Yesterday the discussions between Saab’s representatives and officials from the European Investment Bank, EIB, continued. Saab delivered a counterproposal to the conditions which the EIB have set for the proposed sale of Saab Automobile Property AB. The proposal is now to be considered by the EIB Management Board.
After Tuesday’s meeting with Vladimir Antonov the head of the National Debt Office, Bo Lundgren, made a statement saying that they discussed what the ambition is, if Antonov is approved to act as a financier of Saab. According to Bo Lundgren, the NDO should be able to come to a decision within a couple of days.
In parallel with the dialogues with the EIB and the NDO, Saab has continuous contact with government representatives and is working on many different fronts to secure short and midterm funding. Negotiations with various, potential strategic partners, including Chinese car manufacturing companies, continue.
During Wednesday the plant staff were, for one day, back at their work sites. Employees concerned will be continuously informed via their supervisors about when to go back to work.
You’re going to think I’m food obsessed, but anyway…… whilst we’re waiting for a resolution, it gives you a little time to think.
I’m not normally a person who’s given to ordering room service when staying in hotels. It’s expensive, for starters, and it’s rare that there isn’t at least one other option available.
I had a stopover in London a few weeks ago on my way to New York, and the lateness of the hour combined with the tiredness of my body caused me to relent. I was a staying at a well known hotel chain near Heathrow thanks to a good value, last-minute internet deal and I figured the money saved would be reasonably spent satisfying my growing hunger.
The menu looked reasonable, however given that they’ve got you over a barrel at these just-remote-enough airport hotels, it was also rather expensive. I ventured down to the restaurant area but there wasn’t any reasonably priced relief there, either. Somewhat chagrined, I reluctantly opted for the comfort of a late dinner in my room, ordering one of the hotel pizzas, which you can order to your own specifications from a limited number of ingredients.
To say the result was disappointing would be an understatement of significant proportions. At a cost of around 15 pounds, I was expecting a base overflowing with my chosen toppings. As it turned out, I had more fingers and toes on my extremities than I had bits of ham on my pizza. It was more like bread parmagiana (which, if you’re unfamiliar, is a tomato and cheese topping popular on Australian pub meals).
While I was waiting for my ‘pizza’, I thought it a good opportunity to log in and check my email. I work on the web and it’s my main method of connectivity. I can’t recall the price to connect, but given my exasperation at the price of my dinner, the sum they were asking for internet access was sufficient to make me think twice. I was only going to be awake for another two hours at most, so the thought of ploughing another double-digit sum into the hotel’s coffers wasn’t overly appealing.
My hotel in New York offered a similar deal, only this time you got to pay an exorbitant amount for your room (hey, Manhattan’s expensive) and then you can add an additional fee for a scratchy internet connection that doesn’t work if others in the hotel are also trying to access it.
Why is it that small hotels, like the one I’m typing from in Sweden right now, can offer fast internet access for free when the big hotel chains, who pride themselves on reputation and hospitality, feel empowered to charge like wounded bulls for the same service?
And what, I hear you ask, does any of this have to do with cars?
The Bilsport Magazine Custom and Performance Motor Show was on at Elmia, in Jönköping, Sweden on the Easter weekend. This is an annual event that attracts huge crowds, with plenty of exciting metal on display for the visitors to peruse.
Brands like Saab typically have enthusiasts at their core. It’s one of the reasons this website exists. Some enthusiasts show their passion for the brand by keeping a car in absolute factory-fresh condition for years on end. Others take a different view, seeking to customise their car to their tastes – whether they be mild or extreme.
The Bilsport show at Elmia tends to cater for the custom car builder, though there are plenty of well-preserved examples of different marques in the ‘Nostalgia’ halls as well.
Saab were well represented in a number of displays, the single most notable of which was a 5-car display by aftermarket tuning company, Maptun. The company’s owner, Fredrik Bengtsson, even had his own new Saab 9-5 on display with custom carbonfibre trim parts that the company is developing.
A Saab 96 V4 historic rally racer was a particular highlight, having been restored to immaculate condition. This car is a now a regular competitor in the Midnight Sun historic rally held here in Sweden.
The Saab 900, below, was restored by a couple of young, 18 year old Swedes. These guys should be very proud of their work as the car showed brilliantly.
There were many more customised Saabs on show at Elmia, including a hybrid combining the body of a Saab 9-3 SportCombi with the running gear of a Dodge Viper!
Please feel free to check out the slideshow, below, or view the images in a larger size at Flickr: Custom Saabs at Elmia 2011.
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Note: Tuning Saabs is a tricky business. Saab have only one official tuning house who can tune your new Saab whilst still maintaining your new vehicle warranty coverage. This tuner is called Hirsch Performance and they are located in St Gallen, Switzerland. Their products are available in many markets where Saabs are sold. Check with your local dealer.
The website came online just as Saab was undergoing a liquidity issue, which in turn led to some supply chain problems. The factory here in Trollhattan has been idle for several weeks now, while executives from the company take steps to manage the issue in consultation with several government bodies here in Sweden and elsewhere in Europe.
We stand ready to release a range of new vehicles in the next 18 months that will fulfill the vision outlined when Saab became an independent carmaker in February 2010. Saab sales in various countries have been consolidating upon the release of new low emissions TTID versions of the 9-3 and the pending release of the new Saab 9-3 Griffin range was a further boost to this model’s appeal. We are also about to start production of the Saab 9-4x and the Saab 9-5 SportCombi, both of which should find ready markets in various parts of the world.
With all the upcoming new models and the New York Auto Show currently in full swing, it should be a very exciting time for Saab fans. Unfortunately, that excitement has been tempered with concerns about the company’s future as management works hard to restructure our financial arrangements to better suit our short, medium and long-term goals.
Because Spyker Cars NV is a publicly listed stock, Inside Saab cannot comment on the details of ongoing negotiations that are taking place at this time.
As a Saab enthusiast site run from inside the walls of Saab, however, I can say that all the people I work with here in Trollhattan remain extremely hopeful of a resolution quite soon. Here in the offices at Saab, we are all at work, planning the rollout of these vehicles and the various events and campaigns that will support these new Saabs in the marketplace.
We believe in these vehicles. We believe in this company and its future, and whilst today is a nervous day, we think the future will provide plenty of nerve tingling experiences of a different kind.
The following was released by Spyker Cars NV this morning.
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Zeewolde, The Netherlands, 26 April 2011 – Spyker Cars N.V. (Spyker) announces that the intended sale of Saab Automobile Property AB (Saab Property) is still uncertain and subject to the fulfilment of a number of additional conditions imposed by the European Investment Bank (EIB) on Saab Automobile AB (Saab Automobile), General Motors (GM), the Swedish National Debt Office (NDO) and the Swedish Ministries of Finance and Enterprise.
It is not yet certain whether the above parties will be able to fulfil all of the conditions of the EIB and finalize the sale of Saab Property within a short time frame. The shares in Saab Property are currently pledged to the NDO (not the EIB) as collateral for the Swedish State guarantee NDO has given to the EIB on the day Spyker acquired Saab Automobile from GM in 2010. With a release by the NDO of its pledge in the shares of Saab Property, the guarantee of the NDO in favour of the EIB will be reduced by EUR 120 million. As a result, Saab Automobile will not be able to draw more than EUR 280 million under the existing EIB loan of which currently EUR 217 million have been drawn.
After the NDO confirmed last week that it intends to release its pledge in the shares of Saab Property, since Saab Automobile fulfilled all conditions, the EIB informed Saab Automobile last Thursday that it will only give its consent to the sale of Saab Property if certain additional conditions are met. The conditions relate – amongst others – to the obligation of Saab Automobile to refinance the sale of Saab Property or replace the purchaser within a limited period of time. Further, the consent to the transaction by the EIB would relate to a partial sale of Saab Property only. In addition, the EIB is requesting further clarification and confirmations from the NDO, the Swedish government, GM and Saab Automobile. Saab Automobile is working with all parties involved on a solution to complete the sale of the property and will have further talks with the EIB today in an attempt to reach agreement on the additional conditions set by the EIB.
Spyker and Saab Automobile continue to work on securing additional funding. To that end Spyker and Saab Automobile are negotiating equity and debt financing and/or technology licensing with various strategic partners, including various Chinese car manufacturers. No commitments have been received to date.
Finally, Mr. Vladimir Antonov awaits the approval from the NDO and the EIB to be allowed to act as a financier of Saab Automobile and to become a shareholder of Spyker.
I’ve had an outstanding week in New York reporting on Saab’s presence at the New York International Auto Show. I have to thank all the Saab fans who came along to say “Hi” and support the brand at this important show. The north-eastern US is a crucial market for Saab and this is the biggest show in the region. Saab know this, which is why they bought plenty of eye candy for people to look at.
The week began with a nighttime photo-shoot with the Saab PhoeniX Concept for a major car magazine. The shoot was held in the meatpacking district of New York and whilst we can’t share any images from that night (yet), the reactions from passers-by were worth noting. You can read them at that link. The PhoeniX was a hit in New York, have no doubts about it.
That photo shoot culminated in a press introduction to the Saab PhoeniX Concept at Chelsea Piers. Jason Castriota led various members of the press around the car, explaining why the car was designed the way it was and the role that the car will play in terms of influencing Saab’s future vehicles. At that link, you can also see video of PhoeniX with the engine running and the car in motion.
Wednesday saw the first press day at the NYIAS and we took a first look at the Saab stand, beautifully presented as always, and well positioned amongst Volvo, Porsche, Audi, BMW, Jaguar, Acura and Spyker.
The rest of Press Day #1 at the NYIAS consisted of lots of interviews for the senior executive team present at the show. It was noticed that Saab’s retiring CEO, Jan-Ake Jonsson, was not at the show. This is the first major show I can think of that he hasn’t attended in the last 5 years and I guess it signals a changing of the guard – a difficult thing for a traditionalist, but that’s time marching on, I suppose.
The story at that link also took a look at just a few of the new vehicle details shown on the Saab 9-5 SportCombi and Saab 9-4x, which are being shown together for the first time – a wonderful sign for Saab’s future.
Press Day #2 saw Saab’s NYIAS Press Conference, where Matthias Seidl introduced the new Saab 9-5 SportCombi to the US market, Jason Castriota introduced the Saab PhoeniX to the US market and Victor Muller addressed recent events effecting Saab. That link includes full video coverage of the press conference (10 minutes).
I finished the day with some Saab Art photos and I have to say I was pretty pleased with the results, too (I love this new camera)
Friday saw the first day where the show was open to the general public and it got quite crowded at the Javits Center, quite quickly. The Saab stand was busy (see the time lapse video at that link) and the product guys and girls were doing a fantastic job attending to visitors at the show.
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The New York International Auto Show is off to a great start and I hope it only gets busier and busier. New York is a special place and it’s great to see Saab have such a good presence there for this show (holding on to that presence in the city itself has to be a priority task, now).
Enjoy your Easter holiday, and thanks so much for visiting Inside Saab during our first week!
I visited the Saab stand for a few hours today at the start of public day #1 at the New York Auto Show.
Given that it was a Friday, and the beginning of Easter, I was a little worried as to whether there would be many people there. When I arrived, around 20 minutes before the show opened at 10am, the lines inside the Javits Center were around 200 meters long. Worry no more.
I paid to go in just like everyone else and there was some palpable excitement amongst the visitors in the queue. Everyone was keen to get inside and have a look around. It was around 10:20 when I finally got to the Saab stand and despite it being some distance from the main entrance (Toyota must be paying a hefty premium for that front spot), there were already a good number of people buzzing around the place.
PhoeniX was as popular as ever…..
As was the ice feature (Wow! it’s real!)
The product specialists at the Saab stand were busy – that’s Maddie giving an overview of the Saab 9-4x, and Jonas leading a visitor through some Saab facts on his iPad….
Saab have changed the layout of the stand for the public exhibition. The 9-4x has moved to the other side of the stand an in it’s place is a Saab 9-5 Sedan (which puts the sedan and Combi in close proximity to one another.
The Saab 9-4x was constantly busy with visitors poking around, asking questions and getting a feel for the vehicle.
One lady spent around 20 minutes in the car, asking in-depth questions and generally looking around. She then came back with her husband and some friends/family and spent another 30 minutes doing it all again. Saab staffers were with her for almost all this time and she left with a brochure and a smile. I’ll be very surprised if her local dealer doesn’t hear from her quite soon.
I met Howard and Gail H at the stand and we had quite a conversation. Howard bought his first Saab in 1975. It was a Saab 99 EMS and he’s bought multiple Saabs since.
His Saab 900s saved his life three times after three seperate head-on collisions. He’s currently got a Saab 9-5 and he and Gail were looking at the Saab 9-5 SportCombi with some considerable amount of admiration. They would excuse me if I said they were ‘compact’ in size so looking at such a large vehicle might surprise you, but one of the reasons Howard has loved his Saabs is the ergonomics and how they always fit him perfectly.
Howard and Gail are waiting to hear more on the resumption of the European Delivery program as they really want to combine a visit to Trollhattan with a European driving holiday. I hope we can help them soon.
There was a little bit of celebrity spotting just across from the Saab stand, at the Spyker stand. It’s easier to get a closer look at roped off cars if you’re an NFL star with a very camera-friendly wife 🙂
I thought I’d have a little fun with some time lapse camera work. This is 30 minutes at the Saab stand on day #1, condensed into four minutes. I hope every other day is either just as busy, or even busier.
That’s not a statement of exasperation. It’s what I had for dinner tonight – one of the steaks that New York is famous for. If you’re ever here, check out Ben & Jack’s near the corner of 28th and 5th. You won’t need to eat for days, which is a good thing because you won’t have any money left for days, either.
No complaints from me about the price, though. First, I was the gracious recipient of a good friend’s hospitality :-), and second, you don’t mind paying a bit more for quality. I think there’s a lesson there somewhere……
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Today, of course, was press conference day and if you haven’t seen the press conference yet, you can watch our HD reproduction press conference video.
Some of you may be wondering why Inside Saab hasn’t commented on the supplier situation that Saab has been facing. It’s because Saab is a listed company and this is a Saab website, one that therefore can’t provide running commentary on an ongoing business situation when that commentary may effect the company’s share price.
Victor Muller did, however, address the issue in his message to the assembled media and you can hear his full message in that video (I strongly encourage you to do so). As one might expect from the Chairman in such sober circumstances and at an Auto Show setting, Victor was quite direct, open and up front about the situation and the pending resolution.
He had media interviews galore all day, so I’m sure there will be plenty of press reportage forthcoming.
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PhoeniX has been the star of the show once again, but of course this New York show also saw the US debut of the Saab 9-5 SportCombi, which has drawn plenty of attention from the crowd.
“The crowd”, in this instance, includes a certain Mr Robert Lutz when he got a guided tour of the stand, as well as a certain Mrs Castriota (who, incidentally, saw PhoeniX in the metal for the first time today, and loved it).
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I thought some of you might be interested in seeing PhoeniX’s classic-900-style hood in action….. almost. It’s not raised, but just moved forward a-la the Saab 900, prior to being raised. It’s great to see they went to that level of detail on a concept car.
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Finally, a little bit of Saab art. I got a new camera this week for use here on Inside Saab and I couldn’t help but use it to record some of the more interesting shapes on show around the Saab stand.
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I’d like to thank all of my friends from the Saab community who dropped by at the New York Auto Show to say hello and check out the Saab stand. They range from journalists, Saab salespeople, Saab dealers and garden variety fans of the brand. The number was somewhat overwhelming (as was the wide-ranging access to press passes!)
Tomorrow (Friday) is my last morning at the New York Auto Show. It’s also the first public day of the show.
I’ll be there until around 1pm. If you get the opportunity to come in, please make sure you come to the Saab stand and say hello.
Following is the Saab press conference from the New York International Auto Show.
It’s 10 minutes in length and features Matthias Seidl (VP Global Sales and Aftersales), Victor Muller (Chairman) and Jason Castriota (Executive Director, Design).
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Sorry it took a little long to get up here. Who knew HD video would take so long to process?
My thanks to Jason Castriota for taking some time to be our first interviewee here on Inside Saab.
I was curious to ask Jason how his thoughts have settled now that we’re a month or so along from the launch of the Saab PhoeniX Concept at the Geneva Motor Show in March 2011.
PhoeniX was a concept that got a lot of attention, the majority of it positive, but it wasn’t without controversy. The car has received an overwhelming response here in New York and I was keen to see how Jason felt about PhoeniX visiting his home town.
