn't heard you complaining about that.

[twinspark]

Spyker has made a new offer, which it states will remove the issues that the earlier negotiations had. I doubt it, but hopefully the story of Saab isn't over just yet.

[Dino Scuderia]

Sounds stupid. Ford should get rid of Mercury instead. I don't think they own much of Mazda anymore right?

You can't sell your upper line brands...those inflated sticker prices on those cars are what pays for development of new products.

[Wouter Melissen]

Spyker press release:

The Netherlands (20 December, 2009) – Following the announcement on Friday that the intended sales terms of Saab Automobile AB between Spyker and General Motors (GM) could not be finalized, the Spyker leadership has submitted a renewed offer in the hopes of securing a future for Saab, its employees and the brand – despite the announcement that the winding down of Saab would begin.

Spyker CEO Victor R. Muller said today that an 11-point proposal had been submitted to GM, addressing each of the issues that arose during the due diligence process and that the renewed offer would remove each of the obstacles that were standing in the way of a swift transaction.

"We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer," said Muller.
"We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31st", said Muller.

"Despite our collective eleventh hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab Management. The new offer eliminates the need for an EIB loan approval prior to year end, for example, which will allow the deal to be concluded within GM's deadline. Our efforts are based on our passion for saving an iconic brand that we would be honoured to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world. Some 1,500,000 Saabs are on the road today and their proud owners would no doubt welcome the survival of this phenomenal brand", he added.

In Spyker's view, the ownership of Saab by Spyker Cars would add a lot of value to both parties. For Spyker, Saab would bring a strong, global distribution network consisting of no less than 1100 dealers, state-of-the-art production facilities, a truly dedicated work force and solid engineering, sourcing and research & development capabilities. Likewise, Saab would receive the financial backing required to compete as a competitive global brand, along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand. Throughout these negotiations, both Spyker and Saab leadership have proven that they share a mutual vision for just such a partnership.

"Our company motto is nulla tenaci invia est via - for the tenacious no road is impassable," said Muller, "And we intend to remain true to that throughout these negotiations as we bid to secure Saab's future and revive the company."

The renewed Spyker offer is valid until 5pm (Eastern Standard Time) on Monday December 21, 2009.

[LeonOfTheDead]

I'd dare to say Spyker made the new offer hoping for some heavy backing from the Swedish government.

EDIT: removed the PR, Wouter was quicker...

[LeonOfTheDead]

Following Friday's announcement that GM will begin the orderly wind down of Saab, GM has received inquiries from several parties. We will evaluate each inquiry. We will not comment further until these evaluations have been completed.

several?!

[Chrischrill]

Well, since Koenigsegg gave up, the media have been looking at this whole issue as dead. I regard these "new inquiries" as bullshit. Heck, the whole town of Trollhättan, where many SAABs are built, is basically doomed unless our government steps in to save the jobs

[Ferrer]

Maybe KFL should apply...