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It's Official! Saab sold to Koenigsegg!

7K views 62 replies 39 participants last post by  Saabotaged900T 
#1 ·
#6 · (Edited)
it appears to be the best possible solution:
  • products under development WILL be produced as planned - probably the best 9-5 ever if the latest turbo x car is anything to go by
  • access to gm parts bin for future models - cheaper to buy and operate vehicles
  • government money to help with management and hopefully marketing support
  • strong swedish cultural blood enthusiastically creating products for sweden by sweden.

remains to be seen what koenigsegg envisions for the future. they could be looking to expand the koenigsegg brand - which is no guarantee for sucess. and the government money may never reach saab. or they could honestly be looking to create better mass-production models for both brands.

my gut feeling is they don't care about saab as much as the 600 million that they get for striking a deal.
 
#8 ·
remains to be seen what koenigsegg envisions for the future. they could be looking to expand the koenigsegg brand
I agree. After watching the videos of the CCX in action, that car seriously needs an all-wheel drive system--which they just bought with the Saab acquisition. They have also been developing an electric sedan. Don't be surprised if that car ends up being a Saab. Not exactly what we're drooling over. I like to believe in fairy tales too. But the notion that they are buying Saab for Swedish sentiment is naive. Still--I'm cautiously optimistic that something good will come of this union for the Saab brand.
 
#14 ·
maybe we could get a production of the Aero X? or see the real thing.. running.. driving..?

maybe we finally get the small turbo hatch with AWD we have all been craving...

or maybe Koenigsegg just got a buttload of money to expand their cars and throw a saab badge on some of them...

i hope for the first...
 
#22 · (Edited)
#25 ·
Another Article here:
http://www.autoblog.com/2009/06/16/officially-official-koenigsegg-reaches-agreement-to-buy-saab/

Officially Official: Koenigsegg reaches agreement to buy Saab

by Sam Abuelsamid on Jun 16th 2009 at 9:26AM Breaking

After days of speculation and rumor, General Motors made it official this morning, Saab will soon be back in Swedish hands. In many respects, this is the most fitting result for quirky brand. Koenigsegg is an oddball itself, building insanely fast supercars in a Scandinavian country where you can't legally drive over about 60 mph.

The deal will be partly financed through a $600 million loan from the European Investment Bank that is co-signed by the Swedish government. Just as GM will continue to provide Penske-owned Saturn with cars for a time, it will supply platforms and powertrains to Saab. The length of time that Saab will continue to use GM hardware hasn't been disclosed, but it will likely be for at least the next 5-6 years - if not longer. The new 9-5 which will be built in Trollhättan, Sweden is launching later this year followed by the 9-4X crossover. Both of these will probably complete their lifecycle on current platforms. The same is likely true for the 9-1 which may launch in 2010 or 2011. The big question mark will be the next generation 9-3, which had been expected to move to GM's Delta II platform.

The Koenigsegg-Saab deal should close by the end of September, and you can check out the official verbiage after the jump.

[Source: General Motors]

PRESS RELEASE:

General Motors and Koenigsegg Group AB Reach Tentative Agreement on Saab

# Deal will secure Saab's future
# EIB expected to provide $600 million financing with state guarantee by the Swedish government
# GM reinvention achieves another milestone

Zurich. General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, today confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab's future.

The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab's operations and product program investments. This includes plans to launch several new products that are in the final stages of development. Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully emerge from its reorganization process.

"This is yet another significant step in the reinvention of GM and its European operations," said GM Europe President, Carl-Peter Forster. "Saab is a highly respected automotive brand with great potential. Closing this deal represents the best chance for Saab to emerge a stronger company. Koenigsegg Group's unique combination of innovation, entrepreneurial spirit and financial strength, combined with Koenigsegg's proven ability to create world-class Swedish performance cars in a highly efficient manner, made it the right choice for Saab as well as for General Motors."

As part of the proposed transaction, GM will continue to provide Saab with architecture and powertrain technology during a defined time period. Additionally, Saab plans to produce its next generation 9-5 models in the Saab production facility in Trollhättan, Sweden.

"The proposed agreement will enable us to maximize the brand's potential through an exciting new product line-up with a distinctly Swedish character. Today's announcement is great news for Saab's current and future customers, dealers, suppliers and employees around the globe, said Jan Åke Jonsson, Managing Director of Saab Automobile AB.

The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale are not being disclosed at this time. Deutsche Bank acted as financial advisor to General Motors Corporation.

General Motors Corp., one of the world's largest automakers, was founded in 1908, and today manufactures cars and trucks in 34 countries. With its global headquarters in Detroit, GM employs 235,000 people in every major region of the world, and sells and services vehicles in some 140 countries. In 2008, GM sold 8.35 million cars and trucks globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's largest national market is the U.S., followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. In Europe, GM sells its vehicles in over 40 markets. It operates 10 vehicle-production and assembly facilities in seven countries and employs about 50,000 people. More information on GM can be found at http://media.gmeurope.com and http://www.gmeurope.com. GM Europe executives blog at http://drivingconversations.com.To support informed discussion and fact-based reporting, GM and Opel & Vauxhall have launched a new website at http://gmeuropefactsandfiction.com.

Koenigsegg Group AB is a consortium of private investors led by Koenigsegg Automotive AB. Koenigsegg Automotive AB manufactures supercars. It has representatives in Africa, Asia, Europe, the Middle East, North America, and the Oceania. The company was founded in 1994 and is based in Ängelholm, Sweden.
 
#30 ·
The Economist weighs in. They seem to like Saabs, but not like GM. Sounds kind of familiar:

Of the three, only the fate of Saab will be of any concern to car lovers: Saturns were sold to people who were looking for smiley-faced service rather than a good drive; Hummers were bought by men who were insecure about their masculinity and by Arnold Schwarzenegger. But Saabs, with their rally-winning heritage and powerful turbo-charged engines, appealed to discerning buyers who valued understated Swedish design and innovative technology.
Sadly, under GM those qualities were steadily diluted in an ill-judged attempt to stanch the losses that Saab made in all but one of the American firm's 20 years of stewardship. Short-sighted cost-cutting and the imposition of stodgy GM engineering resulted in Saabs that were no longer special. As the onslaught from German premium carmakers, especially BMW and Audi, intensified in the 1990s, Saab ended up in the uncomfortable position of making around 120,000 not-quite-premium cars a year.
 
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