Tuesday, January 26, 2010

SAAB saved by the Dutch - Spyker Automotive is Buying the Former Swedish Car Maker

Instead of going back to Swedish Ownership, another European based company is going to rescue Saab.

Want a REALLY exclusive super car? Buy a Spyker - they only sold 23 cars in 2009 compared to hundreds of Ferraris, Lambos, Bentleys, Astons, etc... Unless of course you have the BIG bucks for a Veyron (Bugatti).
Hmm. . . make that 22 on the road now... (moron)

So, Spyker saves the day for Saab. Sweden should be happy...

Saab got a new life Tuesday as General Motors Co. agreed to sell the Swedish car brand to the small Dutch luxury carmaker Spyker Cars NV.

The Swedish government has agreed to guarantee up to 4 billion kronor ($550 million) in loans through the European Investment bank to make the deal happen, Industry Minister Maud Olofsson said.

The deal would be a coup for Spyker and a lifeline for Saab, which has lost money for years under GM's ownership and was slated for liquidation. Saab has around 3,500 employees in Sweden.

But it's also a huge challenge for Spyker, which sold only 23 cars in the first half of 2009, its most recent reporting period, and posted a net loss of 8.7 million euros. The 6-year-old company has yet to make a profit, but it says funding for its operations have been guaranteed through 2010.

The sale of Saab is "great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, a vice president at GM who was in charge of the negotiations.

Is this serious? Looks like the whole family is inside based on the struts being maxxd out.