- Swedish media are reporting that China's Youngman Lotus Automobile has given the bankrupt Swedish automaker a last-minute payment of $5 million.
- The Chinese automaker has promised to send more money this week.
- Youngman Lotus hopes to acquire a stake in Saab.
TROLLHATTAN, Sweden — Swedish media reported Tuesday that China's Youngman Lotus Automobile, which hopes to acquire a stake in Saab Automobile, has given the bankrupt Swedish automaker a last-minute payment of $5 million, with more money promised.
The payment helped Saab clear back taxes in Sweden, according Dagens Industri, the Swedish business daily, which said Youngman Lotus has promised a further $26.4 million payment this week to cover unpaid salaries and $13.2 million more by the end of December.
Saab last week said it was running out of time and options before a Swedish court rules this Friday on whether to remove legal protection from creditors, effectively forcing the company into liquidation.
An earlier proposal to sell Saab to two Chinese firms — Zhejiang-based Youngman Lotus Automobile and Pang Da Automobile Trade — has been blocked by former owner General Motors. GM, which still holds preferred shares in Saab, said it objected to the transfer of intellectual property.
Inside Line says: How many more "last-minute" rescues can Saab possibly encounter?
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tbone85 says:
11:18 AM, 12/15/2011
Nothing quite as amusing as fanboy rage. I like some of the products that Saab produced, others I' didn't like. I've been mostly complimentary of Saab and I think they way they've been treated by the financiers has been shameful.
None of that changes reality. The market has found their products unworthy of it's support. Raging against the wind, play blame games, ignore reality if it makes you feel better. The bottom line is they didn't sell enough cars to sustain the brand. The technology they developed was not superior enough to attract ethical buyers of. It's business. It happens. If that upsets you, oh well.
saab9520turbo says:
05:11 AM, 12/15/2011
I'm very happy to hear that there are all these fools running around with absolutely no clue about all the innovations that they can thank SAAB for. Instead of blistering the company, maybe these fools should do a little research and realize that the reason they ride in the type of automobiles they do is because of innovations designed and perfected by SAAB, do you like your turbo? Thank SAAB, do you heat in the back of your car? Thank SAAB, do you enjoy your heated seats? Thank SAAB. Stop posting about a company not having enough innovation or failing to develop enough technology to sustain their product. You are an idiot plain and simple, you have absolutely no idea about how the automotive industry works, and you need to come to grips with the fact that your opinion is nothing more than uninformed dribble. Thank you.
tbone85 says:
10:00 AM, 12/14/2011
Another round of fanboy/hater generated excuse making. They've had 4 different owners over the last 3 decades and the results have been the same. Saab simply failed to attract enough new buyers to support the brand. They've also failed to develop enough technology and quality products to attract legitimate car people to acquire the company and instead are stuck with shady investors who are looking to pillory the company for all it's worth. Pick a villain or make one up. It's business 101, stuff happens.
itbeatswalkin says:
01:03 AM, 12/14/2011
As a Saab Fan and GM guy (Yes, I probably am the only one) I think many of you "car guys" often overlook what the Saab acquisituon did for GM instead of vice versa. Before Saab, GM interiors were not routinely competitive, refinement was lacking, DOHC was a four letter word (in a bad way) and ride/handling balance was an oxymoron in the first degree. Since Saab, GM is climbing the charts rapidly in all these areas. In this case, it was David that had the right formula for Goliath. Furthermore, GM has taken Buick and made them GM's new Saab. A main stream nameplate using Saabs formula to ressurect itself. The Regal is basically what the 9-3 was in 2003 with some added style, hp and a little more room. Heck, its bulit off the third generation of the same platform. As is the 2012-13 Malibu. The Lacrosse is a 9-5 with a V-6 and no turbo option. GM doesn't want Saab to be able to survive period. They have snagged the Saab formula, so why allow them to survive to be competition? Saab has preached the advantages of turbocharged 4 cylinder power for over four decades, they created the first heated drivers seat, hatchback versatility, high hp with respectable fuel economy; they are/were way ahead of their time interms of company philosophy, but they didn't conform, so they were labled quirky!
I've owned 2 Saabs,and loved them both. Well built, fun to drive and comfortable, but never remotely mainstream. Saab fans relished that about the cars, but ultimately, I feel that is why people have stayed away. There is very little space in the US car market for vehicles that don't conform.
filmjr says:
07:56 PM, 12/13/2011
GM must be worried the Chinese will learn to make DI cassettes that fail every summer in 85-degree weather.
filmjr says:
07:56 PM, 12/13/2011
GM must be worried the Chinese will learn to make DI cassettes that fail every summer in 85-degree weather.
ttbuyer says:
01:15 PM, 12/13/2011
SAAB has become the Fred Sanford of the automotive world.
qdp says:
12:33 PM, 12/13/2011
As GM killed Saab's original intellectual properties and replaced them with its global plateforms, GM's own "intellectual properties", consequently Saab has to rely on the plateform for life.
As a matter of fact, there are too many foreign and domestic competitors in Chines market, adding one more brand such as Saab won't pose any meaningflu threat in GM's Chinese market position, so , in my view, GM is using those so-called intellectual properties as hold-up to play a brinkmanship in order to squeez as much profit as possible from the takeover
seansean2 says:
12:10 PM, 12/13/2011
It was GM's inferior technology that ruined Saab. GM has been trying to kill Saab many times. Now with this "licensing issue". I have great faith in Victor Muller.
It's unpatriotic to buy any GM product. Any sale of a GM product is a victory for communism and a state-controlled economy and a strike against free market capitalism which made this country great.
fast_cars says:
10:15 AM, 12/13/2011
OMG! Just kill the darn thing already!