Trollhättan, Sweden: Management of Swedish Automobile N.V. (Swan) and Saab Automobile AB (Saab Automobile) confirm that the reorganization is progressing and that a first payment by Youngman under the bridge loan funding commitment as announced on September 12 was received by Saab Automobile.
Further payments under the amended and final bridge loan agreements signed between Youngman and Saab Automobile are expected to be made during this week and by October 22 of this year. It is the intention to repay the bridge loan with the proceeds of the EUR 245 million equity investments by Youngman and Pang Da, which are still subject to approval by relevant authorities and parties which Swan expects to receive during the next weeks.
I want to thank you all for your patience at the moment.
I know there are a lot of questions out there, from a lot of concerned people. If you know me, then you’ll know that it’s been extremely frustrating that I haven’t been able to play the role that I’m accustomed to in this type of situation. I’m used to providing as accurate and detailed coverage as possible and pointing out the speculation and/or errors appearing in the mainstream press (of which there have been plenty, especially in the last few days). It’s a somewhat sad trade-off that I haven’t been able to do this, but one that I’m content to make. And it’s pleasing to know that other independents are taking up that fight.
The following was left on Inside Saab earlier this afternoon and I thought I’d take a moment to bring it to the front page and provide a response. The writer is Harley, in response to today’s brief press release:
Are we really all being sensible, continuing to hang on to our hopes for this once great company? I wonder.
Yes, there may be anomalies in media reporting. But we all know what SAAB [has] been through over the past 10 years, and even the folk that work there must be getting pretty fed up by now. Sadly, I can’t help thinking that the company’s disappearance is now inevitable, and I wonder how they can possibly make it through yet another year at this stage. Even if they do, any future incarnation of the company is likely to be a far cry from anything it’s ever been, or that we could ever hope it to be.
I know there are a lot of people hanging in there for Saab. I know that Harley’s not the only one feeling this way. But…… there are also a lot of people working on the company’s continued existence, too. There’s even a bunch working on future Saabs and the technology that will be in them – even now.
Zeewolde, The Netherlands, 12 October 2011 – Swedish Automobile N.V. (Swan) and Pang Da Automobile Trade Co., Ltd (Pang Da) have taken notice of media reports questioning the validity of the partnership agreements between Swan, Saab Automobile AB (Saab Automobile) and Pang Da after Saab Automobile entered into voluntary reorganization. Swan, Saab Automobile and Pang Da underline that these reports are based on a misunderstanding.
We’ve received a few comments, and a few submissions via the contact page, asking for some clarification as to what’s being reported in various press outlets right now.
If you’re a regular Inside Saab reader, you’ll know that I’m currently on vacation and away from Sweden. That limits the amount of current information I have access to and thus, what I could possibly say on Inside Saab about these reports.
Regardless of being away, however, I don’t think there is much that I would be able to say right now, anyway. The situation is quite delicate at this point in time and our ability to comment on any ongoing matters is very restricted. We remain as a listed company and cannot comment on speculative matters being reported in the press.
I know that a lot of Saab fans and other stakeholders are concerned for the future right now and I can assure you that our executive continues to work tirelessly towards securing this future. We will comment further when there’s more that we can say.
In the meantime, thanks as always for your support. It is felt, and it is appreciated.
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As always, when following news stories about Saab, I’d recommend you read my quick guide to internet journalism and wash the news through the filter of your own research.
We’ve had some good news from Asia in the last few days. Very encouraging indeed.
On top of the Saab 9-4x being shortlisted for Truck of the Year in the United States, the Saab 9-5 has just been awarded a Car of the Year award in Singapore. The press release:
Saab 9-5 named Car of the Year in Singapore
Trollhättan, Sweden: The Saab 9-5 Sedan 2.8V6 Turbo has been named Car of the Year in Singapore by a prestigious Consumer Guide, published by Wheels Asia. The annual ”Car Buyer’s Guide 2011/2012” ranks all models on sale in Singapore, and the Saab 9-5 was favorably compared with the Audi A6 and BMW 535i in the Executive Sedan class.
- We are very happy, says Jonas Hernqvist, Regional Manager for the Asian markets. The markets in Asia are demanding and Singapore especially so, since it so restrictive when it comes to car imports. Therefore it is particularly gratifying and encouraging that the Saab 9-5 is honored in this way.
This is great news. We have very dedicated dealers and customers in Asia and it’s wonderful to see our vehicle, and the work of our dealer teams there, being rewarded in this way.
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And in Taiwan…..
When Saab had its brief production re-start earlier this year, 45 of the cars built were for the Taiwanese market. These 9-3 Griffins landed in Taiwan just two weeks ago.
Dealers held launch events a few weekends ago and took eleven orders for the Griffin, as well as selling a number of vehicles from stock. It’s another great result for one of our dedicated smaller markets. Taiwanese dealers actually sold 150% of their sales target for September in total.
Congratulations to them. It’ll be great to be able to tell stories like this from the global market in the future.
This hurts, but it also puts a smile on your face.
One of our dealers in Holland, Jaap T, sent this to me earlier today. He has a wonderful repeat client, one who even extended his lease in the hope of acquiring a new Saab 9-5 SportCombi. It hurts us to know that we haven’t been able to build it for him.
With his lease already extended once, he recently bit the bullet and acquired a vehicle from another brand, though his wife was still missing the Saab quite a lot and decided to take some small cosmetic matters into her own hands as a reminder of what mattered most…..
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We have the best customers!
I can’t say how much it hurts that we’re keeping them waiting.
There’s some great news for the Saab 9-4x this week. The new Saab crossover has not only enjoyed some fantastic reviews since being released earlier this year, it’s now been shortlisted for the 2012 North American Truck of the Year award.
Elegible vehicles are selected based on the fact that are either new, or substantially changed from the previous year’s model and have a reasonable expectation of selling 2,000 units per annum. Vehicles made both in North America and outside are eligible.
Seven vehicles have been shortlisted for the TOTY award and they are as follows:
BMW X3,
Honda CR-V,
Land Rover Range Rover Evoque,
Mercedes-Benz M-Class,
Mini Countryman,
Nissan Quest,
Saab 9-4X
The jury consists of 50 motoring journalists from the US press and the shortlisted vehicles will be pared down further to just three finalists.
The finalists will be announced in December and the winner will be announced at the 2012 North American International Auto Show in Detroit.
The Saab 9-4x would be a worthy winner of this award as it’s a superb vehicle with wonderful driving characteristics, and it’s also a significant story in the life of the little-company-that-could. Jurors consider “value for the dollar, innovation, handling, performance, safety and driver satisfaction” and the Saab 9-4x delivers on all counts. I hope the jury get to spend some seat time in it again before they cast their final ballot.
The field is formidable, however, with the X3 significantly refreshed and the Evoque wowing all-comers at the LA Auto Show last year.
All respect to the winner. And he’s hoping we’ll be raising a glass to the Saab 9-4x in January!
If you’ve not been to an IntSaab meeting, 2012 is a great opportunity to consider going for the first time. The Belgians are certifiably Saab crazy being so centrally located within Europe, IntSaab 2012 is sure to have a great turnout.
And if you need another reason, the event is being held at Spa, the town that is home to possibly the most beautiful racing circuit in the world, Spa Francorchamps, and all the mystique that goes with it.
The IntSaab 2012 website is now online. Once you’re there, you can see the program for the event and subscribe to their newsletter and stay informed as to what’s going on.
IntSaab 2012 will be on from August 3rd to 5th, with three different pre-tours available from August 1st for those who need a few extra days to justify the travel and want to see a bit more of Belgium. The pre-tours are limited to 25 cars each.
I attended IntSaab 2011 earlier this year in Finland and I can only give this event my highest recommendation. It’s a Saab fan’s must-do at least once.
I’m on vacation until the 11th, so things will be quieter around here this week. Here are a few quick links of things you should see around the web.
I’ll be back in full swing on the 12th. Enjoy your Saabing until then!
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Some TV4 video showing a report on last weekend’s Octoberfest happenings in Trollhattan. It’s mostly in Swedish, but it was great to see my friend North Toronto Punter getting a few words in English.
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This looks like fun, for little kids and big kids alike!
Last week I finally took a long-overdue opportunity to drive the latest iteration of the Saab 9-3 Sport Sedan, the 9-3 Griffin.
The 9-3 SS is a car that’s being regarded by some as a tag-along car in Saab’s range. The rest of the product offering from Saab is quite new, whereas the 9-3 was originally introduced as a 2003 model year car. There’s a temptation (that many succumb to) to write the 9-3 off as being ‘old’ before one even jumps into it. Don’t do it.
The Saab 9-3 Griffin shares little but the bare bones from that original car.
The design, as is usually the case with Saab, still looks fresh and contemporary even after all these years. Some might consider that it’s all just details, but it’s the details that finish the car and the work done on the Griffin sedan makes the whole package look quite distinctive.
The grille, headlamps, foglamps, bumpers, air intakes, badging and wheels have all been changed and all to great effect. A rear spoiler is standard on all sedan models and you get twin exhausts poking out the back, too.
On the inside, there’s new seat trim with leather/textile seats and contrasting stitching (super smart looking and super comfy), new dash panelling, a new graphite effect dash surround to replace the silver strip. There are new treatments on the doors, gearshift and glove compartment, too.
As with the exterior, each of these enhancements is a small modification when taken on its own, but it’s the details that make the whole package that much more impressive.
The exterior and interior enhancements make the car look and feel better as you approach the car, but it’s the drive that really had me looking forward to experiencing this car.
The 9-3 Griffin has a new petrol engine under the hood. It’s the same 2.0T inline four cylinder engine that’s found in the new Saab 9-5, with a tin scroll turbo, variable valve timing and direct injection. The engine’s available with either 163hp or 220hp, the second being the one that I drove last week.
I was really looking forward to this drive. I’ve driven the 9-5 with this engine in it and it was my favourite version of the 9-5 in terms of being a driver’s car. It’s much lighter than the V6 and makes the car feel much more nimble IMHO. Plus, the engine seems to be incredibly elastic, pulling well from low revs and in a really smooth manner.
Transplant those characteristics into the smaller Saab 9-3 and you get an engine that offers a much more satisfying drive than its predecessor. It’s only 10hp more than the old 9-3 four-banger, but it’s all in the way it delivers that extra power and torque. It’s so smooth, quite eager to please, and so easy to keep in the power band.
The car I drove was also equipped with Saab’s XWD system. The Haldex system made its worldwide debut in 2008 on the Saab Turbo-X and is still the most advanced all-wheel-drive system there is. Buyers of the more regular 9-3 petrol-driven models now have access to the XWD system and you should definitely give it some consideration.
For those who are unfamiliar, the XWD system is an all-wheel-drive system that uses an electronic limited slip differential to distribute power not only between front and rear wheels, but also between the left and right rear wheels. It uses sensors on all four wheels to detect slip thousands of times per second and distributes power where its needed to get the optimum grip, balance and stability.
Mate this XWD system to this new 2.0T engine and you really have the best driving Saab 9-3 we’ve ever offered and my quick drive last week backed up all the anticipation I felt prior to driving this car. It’s smooth, it’s quick, it’s very comfortable and it just can’t be moved from where you point it.
If you’re thinking of a new Saab, maybe your first new Saab, check out the 9-3 Griffin 2.0T. You won’t be disappointed. The Griffin is the best Saab 9-3 we’ve ever offered in terms of a standard product and it offers the absolute latest in terms of powertrain technology and driver comfort.
