Bankruptcy petition for NEVS
Update 19: 29
LaboTest AB, which supplies equipment for laboratories and production equipment, filed an application for bankruptcy for NEVS at the District Court of Vänersborg. It's about a sum of 150.373 Swedish kroner.
The bankruptcy filing itself was not made by LaboTest AB, but by the company's financial services provider, Svensk Direktinkasso. The manager of LaboTest AB, Håkan Bodin, was surprised by the process in the evening opposite the Swedish television. LaboTest AB checks the withdrawal of the application.
Anyway, a border was crossed today. In the meantime, 113 creditors have filed claims for about 5 million €. NEVS now has time to settle its debts until the hearing in Vänersborg court in September. NEVS regretted the situation in the evening and denied being insolvent. The assets are well above the liabilities, but there are no liquid assets available. One way to settle debts in the short term is the further mortgaging of assets. In addition, they are negotiating with two international financiers to ensure long-term financing.
The possible NEVS bankruptcy could now develop into a political issue, because in the meantime the first media ask if NEVS was the right buyer for Saab. A topic that carries explosives of a political nature and that could decide the political orientation in Sweden. On the 14. September are elections to the Swedish parliament, the election campaign knows only one topic: jobs.
The incumbent government promises 250.000 new jobs, at the same time disappear in Trollhättan in one fell swoop around 600 jobs. For buyers and investors now would be the chance to get started before it's too late. Dramatic times!
Text: tom@saabblog.net
Hi Torsten,
At 25k € the profit would have been reduced by 8000 € / vehicle - how much that would be with 10000+ customers everyone can calculate for themselves and if a company like audi and VW can't do without € 1 million for me, then that can a NEVS certainly not. In the worst case, you would have even paid more. That would of course have been a masterful move. And even if the sale had not been a loss-making business, one would still have had only a fraction of the customers with potential customers in Europe and the USA that a China that is waiting for high-quality products from their home country can offer. In addition, I am now boldly claiming that the variant preferred by many would not have had any other result, except that you would now drive a new Saab.
A common problem I see is the fact that all the supposed expert, as you said earlier, have been discussing the topics in forums, but no one is even trying to write a finger to NEVS. If NEVS So works close to customers as it always says here (answer e-mails and so), then one of these economists can tell the lords of NEVS how to get the company back on track. Or are not they all expert enough for that? However, I can not understand who has much idea of the economic processes of a company and the development of a vehicle.
Is said as a general problem (see also IT industry)
Yes, I have to hang up again. Yes, you are all right: too cheap and too expensive at the same time! The basic feature of today's auto industry is the business of additional equipment. This is where the money is earned or the price is paid for it. If I can't, or don't want to, because the numbers don't match, then there is only the option of slimming down the price of the car or packing it with equipment until the price is right. Marketing also has to explain to the customer over and over again why the vehicle is worth this price. All that was missed because NEVS has no idea about automobile construction and - in my opinion in retrospect - should never have got the SAAB brand ... Now the politicians can say: “What do you want, we have SAAB twice in the last 2 years Seeing going bankrupt… ”and that's probably how it was intended… But I'll say it again: with the production of SAAB vehicles in Sweden you can earn money and secure jobs! Everything else is stupid talk! BMW was also close to the end in the 5s ...
No, why stab in the back? At the instigation of an insolvency administrator, SAAB was sold to an investor who had no idea about automotive engineering and no concept! The dog is buried there. Victor Mueller's relatively good concept should have been continued - possibly without the 9-3 and with fewer people. But that would have cost a lot of money - too much for some bidders! Either you wanted to send SAAB to the eternal hunting grounds for good (death in installments), or it was simply incompetent. What NEVS has done here with its information policy is simply to cover up its own indecision - the failure in 08/2014 was the consequence. Ultimately, it may also be possible that the real strategy was simply to market the Phoenix platform along the lines of the grasshopper! But I still think that the SAAB story is not over. It may be a damn good story, exciting to the last page and we're still a long way from there! Schadenfreude at the end: I am also amused that Mahindra has once again been left behind and with his “boxes” - screwed together from parts from other manufacturers - now has to see how they get on ... smile ...
Oh well. At least that's how it came, as I thought, the request was withdrawn. No all-clear, but time won.
Announcement in the Tagesanzeiger yesterday evening:
http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/SaabEigentuemer-ist-pleite/story/20798482
I would not be surprised if this “small” demand against NEVS is the push off the cliff. Two years of naivety would come to an end accordingly. Yes, that would fit.
Let's be honest ... In the long term, only the production of a new Saab 9-3 (sedan, station wagon, convertible) at moderate prices (€ 25.000) with a combustion engine would have made sense. Phoenix platform or not. The means and resources would never have been there to do this.
The production site in Sweden has also been held for too long. How could you ever have become competitive? Keyword: Baking small rolls ...
I'd better live with accepting the end now than watching this lack of perspective eternally. We Saab fans do not deserve this permanently!
I speculate, should no other creditor jump on the bandwagon and also submit an application, LaboTest will withdraw the application as far as possible. If you read the statements of the managing director, you get the impression that he himself was surprised by the consequences. Perhaps you don't want to be the one who ultimately gave NEVS the stab in the back because of 16 euros. Of course, the situation at NEVS is regrettably threatening, but even the CEO of the supplier association FKG cannot imagine that a creditor with such a small claim could initiate such a momentous decision. In addition to the status of the current negotiations with potential investors, the more decisive question seems to be whether NEVS can use the liquid funds for the next wage and Acquire salary payments and especially for taxes. The creditors seem to be (still) under control. Just how much longer ...
Hello Tom, I follow your blog every day, I like what and how you write 🙂 but that is very, very sad news for me, especially since today's other article has at least aroused hope ... anyway, I strongly hope that now at least there is action ... I try to think in the position of Nevs that with secrecy or not is correct on the one hand but for God's sake I don't understand why nothing comes ... You are too proud to admit that it was a bad buy was? has overestimated itself or are the Chinese simply so wrong that they buy up a manufacturer cheaply, simply copy technology, style and design and simply bleed the vehicle manufacturer with heart and history to death ??? What is your personal view on it all? Greetings from Austria
Politics for jobs? Never at 600 posts, that's been done with 3500. If the applications are made, then there is no more poker. Either a provider still suggests it at short notice or Trollhättan and SAAB are history. Infinity you can not pull this story of suffering. In the end, only locusts?
We remain full of hope - and enjoy every turbo whisper 😉
Especially since the placement of the former Saab employees is always liked to be presented in Sweden as a success story. There will be no big nagging for NEVS employees now.
Or a black, maybe a brown, or even a pink knight ... 😉
Hello Steve,
Soberly, there is no black, brown or pink knight. Rather a big bird, also known under the name of bank vulture. If NEVS had sold the modified 9.3 under 25 K (also as a station wagon) in Germany and the US, the problems would probably not have surfaced. This problem has been discussed by umpteen different people / readers in various blogs. There was buying interest, but no distribution network existed except Sweden. If NEVS does not do its homework in favor of thousands of fans of the brand, NEVS does not have to worry about bankruptcy.
Right! Lt. Teletext in ARD MOMA, the court has already determined the insolvency ...
Exactly, as always, stay relaxed ... maybe there's a white knight
Since we are used to being patient, we will continue to wait for the things to come. We should not throw in the towel yet, NECH NEVS has not commented negatively.
Even the journalist Fröberg is currently not receiving any concrete information from NEVS regarding the status of the negotiations - he is currently groping more or less in the fog like all other observers.
It may well be that production will start again a few weeks after the contracts with investors have been concluded - as NEVS announced.
We will only know in concrete terms whether it will ultimately turn out positive or negative when the official statement from NEVS comes - until then you can only be patient, as NEVS is still completely silent.
The situation is becoming more critical!
Great, an ongoing work, (hopefully) cleared licenses, a low price, the parts decoupled - now a buyer can strike, free from contaminated sites, without excessive costs and prices and thus not burn the money before production starts.
We know that enough. By the way, I want to make another breach for Victor Müller, who was not that bad 😉
In principle, he wanted too much and was then sent to April by the China men ... In terms of business, Victor made a clean miscalculation ... he couldn't get the costs under control!
The question still arises whether our Chinese really ever wanted to build cars there in significant numbers ...
I do not think they ever wanted to produce seriously. They wanted to get to the technology and the knowledge. Copy what the stuff holds. And cheaper than a bankrupt company, you probably will not get it.
In his recent commentary on SvD, Fröberg writes that the sale of the Phoenix platform to Dongfeng is very likely and that the debt repayment factory could be sold individually. That it comes from him, lets stop (more than any funny discussions about car purchases).
Fröberg is always extremely close and probably the most reliable source among the journalists. He will probably be right. If there is no radical change in the situation during the next 4 weeks, the car industry in Trollhättan will be a thing of the past.
... and what will Saab produce after 9-3 when it sells the Phoenix Platform?
Nothing more. Then the game is over, at least for NEVS. You could also look for a buyer for the plant, everything is sold in parts. However, this option would bring less money to the NEVS owner. And it seems primarily to go for the highest possible proceeds from the sale.
The fuse burned for a long time, now it bangs!
Let's hope it does not end in any election campaign flights.
As usual, the Swedish government of BMW drivers is quite full of words. 250.000 new jobs - where are they supposed to come from?
Let's see if the harmless Swedish population continues to get rid of these crackpots ……. leaves.
I think the hot phase is now beginning. The next 2-3 weeks will decide how and whether to continue. Let's hope for the best for a future for SAAB.
That was it then. Schadeeeeeeeeeeeeeeeeeeeee!