Saab in the German press: Crisis ends, Chinese save Saab

Saab crisis ends - Chinese save Saab!
Saab crisis ends - Chinese save Saab!

The Saab Crisis is over, Victor Muller made the impossible possible and gave Saab another chance. The most important German publications about Saab are compiled for you, by Financial Times, Sueddeutsche Zeitung and Welt Online.

Financial Times Germany

Chinese are joining Saab

The Swedish manufacturer is sickening. No money, no strategy, too little sales. At the last minute an unknown Chinese company enters. The strategy remains unclear.

The battered car maker Saab hopes for a savior from China: The hitherto little-known car company Hawtai Motor wants to invest in exchange for shares 150 million euros and thus allow the resumption of production. Saab owner Spyker announced on Tuesday. In recent weeks, Saab had to stop production because suppliers complained about unpaid bills and therefore no longer issue components. With the injection of funds from China, the overdue payments should now be made and the tapes reopened.
This is the second time that a Chinese concern has resorted to a Swedish car company: only last year, Geely Automobile took over Ford's Saab rival Volvo. According to Spyker, Hawtai wants to pay 120 million euros for a share of 29,9 percent. Another 30 million euros are to flow in the form of a convertible bond.
However, the step would still have to be approved by the Chinese regulators, the EU development bank EIB and the Swedish government. Just the day before, Spyker claims to have secured a cash injection of 30 million for its shareholder Gemini Investment Fund and announced a loan of 29,1 million from the European Investment Bank.

Spyker has taken over the stumbling traditional company from General Motors a year ago and has since been trying to drive the former Opel sister in the profit zone. The prospect of Chinese cash injection spiked Spyker stock up over 15 percent on Tuesday in a weaker Amsterdam market.
At a joint press conference with Hawtai Vice President Richard Zhang, Spyker boss Victor Muller said about the new partnership: "It secures our medium-term financing and enables Saab to enter the Chinese market." With Hawtai's technology for diesel engines and the Chinese production capacity, the right partner had been found. Zhang emphasized: "We have access to innovative technology and an international network that we would otherwise have had to build over decades." Muller said that after “several weeks of bad news” there is now the right solution for Saab. Hawtai is a comparatively small and young company with its own production capacity for 200.000 cars in China. At the traditional Swedish company Saab, which has almost always been at a loss for 20 years, only 32.000 cars rolled off the assembly line last year.

Süddeutsche Zeitung

Chinese are also mixing in with Saab

Capital from China is currently rescuing the swedish car maker Saab, which is in serious danger of being threatened. The badly hit company is supported by the internationally unknown Hawtai Group with 150 million euros.

As both companies announced in Beijing on Tuesday, starting from 2013 in Hawtai factories to run the new Saab model 9.3 for the domestic market from the tape. Since 2010 year, Volvo belongs to the Chinese Geely group in China.

Saab's small Dutch parent company Spyker Cars was recently unable to pay the supplier invoices for production at the Trollhättan headquarters. There are no cars built for nearly four weeks. In addition to the medium-term payments from China to 120 million euros Saab benefits from a short-term convertible bond for 30 million euros to get the production back on track.

Spyker boss Victor Muller announced at a joint press conference with Hawtai vice president Richard Zhang that the 3700 workers in Trollhättan should be producing cars within a week. Commenting on the new "strategic partnership," he said: "It secures our medium-term financing and allows Saab to enter the Chinese market." Hawtai's technology for diesel engines and Chinese production capacity have found the right partner.

Zhang said of the partnership with Saab: "It gives us access to innovative technology and an international network that we would otherwise have needed to build up over decades." It was "a great day for a relatively young company". Hawtai was founded just ten years ago, has its own production capacity of 200 000 cars according to the media and so far mainly uses the technology of the South Korean Hyundai Group.

After the Saab takeover by the sports car manufacturer Spyker whose boss Muller had tried in vain to place the Russian financier Vladimir Antonov as the new main owner.

Swedish unions and government officials in Stockholm welcomed Hawtai's move. Economics Minister Maud Olofsson, however, warned against hasty optimism and said that the crisis is not yet over for Saab. The agreement with Hawtai has yet to be approved by the Chinese authorities, the Swedish credit supervisor and the European Investment Bank (EIB).

World Online

After Volvo, the Chinese are now saving Saab

With a million credits, Beijing carmaker Hawtai makes the Swedes afloat again. Even competitor Volvo belongs to the Chinese.

Capital from China is currently rescuing the Swedish automaker Saab, which is in serious danger of being threatened. Saab's owner Spyker Cars and Chinese carmaker Hawtai said in Beijing that China will provide 120 million of its "medium term" strategic alliance.

To restart the interrupted because of lack of money for three weeks production Saab also gets a short-term loan on 30 million euros. The much larger domestic competitor Volvo belongs since last year to the Chinese group Geely.

Dutch Spyker boss Victor Muller said that after "several weeks of bad news", there is now the right solution for Saab. Hawtai is a relatively small and young group with own production capacity for 200.000 cars in China. In the past year 20 almost always with losses working traditional Swedish company Saab last year only 32.000 cars were rolled off the line.

After the Saab sale to Spyker by the US carmaker General Motors Muller had tried in vain to bring the controversial Russian financier Vladimir Antonov as the new main owner in position. Because the company was no longer able to pay its bills, production had to be stopped almost four weeks ago due to missing components. Saab employs 3700 staff at its Trollhättan headquarters.

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