Swedish Automobile said it and Saab “are in discussions with various parties” to secure short-term funding, including through a sale and lease-back of Saab’s real estate assets.
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"There will be no normal production during weeks 25 and 26 (June 20th-July 3rd)," Saab spokeswoman Gunilla Gustavs told Reuters. "We are still negotiating with all suppliers and we need to get everyone on board at the same time. The weeks of 27-29 (July 4th-24th) are planned to be normal working weeks".
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Saab said that it anticipated production hiccups in the start-up phase, as the supply chain still is not fully operational with some suppliers holding back until they get paid and others trying to re-stock.
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The Swedish automaker said that as with the first order, Pang Da will pay the additional €15 million order up front with the funds expected to be received by the end of this week. Delivery of the vehicles ordered by Pang Da will start in the fall of this year.
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The China company’s CEO, Mr. Pang Qinghua, visited the Trollhättan factory today together with CEO and Chairman of Saab Automobile, Victor Muller, and witnessed the first vehicle to roll off the assembly line. Saab said around 100 cars were built today but plans to “increase the daily production rate in the coming weeks in parallel with the full re-establishment of the supply chain”.
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In light of this, I’ve thought up four plausible (though unlikely) scenarios for Saab. These range from the hugely cynical all the way to the brazenly optimistic. After all, isn’t it better than Saab has some future rather than no future at all? Without further ado, here are your options:
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The convertible’s history started in 1983 at the Frankfurt Motor Show, where Saab unveiled a new concept model with a powered soft-top based on the 900 liftback. After gauging the public’s reaction, Saab decided to introduce a production version of the four-seater model, which was built by Finland’s Valmet Automotive.
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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.
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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.
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The Swedish automaker said it will notify all owners of the affected cars and replace the fuel pumps free of charge. The safety recall is expected to begin on or about February 18, 2011.
Owners may contact the automaker directly at 1-800-955-9007 or the NHTSA’s Vehicle Safety Hotline at 1-888-327-4236.
By Csaba Daradics
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The Switzerland-based tuning firm has a longstanding relationship with Saab and already offers dealer-installed performance upgrades in other parts of the world including Europe.
Hirsch Performance's aftermarket offerings include a variety of products ranging from software tweaks that boost output by 30HP and sports springs, to comprehensive aero kits with carbon fiber parts, alloy wheels and interior appointments such as aluminum pedals, leather sets and carbon trims.
John Anderson, director of aftermarket sales and new business for Saab Cars North America, commented:
"Saab has had a long relationship with Hirsch in Europe and now we can offer performance enhancements for Saab customers' vehicles in the US. The advantage to Hirsch Performance parts is they are installed at authorized Saab dealers, do not affect the warranty or emission system performance of the vehicle and are high quality systems designed especially for Saab cars. Installation of the Hirsch Performance parts within 60 days of sale of the new vehicle will give the consumer the same warranty as a new vehicle, an advantage for our customers."
Saab said pricing information and participating dealers for the Hirsch Performance parts will be available on the firm's US website in the near future.
*All photos are from Hirsch Performance's European lineup
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The Switzerland-based tuning firm has a longstanding relationship with Saab and already offers dealer-installed performance upgrades in other parts of the world including Europe.
Hirsch Performance's aftermarket offerings include a variety of products ranging from software tweaks that boost output by 30HP and sports springs, to comprehensive aero kits with carbon fiber parts, alloy wheels and interior appointments such as aluminum pedals, leather sets and carbon trims.
John Anderson, director of aftermarket sales and new business for Saab Cars North America, commented:
"Saab has had a long relationship with Hirsch in Europe and now we can offer performance enhancements for Saab customers' vehicles in the US. The advantage to Hirsch Performance parts is they are installed at authorized Saab dealers, do not affect the warranty or emission system performance of the vehicle and are high quality systems designed especially for Saab cars. Installation of the Hirsch Performance parts within 60 days of sale of the new vehicle will give the consumer the same warranty as a new vehicle, an advantage for our customers."
Saab said pricing information and participating dealers for the Hirsch Performance parts will be available on the firm's US website in the near future.
*All photos are from Hirsch Performance's European lineup
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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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