Spyker-saab??

[amzamz]

I talked about Spyker's brand awareness earlier, but too bad there is no Spyker dealer in Scandinavia. And I checked the Swedish DMV: not one registered Spyker there

That's the information I had when I traveled through Sweden and Norway in Summer 2008: nobody out there! My car was seen by a handful random people... and one local classic car meeting. I was actually rejected to get into the meeting and had to park in the normal car park.

Photos are from Malmö and Lund.

[IVR007]

nice pic #1! Turning torso in Malmö, once a month my father operates in a private clinic next to it.

[Edwardo]

'Saab closure decided' - Autocar source

09 January 2010

Saab's fate as a car maker seems to have been already sealed according to sources at GM Europe in Germany.

Insiders have told Autocar that GM has secretly booked transportation to shift the remaining 9-5 production equipment and tooling from Opel’s Russelsheim factory to GM’s Buick factory in China.

The shipping will begin next Friday, 15 January, according to Autocar’s sources.

If the information is accurate, it could directly contradict GM’s statement yesterday that it is "continuing to evaluate…several proposals" for Saab from outside bidders.

Yesterday, GM also began the process "an orderly wind-down of Saab", drawing strong criticism from the head of Sweden’s IF Metal union for moving in "two directions at once".

A delegation including government officials is also travelling from Sweden to Detroit today in order to hold talks with GM bosses.

There’s no indication as to what the Buick China factory will do with the 9-5 tooling, but it could mean that the new Buick LaCrosse - which shares the same long-wheel base Epsilon 2 platform as the 9-5 - will be built by Buick China. Buick is a huge success in China for GM, selling 447,000 units in China during 2009.

Before the global credit crunch and GM bankruptcy, the company had planned to build the new Saab 9-5 in Russelsheim, alongside the new Insignia models. The addition of extra production volume generated by the 9-5 saloon and estate would have made the Russelsheim plant more profitable.

There was also an outside chance that GM could have sold the Saab brand and supplied the new owner with German-built 9-5 models on an ex-factory basis.

Yesterday, however, GM Europe boss Nick Reilly made clear that Opel/Vauxhall factories including Russelsheim will see more cuts to capacity.

"We must work fast to reduce our capacity, while maintaining productivity and quality," Reilly said to employees in a company blog.

This message would seem to confirm the story of the 9-5 tooling being shipped, as GM prepares to strip-out unwanted production equipment and re-size its Russelsheim plant.

[IVR007]

some minor updates

- Mr. Muller has arrived in Detroit; he will indeed give a speech at the the Automotive News' World Congress
- Genii is still working on their bid (!), their deadline is somewhere in the beginning of this week
- Alix Partners has been appointed as the liquidator for Saab; I hope that this is GM's way of putting pressure and getting a better price..
- Saab Support convoys are taking place all around the world
- If all bids fail, Bob Lutz states that the new 9-5 will never be build
- Håkan Samuelsson and Jan Nygren previousy worked with Carlström to make a bid, but now they have placed their own bid (Carlström in the Genii team now)

[IVR007]

GM says Saab closing; no viable bid yet
DETROIT (Reuters) - General Motors Co sent its clearest signal yet on Monday that none of the bidders for Saab had submitted an offer that would prompt the automaker to reverse a decision to shut down the Swedish luxury brand.

Deals

"We're closing down Saab," GM Chairman and acting Chief Executive Ed Whitacre told reporters on the sidelines of the Detroit auto show. "We're winding it down."

GM Vice Chairman Bob Lutz said that the U.S. automaker would press ahead with closing down Saab unless a new bid emerged that was "financially better for us than the wind-down."

GM said last week that it had hired AlixPartners, the restructuring firm that assisted in its U.S.-government backed bankruptcy last year, to handle the wind-down of Saab.

"The offers we've received so far in terms of risk and financing up-front just have been as good as winding it down," Lutz told reporters.

Dutch luxury carmaker Spyker last week said it had submitted an improved bid for Saab.

Spyker Chief Executive Victor Muller told Reuters on Monday in a phone interview from Detroit where he was attending the auto show that he remained hopeful a deal could be reached.

"GM has said no bid is acceptable so far. I think you have to emphasize the words so far," Muller said. "They are still in the middle of the evaluation process. Talks are still continuing."

Saab has been consistently unprofitable in the 20 years that it has been controlled by GM. Lutz said the U.S. automaker had been wrong to assume that "something would come along" to change its financial performance.

"For years GM has been procrastinating when it comes to Saab," Lutz said. "I'm glad to see that for once GM is sticking with a decision to wind something down."

Lutz said that any bidder now has a limited time to come forward with an offer that would cause GM to reverse its decision.

"We're listening," he said.

Saab, which GM has controlled since 1989, posted a loss of $340 million in 2008, and is projected to post a similar loss this year.

GM's attempts to integrate the brand into its global line-up limited Saab's appeal to enthusiasts who liked its early hatchback styling and turbo-charged engines.

Joran Hagglund, Sweden's state secretary for industry, was in Detroit on Monday for a meeting with GM management on the latest developments on Saab, representatives said.

Saab employs about 3,400 in Sweden. The Swedish government has announced public funding to help offset the economic loss from its closure.

Spyker's Muller said that while GM "had hit the wind-down button" on Saab, that decision could still be reversed. He said he expected to meet with GM representatives and with Hagglund in Detroit this week.

Saab sold just over 93,000 units in 2008, accounting for 1 percent of GM's global sales volume.

U.S. sales for Saab cars dropped almost 64 percent in 2009.

[Reddingius]

Well it seems to be all over now:

Bron: Dagens Industri:

Biltillverkaren Saab kommer att läggas ned, uppger GM:s vd Ed Whitacre för Reuters.
di.se
Enligt vice ordförande Bob Lutz har inga av buden som kommit varit "finansiellt bättre" än att lägga ned bolaget. Samtidigt öppnar Lutz för anbud under nedläggningsperioden

Vertaling (Dutch):
"Autofabrikant Saab zal worden stopgezet", heeft GM's directeur Ed Whitacre bekendgemaakt voor Reuters.

Volgens vice woordvoerder Bob Lutz heeft was geen enkele van de biedingen die er zijn gekomen een financieel beter alternatief dan het stopzetten van het bedrijf. Gelijktijdig blijft Lutz openstaan voor een aanbod gedurende de periode van stopzetting.

Translation:
Car-manufacturer Saab will be shut down, so declares GM CEO Ed Whitacre to Reuters.

According to spokesperson Bob Luts none of the new bids that came in were a better financial alternative than shutting the company down. At the same time Lutz says GM will be open to new offers during the wind down process.

[di.se]
---------------------------------------------------

Här är GM:s prislapp på Saab
2010-01-11 17:29
Here is GM's pricetag for Saab

TT får en pratstund med General Motors styrelseordförande och koncernchef Ed Whitacre på bilsalongen i Detroit."Vi har egentligen inte bestämt något annat än att vi stänger ner Saab. Om någon kommer med mycket pengar riktigt snabbt så säljer vi", säger Ed Whitacre, där han står framför GM:s framtidshopp elhybriden Chevrolet Volt.

TT gets to have a word with GM spokesman and CEO Ed Whitacre at the Detroit Autoshow. "We really didn't decide anything other than that we will be shutting Saab down. If someone shows up with more money we will sell it to them", says Ed Whitacre as he stands in front of GM's future showroom with the electric hybrid Chevrolet Volt.

TT: Vad säger du om de senaste buden?

"Det var inga bra bud. Inget nytt i dem", säger han.

TT: What do you have to say about the latest bids?

"Those bids weren't any good. Nothing new there", he says

TT: Har ni utvärderat dem tillräckligt?

"Ja, det har vi och det var inget annorlunda i dem mot tidigare bud. De var inte tillräckligt finansiellt starka. Det behövs mer pengar."


TT: Did you really take a proper look at the new bids?

"Yes we did and there really was nothing new compared to the previous bids. Financially they aren't sufficiently strong. It takes more money.".

TT: Hur mycket pengar?

"Ge oss 450 miljoner dollar (drygt 3,2 miljarder kronor) så är vi i ett annat läge."


TT: How much money?

"Give us 450 million dollars and we'll be in a different position"

TT: Börjar ni att stänga ner i dag?

"Nu säger jag inget mer, jag måste gå vidare, säger Ed Whitacre och fortsätter promenaden runt bilsalongen med en grupp senatorer omringade av säkerhetsvakter och med horder av journalister i släptåg."

TT: Are you starting the wind down process today?

"I won't say anything anymore, I have to proceed", says Ed Whitacre as he continues walking around the car show with a group of senators surrounded by safety guards and hords of journalists in their wake.

[di.se]

[IVR007]

Strange that the chiefs of GM are so inconsistent; Mark Reuss of GM NA has said today that GM is still reviewing the bids they received and they are keeping Saab intact for possible buyers (although a liquidator has been appointed)

[IVR007]

I couldn't resist, so I'm ending my day with a more positive message:

The French Press Agency AFP has a "well informed" source, saying that Spyker's bid is the "only one really attractive".

[SpykerOwner]

A positive attitude is always good

[IVR007]

A positive attitude is always good

Yes!

At 3.05 pm Detroit time mr. Muller wil give a 30min speech at the automotive news world congress. Does anyone have ideas if/ how we can watch it?

[IVR007]

Once again I practised my Swedish

from di.se

GM: Saab has one month

updated 2010-01-12 16:10

Saab's lasting torture of conflicting statements from GM proceeds. Today, Nick Reilly (chef GM Europe) stated in a press conference in Detroit that it is possible to sell Saab in two to four weeks.

During that time the wind-down will continue.
"Production is continuing in the coming two, three weeks" says Nick Reilly.

Earlier, GM's chef Ed Whitacre and vice-president Bob Lutz have given a much shorter time frame and wanted a sustainable deal within days in order to seal a deal.

Nick Reilly confirmed GM still has negotiations with the bidders.

"Realistically we are talking about 2 bidders" he said and he mentioned Spyker Cars and the group formed around Ecclestone.

Spyker is the one they have had talkes with for the longest time. For the rest, Nick Reilly wouldn't go in to details about bidders or valuate their possibilities.

Until now the bids have been inadequate, both in terms of financing and business plan, according to Nick Reilly

Two more things:
- today mr. Muller has said he expects a reaction from GM before the end of the week (Dow Jones)
- I find it strange that Nick Reilly has his doubts about the business plan; from my understanding they completely took over Koenigsegg's business plan and that one has already been accepted at the time by GM

[IVR007]

From Swedish Radio:

Engineers may get to keep their jobs

Even if Saab is wound down, there's an opening for some of the engineers at Saab Powertrain, who work with engine development, to keep their jobs.

- Since they do jobs for others, outside of Saab, it's possible that a smaller part can be retained, says Nick Reilly, head of GM Europe.

When asked how long the wind-down will take, he replies:

- I would guess six months.

He states that Saab are losing money all the time, and that GM have to continue with the wind-down.

- We can't keep a company just because people want us to, he says.

At the same time, GM can't sell to just anybody.

- That would be irresponsible. If we sell to a non-viable buyer, the problem will come back to us. We have a ten-year perspective on a new buyer being able to keep supplying us with components.

Regarding the statement by Ed Whitacre that GM want to see $450 million from a bidder, Nick Reilly has this to say:

- It's not a price tag for Saab. It's the sum that they have to be able to inject into the company to run it. And no one has.

Speculations that GM don't actually want to sell, he rejects completely.

- We've been trying to sell the company for over a year. To those who say that we don't want to sell, I can only state that we worked very hard with Koenigsegg. It wasn't us who cancelled that deal.

I wonder if Spyker or Ecclestone really are not able to inject big sums of money.. Maybe if the Swedish government guaranteed the EIB loan.. But they are very reluctant to do anything ( the first centre-right government in a long time).

[IVR007]

First news about mr. Muller's Speech
DETROIT AUTO SHOW: Spyker Eyes Saab Dealership Network - CEO - WSJ.com

[Mattjs33]

From Automotive News' website:

2010 AUTOMOTIVE NEWS WORLD CONGRESS
Spyker hopes for Saab purchase accord in 'days, not weeks'
Chrissie Thompson
Automotive News | January 12, 2010 - 6:25 pm EST

DETROIT -- Dutch niche carmaker Spyker Cars NV hopes to reach an agreement with General Motors Co. to purchase Saab in “days, not weeks,” Spyker’s CEO said today.

If that doesn’t happen, CEO Victor Muller said, Spyker may have to give up.

“There is a point in time where we would say, ‘This is not for us,’ ” Muller said at the Automotive News World Congress.

But for now, he said, “The last time I looked, which was a half hour ago, we were in the midst of the [Saab negotiation] process.

“That doesn’t mean too much, but we’re absolutely, definitely in negotiations.”

GM is winding down Saab after not finding a buyer for the Swedish brand last month. The Detroit automaker had originally agreed to sell Saab to Swedish supercar maker Koenigsegg Group AB, but that deal fell through in November, moving Saab toward closure.

Show the money

Last week, GM CEO Ed Whitacre said that no company was coming forward with the money to buy Saab. “It’s real easy,” he said at the time. “Just show up with the money and you can have it.”

Today, Muller said Whitacre made those comments after Spyker had offered a bid he believes is more attractive to GM than winding down Saab.

“We have shown Mr. Whitacre the money,” Muller said. He declined to give details of the bid.

But just offering to pay enough for Saab doesn’t solve all the difficulties of breaking off a brand that has been part of GM for two decades, Muller said.

Muller acknowledged that his 130-employee company’s bid is a long shot. He said today’s speech was probably the first and last he would ever give at the Automotive News World Congress unless Spyker buys Saab.

GM continues to say it is winding down Saab, although a sale could still take place. Whitacre has said multiple times that he’s pessimistic that GM will line up a deal.

“It’s my job to reverse [GM’s] position and make sure that Saab is indeed saved,” Muller said.

Share costs

Muller said Spyker wants Saab so it can share product development costs, tap Saab’s dealer network and cut the cost of making each vehicle. He believes Saab can be “very, very profitable,” partially by sticking with its own DNA.

Saab’s loyal buyers were sometimes frustrated by the way the Swedish automaker’s product looked under GM, he said. “People were interested in buying a ‘Saab’ Saab, not an ‘Opel’ Saab, for instance,” Muller said.

If Spyker does acquire Saab, Muller said, he plans to hire more workers, not fire them. He said he wants to increase production capacity so the new company, which would be a Dutch public company called Saab Spyker Automobiles NV, can build Saabs along with a higher volume of Spyker vehicles. He said Spyker plans this year to make about 100 cars that will sell for $200,000 to $250,000 each.

[Edwardo]

Spyker: Saab can be saved
DETROIT (AFP) - The death knell has not yet rung for Saab, insists Dutch sportscar maker Spyker which is pushing forward on a last-ditch bid to save the iconic Swedish mark and said Tuesday it has the money to make a deal.


Related news:
• Thousands rally in Sweden for Saab rescue
• GM still in talks with Spyker over Saab
• GM wants $450 million for Saab
• GM: 'We're closing down Saab'
General Motors is considering the offer "very seriously" and a decision on the bid can be expected in "a question of days not weeks," said Victor Muller, founder and chief executive of Spyker Cars.

The fate of the Swedish car maker seemed sealed last week when GM chief Ed Whitacre said the US auto giant had essentially given up on selling Saab, as nobody had come up with the money to seal the deal.

"We have shown Mr. Whitacre the money," Muller told an industry conference hosted by Automotive News in Detroit.

"We are absolutely, definitely negotiating in good faith with GM to buy Saab," Muller told a conference hosted by Automotive News in Detroit.

"They are considering offers very, very seriously."

Muller said he is "not very concerned about all the steps that are being taken with the wind down" of Saab because they are consistent with the plan GM set forward after a deal fell through with Swedish sportscar maker Koenigsegg.

General Motors announced on December 18 that it would wind down Saab while considering several last-ditch bids for the iconic brand, which has barely turned a profit during two decades under GM ownership.

The bidders include Spyker, a group comprised of Formula One boss Bernie Ecclestone and Luxembourg investment firm Genii Capital, and a Swedish group fronted by the former chief executive of German truck manufacturer MAN and a former politician.

"If the sale of Saab doesn't generate more than the wind-down scenario costs, for them it's clearly not attractive," Muller said.

"So it was my job, our job, at Spyker to put forward a proposal that is attractive enough for them to reverse the position."

Muller declined to provide many details of the offer but he said the Swedish government "has been very helpful so far."

"The entire project would be fully funded to be able to continue as a going concern, on a stand alone base," he told reporters on the sidelines on the conference.

Saab presents a number of opportunities for Spyker, including access to a global dealer network and the ability to reduce the cost of supplies and research and development, Muller said.

"We're not interested in just buying an iconic brand, we're interested because it, as a business, should be viable," he said.

"Our business plan clearly shows that Saab, of course having sufficient sales, can be a very, very sustainable and profitable company."

Spyker is currently spending tens of millions of dollars on outsourced product development and Muller said those engineering and research costs could be kept in-house if the automaker had the economies of scale offered by Saab.

Several thousand people gathered for a demonstration in Sweden on Tuesday to call for Saab to be rescued.

Saab, which employs 3,400 people in Sweden, is one of four storied brands being shed by GM as part of a massive restructuring effort that began in 2005 and accelerated last year when the largest US automaker went bankrupt.

Analysts have warned that some 8,000 jobs could be lost with Saab's closure.

Muller said a significant number of jobs could be created should Spyker succeed in its bid.

"We would be hiring rather than firing because the production capacity would need to be improved rapidly," he said.

Muller acknowledged that it would take "a few years" to get Saab back on its feet by bringing the "Saab DNA" that engendered so much customer loyalty over the years back to its product lineup.

Should the deal go through, the new company Saab Spyker LLC would be listed on the Dutch stock exchange.

Last Updated (Wednesday, 13 January 2010 09:05)