Spyker Blog
Breaking: Swedish loan guarantee for Saab reportedly wins EU approvalFiled under: Europe, Saab, Earnings/Financials, Spyker 
What is thought to be one of the last remaining hurdles for the acquisition of Saab Automobile by Spyker Cars from General Motors has reportedly been cleared - the Swedish government's endorsement of a pivotal European Investment Bank loan has been okayed by the European Union. Bloomberg indicates that the 400 million-euro ($546 million) loan has gained approval because the loan guarantors have found the necessary collateral and "adequate remuneration." It is understood that the loan is conditional based upon Saab using the capital to develop and produce cleaner, more fuel-efficient vehicles.
The EIB itself must still approve the loan in order for the transaction to go through, but the endorsement by the EU is expected to make it easier for the Luxemburg-based institution to make that move.
[Sources: Bloomberg, Autocar | Image: Joe Raedle/Getty]
[Source:
Breaking: Swedish loan guarantee for Saab reportedly wins EU approval originally appeared on Autoblog on Mon, 08 Feb 2010 10:28:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsGalpin launches new Spyker dealership in Southern CaliforniaFiled under: Car Buying, Performance, Spyker 
Galpin Spyker dealership launch - Click above for high-res image gallery
Most people think of Ford when they hear the name Galpin. After all, the Van Nuys, CA dealership has been the Blue Oval's number one volume seller for twenty years running. But Galpin sells more than Mustangs and Fusions. Their Premier Collection showroom houses inventory for Aston Martin, Jaguar and Lotus - it's the same place we visited to get up close and personal with the Aston Martin One-77.
Galpin can now add one more to that list. Spyker, the new owner of Saab, has appointed Galpin as its latest dealer and the only one in Los Angeles. The announcement kicked off with a party earlier this week at Galpin's Classic Collection building with various colors of the C8 Aileron coupe and spyder on display.
Don't expect the Dutch supercars to fly off Galpin's showroom floor, though. Just 45 cars were sold worldwide last year, with the United States accounting for less than half that total. That said, Beau Boeckmann, President of Galpin, has realistic expectations for 2010. He hopes to maintain ten percent of the North American market share, which would currently equate to just a couple of cars each year. Hit the jump for the press release from Galpin or click on our gallery of live shots from the event below.
Photos by Drew Phillips / Copyright (C)2010 Weblogs, Inc.Continue reading Galpin launches new Spyker dealership in Southern California Galpin launches new Spyker dealership in Southern California originally appeared on Autoblog on Sat, 06 Feb 2010 12:55:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsSpyker releases more details on Saab purchase, promises new 9-3 for 2012Filed under: GM, Saab, Earnings/Financials, Spyker 
The long saga of Saab has generated a lot of headlines for us in the past few months. The latest was word that the deal between General Motors and Spyker was initially rejected because of the fact that one of Spyker's investors was tied to the Russian mafia. It wasn't until the Antonov Group was bought out, allegedly, that the deal proceeded.
Today we received a press release from Spyker giving a few more details about its rationale for buying Saab, and it hints of what's in store for the brand now that the tiny Dutch supercar maker has agreed to purchase this Swedish stalwart. Spyker says that they want to rebuild Saab's global reputation, repositioning the brand as "an independent performance-oriented niche car company with an industry-leading environmental strategy." Spyker also says that it is committed to allowing Saab to run its own business plan under its own management. That business plan has been analyzed by Spyker and its advisers, Booz & Co and KPMG Transaction Services. Even the Swedish Government and the European Investment Bank signed off on the blueprints.
Spyker plans to rename the company, swapping the current Spyker Cars N.V. for Saab Spyker Automobiles NV ("Saab Spyker"). The two branches will continue to run separately, with Spyker marching forward with their exotic lineup and Saab developing "three to four model lines." Key news includes:
- 9-3 - All-new sedan, hatchback, sports estate, X and convertible models in 2012
- 9-5 - Sedan, sports estate and X models due summer 2010
- 9-4X - for both the U.S. and European markets due early 2011
- 9-1 - a fourth, smaller car line that would require more funding if it gets greenlighted
Spyker is anticipating sales of 100,000 to 125,000 Saabs a year with production continuing in Trollhättan. The 9-4X, however, will be built in Mexico. While the sale should be final in February, Spyker expects to work with GM for a bit longer, gradually reducing their GM dependency as they transition to other suppliers down the road.
Saab and Spyker should both benefit from the deal by sharing engineering know-how, assets and technology. Spyker gets access to a network of 1,100 Saab dealerships around the world, and merchandising, promotion & event sponsorship can be combined. Even parts and components will be engineered to be common in both lines of cars. It strikes us as a pretty ambitious plan, though they seem like they're off to a good start having already secured the $1 billion they think they need to ensure Saab's future. You can read even more details in the presser after the jump.
[Source: Spyker Cars]Continue reading Spyker releases more details on Saab purchase, promises new 9-3 for 2012 Spyker releases more details on Saab purchase, promises new 9-3 for 2012 originally appeared on Autoblog on Tue, 02 Feb 2010 11:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsReport: Spyker investor Antonov's alleged ties to organized crime nixed earlier Saab dealFiled under: Government/Legal, GM, Saab, Spyker 
Saab - A History in Pictures - Click above for high-res image gallery
When Koenigsegg dropped out of the running to purchase Saab from General Motors, there apparently weren't many automakers interested in rescuing the Swedish brand from the abyss. The only company with any serious interest, Spyker, seemed to be a long-shot to bring the brand into its portfolio. Of course, we now know that other investment groups were in the running, but Spyker came out on top to purchase Saab for $75 million and a closet full of clogs. But just like the winding road that led to the sale, the story doesn't simply end there. According to several reports, the deal could have been done a month sooner were it not for the involvement of the Russia's Antonov group.
SR International is among several international news agencies to report that the Swedish government was under the strong suspicion that the Antonov group has strong ties to the Russian mafia. The Antonov family is allegedly tied to organized crime and money laundering, and the English government has blocked the family from investing in the UK because of similar suspicions. The Swedish government then reportedly informed America's FBI of their findings, a move that lead to the U.S. government telling the GM board to stop the sale of Saab to Spyker on December 18. Hans Lindblad, state secretary at the Swedish Ministry of Finance, has reportedly confirmed the situation, adding that the discovery gave the Swedish government more time to help broker a deal.
In the end, Spyker was able to purchase Saab from GM only after the Antonov group was bought out of its interest in Dutch specialty automaker. And we thought the Saab tale couldn't get any weirder... or convoluted.
[Sources: SR International, The Local]Report: Spyker investor Antonov's alleged ties to organized crime nixed earlier Saab deal originally appeared on Autoblog on Mon, 01 Feb 2010 15:32:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsReport: Saab 9-5 sales will start in U.S. in the second quarterFiled under: Sedan, Performance, Europe, Plants/Manufacturing, GM, Saab, Spyker, Luxury 
Coming to a Saab Spyker dealer near you by Spring - Click above for high-res image gallery
We had an interesting chat with a Saab mechanic in Hollywood yesterday. Naturally, he was overcome with great joy over the fact that Spyker saved Saab. What made the conversation interesting was his asking us if there will be a 2010 Saab 9-5? Dunno. Er, didn't know. But that was then. Today we feel pretty confident that there will not be a 2010 Saab 9-5. kind of exactly how there's no 1983 Corvette, minus the haggard sales saga.
However, according to a report by Edmunds Auto Observer, there will in fact be a 2011 Saab 9-5. Spyker is set to ramp up production of the new car in April and begin selling Saabs to us American types at some point during the second quarter. Did we say Saabs? We meant to say Saab Spykers, as the new cars may be called. Regardless, anything introduced to the market during May or June of a given year will be labeled as next year's model. Hence, the 2011 Saab Spyker 9-5.
The Auto Observer is also confirming that the Saab (Spyker) 9-4 will also go on sale at some unspecified future date. The 9-4 and 9-4X are based on General Motors' Theta Premium architecture - the same platform used by the Cadillac SRX. Since so much parts sharing will be going on (the 9-5 will come with at least three General Motors engines), GM will continue supplying parts to Saab Spyker for many moons, and as such have a vested interest in the new company doing well. Not too well of course, as Saab will now be free to compete head-to-head with GM brands Buick and/or Cadillac.
One last thing, and this is a plea from our Saab mechanic friend more then anything else: here's hoping Saab Spyker has the good sense to remount Saab motors longitudinally and backwards, rather than sideways, especially when a new 9-3 shows up, as that set up really is a trait of the Griffin.
[Source: Auto Observer]Report: Saab 9-5 sales will start in U.S. in the second quarter originally appeared on Autoblog on Wed, 27 Jan 2010 16:41:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsVideos: Saab and Spyker CEOs talk about the sale, workers celebrate in TrollhättanFiled under: Videos, GM, Saab, Spyker
The latest chapter of the Saab saga appears to be a happy one, with Spyker coming up with a winning bid during the 11th hour and saving the proud Swedish automaker from closure at the hands of General Motors. After the jump are a few videos related to the deal, including a 10 minute video of the Spyker/Saab press conference, with Saab CEO Jan Åke Jonsson and Spyker CEO Victor Muller talking about how the deal was done, and where the two companies go from here. If you click through, you'll also find jubilant footage of the celebration in Trollhättan, where workers were given the day off as the liquidators were told to go home.
All is not wine and roses, however, as Spyker will doubtlessly have its hands full trying to fill up Saab's product pipeline after the current crop of GM-derived new models (9-5 sedan and Sportcombi, 9-4X, 9-3X) wear thin, so it will be interesting to see how they go about developing their next generation of products.
In the meantime, Spyker could benefit from Saab a lot faster than the other way-around, though, as it should be able to leverage a portion of the Swedish automaker's 1,400 dealerships worldwide to expand its global reach. Muller says that even leveraging 10 percent of the Saab dealers will be significant. Hit the jump to watch the fascinating videos for yourself.
[Source: YouTube]Continue reading Videos: Saab and Spyker CEOs talk about the sale, workers celebrate in Trollhättan Videos: Saab and Spyker CEOs talk about the sale, workers celebrate in Trollhättan originally appeared on Autoblog on Wed, 27 Jan 2010 15:00:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | CommentsAutoblog Podcast #163 - Paukert Re-ReduxFiled under: Podcasts, Hybrid, Government/Legal, Plants/Manufacturing, Audi, BMW, Ford, GM, Mercedes-Benz, Nissan, Saab, Toyota, Spyker, Rumormill 
Click above for the Autoblog Podcast in iTunes, RSS or listen now!
Episode #163 of the Autoblog Podcast is here and Chris Paukert once again adds his insight as he's fast becoming the fourth regular member of the crew. First up we peek into the Autoblog Garage, occupied this week by a Nissan Versa, Audi S4, and a Mercedes-Benz S400 Hybrid. Topics follow, with our first drive of the 2011 BMW 5 Series starting us off before we move on to Ed Whitacre's new status as official General Motors CEO and get all misty about the uncertain fortunes of Saab (glad that's been cleared up.) Toyota's most recent recall for its throttle issue, the 2011 BMW 335is, and rumors of a 50th anniversary edition Ford Mustang with independent rear suspension finish us off before we take some questions and call it a night.
Until next week, hit up Joystiq and Engadget - there's going to be big Apple Tablet news soon! Let us know what you think of our podcast by dropping us an email at Podcast at Autoblog dot com, reviewing the show in iTunes, filling out our survey, or even leaving us a voicemail on our Google Voice line 734-288-8POD (734-288-8763). Thanks for listening!Continue reading Autoblog Podcast #163 - Paukert Re-Redux Autoblog Podcast #163 - Paukert Re-Redux originally appeared on Autoblog on Tue, 26 Jan 2010 17:15:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | CommentsBREAKING: GM reaches agreement to sell Saab to Spyker!Filed under: Europe, Government/Legal, GM, Saab, Earnings/Financials, Spyker 
What a long, strange trip it's been. Every thriller must have an endgame, although whether the guy gets the girl in the end or just plain "gets it" is often in doubt right until the final frame. This afternoon, after a most improbable and tortured saga, General Motors has finally agreed to sell Saab to Spyker Cars.
The tiny Dutch supercar manufacturer and its backers have outlasted all comers, including everyone from Koenigsegg to investment consortium Merbanco to a joint bid by Genii Capital and Formula One mastermind Bernie Ecclestone. More significantly, they've endured GM and its negotiators, submitting and re-submitting a series of bids to finally bring together the winning package.
Complete details of the transaction have yet to be fully disclosed, but it's understood to include Spyker giving GM $74 million up front, along with allowing The General to pocket a further $326 million in preferred shares from the new Spyker-owned entity. The deal requires that the Swedish government agree to guarantee a 400 million-euro loan from the European Investment Bank (EIB), a step that is expected to be consummated in February.
As part of the agreement, Spyker chairman Vladimir Antonov has agreed to step down, a move reportedly key to GM's interests in keeping its intellectual property sequestered from Russian hands.
With Saab's operations already partially "wound down" from GM's liquidation moves following the collapse of the earlier Koenigsegg deal, it will be interesting to see how quickly Spyker can get the Swedish marque's operations back up to speed, including delivery of the 2011 9-5 sedan, a promising vehicle range that was likely the linchpin holding the whole deal together.
Interestingly, after this protracted and very public battle, Saab may actually have more visibility and consumer goodwill built up than it has in decades. Whether this will translate to additional sales or fall by the wayside remains to be seen. General Motors could also potentially see a bit of public cordiality from seeing this process through, as it will also have proven that it can successfully spin off one of its properties, something that was in doubt after the caving-in of the Saturn sale to Roger Penske and what looks to be an increasingly tenuous sale of its Hummer brand to China's Sichuan Tengzhong. Click through to the jump for the official press release from General Motors.
[Sources: General Motors, The Wall Street Journal, Bloomberg]Continue reading BREAKING: GM reaches agreement to sell Saab to Spyker! BREAKING: GM reaches agreement to sell Saab to Spyker! originally appeared on Autoblog on Tue, 26 Jan 2010 13:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsReport: Dutch securities agency suspends Spyker share trading, Saab deal may be announced later todayFiled under: GM, Saab, Spyker 
We have some news to report about the on-again-off-again saga that surrounds the fate of Saab. The Netherlands' securities agency has suspended trading of Spyker shares, which we're told usually happens before a big announcement is made. We're also hearing reports that Swedish news channels are quoting Spyker chief Victor Muller as saying an announcement will definitely be made later today.
From what we can gather, the deal on the table is that Spyker will give current owner General Motors $75 million while allowing the U.S. automaker to retain $100 million in Saab liquidity. GM will also reportedly get $325 million in preferred shares of Spyker-owned Saab.
Regardless of what's announced, we're hoping this circus comes to an end soon. That probably won't happen. If the Spyker deal doesn't happen, the Genii group led by Formula One boss Bernie Ecclestone will bid for the Swedish luxury brand again, according to reports, despite having withdrawn its bid on Monday.
Stay tuned, as one way or another we'll have news concerning Saab's future later today.
[Sources: Autocar, WhatCar?, SaabsUnited | Image: David McNew/Getty]Report: Dutch securities agency suspends Spyker share trading, Saab deal may be announced later today originally appeared on Autoblog on Tue, 26 Jan 2010 10:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsReport: GM/Spyker near agreement, Spyker chairman to step down?Filed under: Europe, Government/Legal, GM, Saab, Earnings/Financials, Spyker 
Could the Saab endgame - no, the real endgame this time - finally be under way? Bloomberg is reporting that financial terms have been agreed to, in principle, between General Motors and Spyker, and that what remains between the two are sorting out production issues. Beyond that, there are still a couple of catches: Vladimir Antonov, Spyker's Russian backer and company chairman, will reportedly have to leave the company and the Swedish government must agree to guarantee the €400 million ($500 million U.S.) loan from the European Investment Bank.
The money deal is that Spyker gives GM $75 million, GM keeps another $100 million in current Saab liquidity, and The General receives $325 million in preferred shares from the new, Spyker-owned Saab company. That last deal would keep GM in the Saab game, which is perhaps an issue of technology made feasible by Antonov's departure.
The two companies continue to work on the deal in Stockholm. In the meantime, Saab engineers can go on prepping that 9-5 Sport Combi, and if Spyker pulls this off, it will have proved its "Nulla tenaci invia est via" motto and then some.
[Source: BusinessWeek via My Smart Trend | Image: Andy M. via Saabs United]Report: GM/Spyker near agreement, Spyker chairman to step down? originally appeared on Autoblog on Sun, 24 Jan 2010 15:12:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | CommentsReport: Spyker last bidder GM considering for Saab... or is it?Filed under: Europe, GM, Saab, Earnings/Financials, Spyker
To paraphrase the once great weekend update anchor Chevy Chase, "Generalissimo Saab is still dead" and appears likely to stay that way. Bloomberg reports that Spyker is the last bidder standing to pick up the Swedish brand from General Motors, although Genii Capital and partner Bernie Eccelstone apparently haven't given up yet. At this point, according to the news service, Spyker is the only party in active talks with The General as the process of shutting down Saab has already begun. Genii hopes to reopen talks with GM this week.
The Spyker bid reportedly includes having GM continue to hold a stake in Saab - a stipulation that the U.S. company will probably be averse to. Another problem could still revolve around handing over intellectual property to Russia, just as it did with the aborted attempt to sell Opel to Magna (the largest shareholder in Spyker is Russian chairman Vladimir Antonov). Given Saab's continued lack of financial success over the years, it's hard to see how Spyker (which has had its own problems to sort through) could make a go of it. With any luck, we'll know the outcome of this sad saga this week, although we'd be less-than-surprised to see things drag on for a while yet.
[Source: Bloomberg | Image: Joe Raedle/Getty]Report: Spyker last bidder GM considering for Saab... or is it? originally appeared on Autoblog on Sun, 17 Jan 2010 18:06:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsReport: Spyker would preserve Saab product plans, could sell own supercars in select dealersFiled under: Car Buying, Concept Cars, GM, Saab, Spyker 
2006 Saab Aero-X Concept - click above for high-res gallery
In a far-reaching interview with AOL Autos this morning, Spyker Cars CEO Victor Muller revealed some interesting tidbits about his company's plan for Saab if they can successfully negotiate for its purchase from parent company General Motors.
In a product plan that sounds distinctly like those previously floated by Saab executives in Sweden, the Dutch supercar builder would have Saab rebuild its brand around the 9-3, new-for-2010 9-5, and the 9-4X crossover. An entry-level 9-1 model would not be a consideration, although Muller admits he'd still love to build a production version of 2006's celebrated Aero X concept (shown above). If Saab were to go that route, Spyker's experience in building low-volume supercars would clearly be an asset in bringing it to market.
In news that will surely be welcomed by Saab dealers and customers, Muller says Spyker has decided it would not pursue plans to winnow Saab's U.S. dealer network from 218 showrooms to 137. In fact, the Dutch businessman suggests that it would be reasonable to expect Spyker to sell its own cars within Saab showrooms in the future (they are presently distributed through Bentley and Lamborghini outlets). Down the road, Spyker's supercars could benefit from Saab's all-wheel drive expertise, among other things.
Naturally, all of this future product discussion will be moot if Spyker and its investors can't get GM to hand over the keys to the perennially embattled brand. A newly extended deadline for sales negotiations to be completed was set by GM on Wednesday, and we should know not long after January 7 what fate awaits the brand.
[Source: AOL Autos]Report: Spyker would preserve Saab product plans, could sell own supercars in select dealers originally appeared on Autoblog on Thu, 31 Dec 2009 14:56:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsAutoblog Podcast #158 - 'Twas a few days before ChristmasFiled under: Detroit Auto Show, Podcasts, Audi, BMW, Buick, Chevrolet, Chrysler, GM, GMC, Spyker, Rumormill
Click above for the Autoblog Podcast in iTunes, RSS or listen now!
'Twas a couple nights before Christmas, and in the Autoblog house, Paukert and Shunk got Roth off the couch... For episode #158 of the Autoblog Podcast! What better way to get into the holiday spirit than an hour and a half of new Podcast? It's fresher than egg nog this week, as the trio chews on the return of the 5.0 in the Ford Mustang, Audi's more sane torque numbers for the E-Tron, and what may yet be a Christmas miracle: Spyker's dogged pursuit of Saab. Rounding out the sextet of topics are the Alfa Giulietta and its potential as a Chrysler, the BMW Z4 GT3, and General Motors' plan to bring the Buick Regal GS to the North American International Auto Show in Detroit, where it will also debut a Chevrolet Orlando-based vehicle called the GMC Granite.
For the long holiday drives, our colleagues at Joystiq and Engadget do fine work. Let us know what you think of our podcast by dropping us an email at Podcast at Autoblog dot com, reviewing the show in iTunes, filling out our survey, or even leaving us a voicemail on our Google Voice line 734-288-8POD (734-288-8763). Thanks for listening!Continue reading Autoblog Podcast #158 - 'Twas a few days before Christmas Autoblog Podcast #158 - 'Twas a few days before Christmas originally appeared on Autoblog on Tue, 22 Dec 2009 18:17:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | CommentsMysterious Dutch billionaire behind Spyker's renewed Saab bid?Filed under: Europe, GM, Saab, Earnings/Financials, Spyker 
Saab: A history in pictures - click above for high-res gallery
Too bad Saab couldn't get this much ink while they were fully-alive. That's right folks, another day, another story about the undead Swedish brand. Just-Auto.com is reporting that a mystery Dutch investor is behind Spyker's 11th-hour bid for Saab. As we've learned, it's best not to do any Saab reporting of any kind without first checking in with the crazy kind folks over at Saabs United.
And guess what? They're pointing to an article in Holland's Telegraff that states the mystery billionaire is (maybe) none other than... Marcel Boekhoorn. We've never heard of him either, but apparently he's quite rich. Boekhoorn, for his part, denies any such deal, stating, "All not true. It is invented." However, Mr. Boekhoorn is a Spyker investor and reportedly acts as an adviser to Spyker owner Victor Muller. Let's not forget that Spyker's stock price swelled 23.5% after their renewed bid for Saab. Mr Boekhoorn's also an investor in Telegraaf...
Reportedly, one of the eleven qualms that General Motors had with selling Saab was over some of the Russian investors tied up with Spyker - fears of Saab's technology falling into Russian hands and all that. As it turns out, Spyker's main investors, Vladimir and Alexander Antonov who together own a 29.3 percent stake in the Dutch sports car maker, are not behind the renewed deal. Nor is the Abu Dhabi state investment fund Mubadala Development, which owns 22.7 percent.
Could it be that GM is only talking to Spyker and the Swedish government because of this maybe-mysterious Dutch billionaire investor? Short answer, yes. Besides, it's not December 31 yet, GM's original deadline for offloading Saab. We'll keep you posted.
[Sources: Just-Auto; Saabs United; Telegraaf]Mysterious Dutch billionaire behind Spyker's renewed Saab bid? originally appeared on Autoblog on Tue, 22 Dec 2009 13:31:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsUPDATE: Spyker extends proposal to buy Saab from GM 'until further notice'Filed under: GM, Saab, Earnings/Financials, Spyker 
Saab loyalists can keep their candles burning a wee bit longer as supercar manufacturer Spyker has extended the deadline of its final-final offer for the Swedish brand "until further notice."
Spyker says in an all-too-brief statement (which you'll find after the jump) that it has been in contact with General Motors today following the Dutch automaker's announcement that it had that submitted a new offer that addressed 11 obstacles that had apparently previously stalled negotiations. The renewed offer was set to expire at 5pm Eastern today, but Spyker has seen fit to extend it.
Before backing out entirely and signaling its intent to wind down the struggling Saab brand, General Motors had set a deadline of December 31 to conclude its sale. No word on whether or not the Swedish government is involved in the talks, or if other parties (Mahindra?) may still be in the running. Stay tuned.
[Source: Spyker | Image: Torsten Silz/AFP/Getty Images]Continue reading UPDATE: Spyker extends proposal to buy Saab from GM 'until further notice' UPDATE: Spyker extends proposal to buy Saab from GM 'until further notice' originally appeared on Autoblog on Mon, 21 Dec 2009 17:17:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsREPORT: Spyker stock soars on word of Saab sale reconsiderationFiled under: Europe, GM, Saab, Earnings/Financials, Spyker 
Here's the skinny: Saab isn't totally dead yet. As the weekend showed, there's (a little) hope for both Saab and its Dutch suitor, Spyker. As our man Ramsey laid out yesterday, Spyker submitted a renewed eleven-point plan to General Motors that they (Spyker) hopes will allow them to take ownership of the deeply troubled brand. And yes, being pronounced dead four days ago counts as "deeply troubled." As Swedish Prime Minister Fredrik Reinfeldt pointed out, all this dead/not dead uncertainty has been throwing Saab employees, "between hope and despair."
Meanwhile, a (perhaps) unintended consequence of Spyker's eleventh hour rebid is that their stock has soared up 23.5 percent. Now, as some of you well know, Spyker isn't very big. They sold just forty-three cars last year and their market cap was just 26.6 million euros before the stock shot up. Still, if Spyker plays their cards right, this spike in value could have long term benefits, but only if they secure a deal for Saab.
Says one anonymous analyst to Reuters, "The stock's value is close to nothing but if they succeed to buy Saab, invest, and turn the company around then the shares can become valuable." Trouble is, GM only has until 5:00 pm EST today to sell Saab. For we're not sure why, but Spyker is making this a very limited time offer. If we had to guess, it's in order to force a deal. For its part, General Motors is "reviewing several new expressions of interest" for Saab, one of which according to Saabs United is Merbanco.
Should the Spyker deal (and all other deals) fall through, 3,400 Swedish workers will lose their jobs, and the 1,100 Saab dealerships worldwide will be forced to shutter. The Swedish government is in crisis talks with Saab officials right now should such a worst case scenario transpire. As for now, the Saab remains the same - i.e. mostly dead. One last thing, here's an interesting reflection on the demise of Saab by AB pal Jack Baruth.
[Sources: Reuters; Saabs United; Speed:Sport:Life | Image: Gabriel Bouys/AFP/Getty]REPORT: Spyker stock soars on word of Saab sale reconsideration originally appeared on Autoblog on Mon, 21 Dec 2009 14:01:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsSpyker Tries Again: Submits 11th-hour, 11-point bid for SaabFiled under: GM, Saab, Spyker 
Spyker's motto, written on all of its cars in Latin, is "Nulla tenaci invia est via." Translation: "For the tenacious, no road is impassable." And so here the Dutch company is, tenaciously chasing Saab, announcing in a press release that they have submitted a renewed offer to General Motors that addresses what are said to be eleven sticking points that scuttled an earlier agreement.
To be clear, we don't know what each of those eleven issues are. According to a report in a Swedish paper (translated), GM's man-in-Europe, Nick Reilly, called off the sale Friday morning, citing intellectual property fears regarding Spyker's Russian backer, and the desire for GM's board to be decisive on the matter of what would become of Saab. Spyker's statement mentions the need to receive approval for a European Investment Bank loan by the end of the year, but says it has found a solution to that need. One wonders how it could possibly address its Russian support, from Vladimir Antonov's Conven Group, in a way that might make GM happy. Either way, we should know soon whether the new proposal works, as Spyker has set a deadline of 5pm Eastern on Monday as its drop-dead date.
On a side note, Norway's Bard Eker has begun to share his take on what prevented Koenigsegg's attempt to purchase Saab (translated). Two of his points were that GM had made Saab too difficult to extract from the parent company and that Koenigsegg couldn't get GM to set prices for Saab parts. As the deal looked increasingly likely to go through, Eker says that GM wanted more money. This, however, happened before Whitacre, Jr. took the helm and apparently before indecisiveness became so frowned up by The General's leaders.
In the meantime, the Swedish government is reportedly conferring with GM reps to see what else might be done to prevent Saab from flat-lining for good. Is this an attempt by Spyker and/or the Swedish government to save face, or does this proposal truly eviscerate previous sticking points and clear the way for a reborn Saab? We're not sure, but while you (re)buckle your seatbelts, be sure to read Spyker's complete statement after the jump. Thanks to everyone for the tips!
[Source: Spyker]Continue reading Spyker Tries Again: Submits 11th-hour, 11-point bid for Saab Spyker Tries Again: Submits 11th-hour, 11-point bid for Saab originally appeared on Autoblog on Sun, 20 Dec 2009 09:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsREPORT: No alternatives left - Whitacre says it's Spyker or the Grim Reaper for SaabFiled under: GM, Saab, Spyker 
2010 Saab 9-5 - Click above for high-res image gallery
It's now or never. By the end of December General Motors will either divest itself of Saab by selling the Swedish automaker or by permanently closing its doors. And there is but one company bidding for the Swedish automaker -- Spyker -- which has yet to turn a profit. GM Chairman and interim CEO Ed Whitacre told a group of reporters at the company's Detroit headquarters that Spyker is the only automaker left bidding for the perennially struggling automaker. Whitacre reportedly told attendees that striking a deal was "possible," but he then reiterated that Saab would close if the deal isn't struck by the end of the year.
At the same time, the General is also reportedly selling off bits to the outgoing Saab 9-5 and the pre-2006 9-3 to Chinese automaker BAIC. Tooling for the vehicles is likely never to be used by GM or Spyker in the future so the move makes plenty of financial sense.
While the potential demise of Saab saddens us, especially when considering how close the Swedish automaker is to launching the new 9-5 and perhaps the 9-4, it's nice to see that the General is finally moving quickly and decisively to right its ship. Hat tip to MowtownMan!
[Source: Reuters]REPORT: No alternatives left - Whitacre says it's Spyker or the Grim Reaper for Saab originally appeared on Autoblog on Tue, 15 Dec 2009 16:29:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | CommentsREPORT: Spyker takes the lead in the Saab bidding sweepstakesFiled under: Europe, Plants/Manufacturing, Saab, Spyker 
General Motors appears on track to either close or sell the ailing Saab brand by 2010. If they do, in fact, sell Saab, they are reportedly stipulating the following: the buyer must be well versed in small scale car production and they should be interested in keeping production in Saab's homeland, Sweden. If you don't know, Spyker fits that particular bill nicely.
Saab appears to be believing the deal will happen. "There are signals everywhere showing we are well on track," says Saab spokesman Eric Greers. We heard last week that Spyker was interested in purchasing Saab, and today's news only confirms it. Of course this wouldn't be a Saab story without the threat of imminent disaster looming in the shadows.
The catch is that if GM and the prospective buyer can't get the deal done by 2010, General Motors is just going to wash its hands of the perennial money loser and shut Saab down and sell off its assets. However, if the talks are going well but no deal has been reached by January, GM might consider funding Saab a little longer. Maybe. For their part, Spyker seems unaware of any looming deadline, though perhaps they should be.
[Sources: Reuters, Autocar | Image: Torsten Silz/Getty]REPORT: Spyker takes the lead in the Saab bidding sweepstakes originally appeared on Autoblog on Thu, 10 Dec 2009 16:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | CommentsLA 2009: Spyker C8 Aileron Spyder proves the devil is in the detailsFiled under: LA Auto Show, Convertible, Performance, Europe, Spyker, Luxury 
Spyker C8 Aileron Spyder - Click above for high-res image gallery
Where to even start? Oh right - that interior! With the possible exception of a couple of British-ish cars (BMW-owned Rolls-Royce Phantom, Volkswagen-owned Bentley Mulsanne, Tata-owned Jaguar XJ), no interior even comes close. And frankly, being honest, those luxo-barges just pale in comparison to the blinged out old-world splendor of a Spyker cockpit. And the C8 Aileron Spyder ups that already pricey ante. And get this - all C8s are now built in Coventry, England, shaving about $9,000 off the asking price, which is somewhere south north of $200,000 depending on baubles options.
Normally, photographing cars at auto shows feels like a strange, exotic form of torture, at least for us writerly types. The bright lights, the bumrush, the awkward positions (you try crawling on your hands and knees between a posing CEO's knees to get a shot of a wheel) - it's not fun. But when photographing this car, we were overcome with a rush of (let's just say) endorphins. We could imagine ourselves winding up the California coast, fondling that leather-wrapped aluminum gear shifter for hundreds of breezy, dreamy miles. And get this - it's an automatic... and we don't care!
For you number junkies who choose to hastily look past the incredible innards, the C8 drop top is powered by a 4.2-liter Audi V8 good for 400 hp and 354 lb-ft of torque. That medium-amount of gumption is routed to the rear-wheels via a 6-speed slushbox. Top speed is 187 mph and 0-60 happens in 4.5 seconds. Spyker claims that the car's strength is in the frame (stouter than a Ferrari F430, so they say) and therefor chopping off the roof has limited negative structural impact. Want more tech details? See our post from Monterey.
 
Let's get back to that interior. If you're into fancy cars (hi mom!) you've no doubt heard of special leather coming from "free range" cows raised without barbwire so as to ensure the leather is flawless. Well get this, the leather in the Aileron Spyder comes from a Dutch tannery that works with free range cold weather cows. Why cold weather? No mosquito bites. No, really. And you can get that interior in any of fourteen colors, most of which are (hopefully) equally eye-searing. Finally, anyone else as in love with the tonneau cover-mounted quilted leather briefcase as we are?
LA 2009: Spyker C8 Aileron Spyder proves the devil is in the details originally appeared on Autoblog on Fri, 04 Dec 2009 12:32:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
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