Wednesday 12th October 2011

Saab: Going, Going...

...Gone? Or not? Confusion continues over claims and counter-claims!

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Conflicting reports are emerging about the state of play in Saab's slow-motion struggle for survival. Yesterday Pangda (one of the key Chinese proposed investors) claimed the rescue deal was 'void', yet today Reuters reports Swedish Automobile chief exec Victor Mullen saying a deal is 'still on track' - and Pangda appears to have changed its mind!

It's all a bit confusing from this end, but you can read the latest from Reuters here. If we were betting types though, we'd still put money on the once proud Saab brand going tits up - and the Chinese re-emerging to pick over the carcass once it has.

Apparently Reuters asked the Pangda chairman Pang Qinghua if he'd be interested in buying Saab assets if the Swedish courts withdrew bankruptcy protection, but he declined to answer.

Much as we love the brand here at PH towers, it's all getting a bit tawdry. Isn't it time somebody stepped in to deliver the coup de grace..?

[thewheelman]

If Saab does finally go it'll be a sad loss, they've made some truely original cars in their time. Obviously i'm talking pre GM era.

[The Hypno-Toad]

Ahm....[cough]

From the 'Saab Gone' thread

The Hypno-Toad said:

Sections of the Swedish media are reporting this morning that PangDa have walked.

According to sources at the same conference where the Autocar article was sourced, PangDa's chairman, Pang Qinghua, is saying that Saab/SWAN broke the terms of their agreement when they went into Re-Organisation without full consultation with them.

Far more worryingly he is also saying that full documentation for the deal has NOT been handed into the NRDC.

Saab/SWAN shares down 24% in early trading.

The Hypno-Toad said:

"Deny Everything, Baldrick!"

Now PangDa are saying "No we didn't say that, there has been a mis-translation,"



There is now so much mis-information flying about its ridiculous. Saab/SWANs share price has now gone back up again.
If it was mis-reported or mis-translated, why would someone bother?

And now...
http://www.reuters.com/article/2011/10/12/pangda-s...

With no job, this is the only thing keeping me going...

[myhandle]

If this is anything like MG Rover, there may soon be some great deals to be had on the performance models. In early 2006 my Dad bought a new unsold Rover 75 V8, one of only about 100 made, with the Ford Mustang 4.6 and rwd. It was his perfect spec and just 60% of list price. He still has it and plans on keeping it indefinitely. At 40+% off a fully specced Aero would be quite tempting. It is sad to see an old brand go, but the bargain run-out models are appealing.

[Chris-R]

The Hypno-Toad said:

And now...
http://www.reuters.com/article/2011/10/12/pangda-s...

With no job, this is the only thing keeping me going...

Haha - brilliant!

[10 Pence Short]

Predictable to the end. Chinese don't want to be seen as vultures, but that'a exactly how they operate. It happens time and time again.

Victor Muller will do alright out of it. The Chinese will do very well out of it. Trollhatten will have some brownfield sites going soon...

[Maldini35]

Time to buy a classic 900 turbo cab?

(no idea why it would be a good time to buy one I just need an excuse for the missus)

[Seight_Returns]

Very sad. I always wanted a Saab.

I guess I'm as much to blame as anyone for never actually buying one.

[Frimley111R]

10 Pence Short said:

Predictable to the end. Chinese don't want to be seen as vultures, but that'a exactly how they operate. It happens time and time again.

I suppose but business is business. In the future no-one of any consequence will care or remember and they'll just see new SAABs rolling out. Its a lot like Rover, do we really care about what happened or do we want to move on and enjoy the new cars coming out?

BTW: Are MG selling any cars/yet?

[Bada Bing!]

I don't understand why they have survived as long as they have. Horrid cars, and yes I've had the pleasure of driving several.

[The Hypno-Toad]

Frimley111R said:

10 Pence Short said:

Predictable to the end. Chinese don't want to be seen as vultures, but that'a exactly how they operate. It happens time and time again.

I suppose but business is business. In the future no-one of any consequence will care or remember and they'll just see new SAABs rolling out. Its a lot like Rover, do we really care about what happened or do we want to move on and enjoy the new cars coming out?

BTW: Are MG selling any cars/yet?

According to the latest SMMT figures they registered 43 in September.

Saab registered 272 which is 77% down on the same month last year. Surprisingly they are only 3% down for the whole year. But remember thats registrations not actual sales so both of these figures could include a lot of demos or pre-reg cars.

But slightly off topic, best not talk about Lotus eh?
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Five

I wonder if that included the Freddie Mercury special edition?

[10 Pence Short]

Frimley111R said:

I suppose but business is business. In the future no-one of any consequence will care or remember and they'll just see new SAABs rolling out. Its a lot like Rover, do we really care about what happened or do we want to move on and enjoy the new cars coming out?

BTW: Are MG selling any cars/yet?

As long as they can get the tech on the cheap, and sell plenty of cars in the Far East, they'll be happy for now. The trick is to let the ailing company run along, getting weaker and weaker by the day, on the hope that the nice Chinese people will stump up the cash and keep all the local workers in snow hats and ABBA compilation CDs. Even better if the current owner is complicit and will benefit from the charade.

I'd like to be wrong, but the whole thing just seems so predictable. Muller can blame the Chinese company. The Chinese company can blame the Chinese Government. The Chinese government can blame the other two. Throw in the odd promise and lifeline along the way to keep the PR positive and, eventually, everyone will get what they want (apart from the workers on the ground and the Swedish Government).

[Snoggledog]

Sounds almost like TVR. Will it, won't it, will it, won't it......

[Kazlet]

If Saab does finally goes it'll be no loss, they've made some truely hideous cars in their time. Obviously i'm talking pre GM era....actually no, including GM era.

[thewheelman]

Kazlet said:

If Saab does finally goes it'll be no loss, they've made some truely hideous cars in their time. Obviously i'm talking pre GM era....actually no, including GM era.

I see what you did there.....

[PhilJames]

Chinese are pretty good in business, I expect they will let the company become as desperate and valueless as possible before spending any money on it. The vultures are wise to easy pickings.

I think SAAB have been going bankrupt for about 3 years now?

[UltimaCH]

Ok let it go down the drain. However, I'm sure in the not too distant future, the make will reappear like the Phoenix rises from it's ashes, or should I say rice bowl...

[andymac]

It's a great shame . Not many companies have been able to compete with the German cars but Saab has managed it over the years.

[stegt4]

The Chineese will say lots and probablt have a good poke around then wait and wait and then get as much as they car for as little as possible in the name of good business. It wasn't right when they did it before and it will be unfair now but hey, who cares? I'm from Staffs, about 20 minutes from Birmingham....

To answer Frimley111R, You are so obviously taking the piss.

[Verde]

Quirky and charming cars back in the day. I drove my friends new 99 which compelled me to buy a 900, which led to buying a 9000. The 9000 and the GM acquisition begat the endless fall of the company. Quirky led to quirks, charming dissolved into retro and non-competitive designs. It just takes too much money and scale to build great cars and they have just had the bow fall under the waves. Regardless of the Chinese and others, they are gone. I too would love to have one of those black stealth turbos built on the 900 chassis.
Sigh...

[ejenner]

Kazlet said:

If Saab does finally goes it'll be no loss, they've made some truely hideous cars in their time. Obviously i'm talking pre GM era....actually no, including GM era.

They made some undesirable cars which were hardwearing. The worst car ever to carry a Saab badge was the 1994 to 1998 Saab 900, rebadged as a 9-3 and strung out to around 2002 before the 9-3ss came out. I've never even thought about buying one of those, not even for a second, not even if it were cheap. They made lots of desriable cars too.

For the last 20 years they've based their cars on tweaked GM junk and this is what's cost the company their customers. People used to pay over the odds for the old Saabs because they were quality cars. Everything was 30% thicker than the same part on any competitive car of the era. The cars were tough, people knew this and they wanted them.

Trouble is you can only trade off a reputation for so long and the name wore out in around 2006.