Topic: Saab buyer backs out leaving 3,000 jobs hanging

[tpl]

Koenigsegg, Saab's tiny Swedish buyer, says it 'regrets' being unable to follow through on its planned acquisition of GM's Saab

GM's planned sale of Saab to Koenigsegg, the Swedish sports car-maker, has collapsed casting doubt over more than 3,000 UK jobs.

The tiny Swedish buyer, which was backed by China's Beijing Automotive Industry Holdings (BAIC), said today that it 'regretted' that it could not follow through on its plans.

In a statement it said: "After six months of intense and goal-oriented work we have come to the painful and difficult conclusion that we are not going to be able to carry out the acquisition of Saab."

GM Europe, Saab's bankrupt US parent, announced in mid-June that it had struck a deal to sell Saab to Koenigsegg and that the sale would close by the end of the third quarter.

...more through    http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article6930020.ece

[PJungnitsch]

Saturn, Opel, now Saab. Hummer deal the next one to fall apart?

Ford has to be thanking their lucky stars they sold Jag/Landrover/Aston when they did.

[ktm525]

Saturn, Opel, now Saab. Hummer deal the next one to fall apart?

Ford has to be thanking their lucky stars they sold Jag/Landrover/Aston when they did.

I an't see Landrover/Jag lasting much longer in Canada. When Land Rover announces that it is gone from Canada that is when I am going to buy my cheeeeeeeaaap LR3.

[vdk]

Saturn, Opel, now Saab. Hummer deal the next one to fall apart?

Ford has to be thanking their lucky stars they sold Jag/Landrover/Aston when they did.

I an't see Landrover/Jag lasting much longer in Canada. When Land Rover announces that it is gone from Canada that is when I am going to buy my cheeeeeeeaaap LR3.

It seems to me that every other SUV in Toronto is a Range Rover Sport.

[ktm525]

Saturn, Opel, now Saab. Hummer deal the next one to fall apart?

Ford has to be thanking their lucky stars they sold Jag/Landrover/Aston when they did.

I an't see Landrover/Jag lasting much longer in Canada. When Land Rover announces that it is gone from Canada that is when I am going to buy my cheeeeeeeaaap LR3.

It seems to me that every other SUV in Toronto is a Range Rover Sport.

Those are just one lease wonders. The DB owners will move on to the next hot trend in a few years.

[articsteve]

This is just the reality that was truly Saab for what it was; DOA.  GM lost $5000. USD on every Saab built over the last 8 years and yet some ppl still thought it had a chance to turn a profit in this semi permanent global recession.   

Opel is next.  GM says it will cost 4 Billion to restructure OPEL and Moody's says it's 8.5.  Who do you believe    Does Germany need 4 car companies    The reality is there is no more global capital available for iffy car manufacturers.

[vdk]

In 2007 Opel/Vauxhall sold 1,630,830 vehicles in Europe (a 7.1% market share). Opel is the 4th largest automaker in Europe, after VW, Ford and Renault. Toyota is 8th. If anything, Toyota is an iffy manufacturer in the EU.

At least Opel has a lineup that does well with the public, something I can't say about Toyo.


http://www.gm.com/europe/corporate/download/GM_factandfigures_2008_low.pdf

[toolatecrew]

GM Europe, Saab's bankrupt US parent, announced in mid-June that it had struck a deal to sell Saab to Koenigsegg and that the sale would close by the end of the third quarter

One can only hope at this point that GM does NOT announce that the sun WILL come up tomorrow. Latley (Bankruptcy, Opel...etc.) if GM announces it you can be sure the exact opposite will happen.

[rrocket]

At least Opel has a lineup that does well with the public, something I can't say about Toyo.

Is that why Toyota was/is #1 in global sales??  Because they don't do well with the public? 

While Toyota may be iffy in Europe (5.3% market share..a whole couple percent behind Opel!), they have a HUGE foothold in one of the worlds largest markets...the USA.  Opel does not.

[articsteve]

In 2007 Opel/Vauxhall sold 1,630,830 vehicles in Europe (a 7.1% market share). Opel is the 4th largest automaker in Europe, after VW, Ford and Renault. Toyota is 8th. If anything, Toyota is an iffy manufacturer in the EU.

Opel is insolvent.  Lot of good market share did them.

What this latest Saab business points to is that poorly functioning automobile manufactures will not find private capital in the new "economy".  Opel is certainly there right now.  Essentially without taxpayer funding it's insolvent.  GM USA will be in the same position a year from now.

[vdk]

At least Opel has a lineup that does well with the public, something I can't say about Toyo.

Is that why Toyota was/is #1 in global sales??  Because they don't do well with the public? 

While Toyota may be iffy in Europe (5.3% market share..a whole couple percent behind Opel!), they have a HUGE foothold in one of the worlds largest markets...the USA.  Opel does not.

Judging by their sales figures in Europe I guess not. Why would you compare global sales numbers of a global manufacturer like Toyota to a European one is beyond me.
And that whole percent of market share behind Opel (more like 1.6% -- 6.6% vs 5.0%) translates into 400,000 units which would account to 40% of Toyota's sales in Europe in 2008.

In Europe they're not a big manufacturer like in the US. For comparison VW (not VAG) sold twice as many cars as Toyota in Europe in 2008. Anyone who's ever been to the EU will tell you that there are very few Toyotas on the road.

Opel will not fail, if anything Opel will be the rebirth of GM (just like the Ford EU is for the parent company). And there's 6 major car manufacturers in Germany.

[articsteve]

Opel will not fail, if anything Opel will be the rebirth of GM

Who is coming up with the 8 Billion plus in financing 

[rrocket]

 Why would you compare global sales numbers of a global manufacturer like Toyota to a European one is beyond me.

Because global sales matters.  ALOT.  Being 8 Billion in the hole, I have my doubts Europe alone will be able to provided the needed sales to turn it around.  That's all I was saying.

[vdk]

Opel will not fail, if anything Opel will be the rebirth of GM

Who is coming up with the 8 Billion plus in financing 

In 2006-2007 GM Europe was profitable (Opel even more so).
In 2008 GM Europe operations posted an operating margin of -3.4 percent, compared with -15.7 percent for GM North America.


Money will come, Opel is much less of a money pit than GM North America - and they got money. Opel has a lot of potential.

[Mitlov]

Will SOMEONE please tell me why this thread, on page one, has become a Toyota-versus-Opel pissing match?  This thread is about SAAB and KOENIGSEGG, not Opel or Toyota.  Jesus H. Christ, people.  There are 10,000 other threads to have a Toyota-versus-Opel pissing match.  Why pollute this one?

I, for one, am really bummed by this news (the "news" being the thread title).  I thought the Koeningsegg acquisition would be a return-to-awesomeness for Saab.  Instead, the brand that brought turbocharging to the general public is now likely going to go the way of the dodo.  Does nobody besides me care one whit about that? 

[rrocket]

Will SOMEONE please tell me why this thread, on page one, has become a Toyota-versus-Opel pissing match?  This thread is about SAAB and KOENIGSEGG, not Opel or Toyota.  Jesus H. Christ, people.  There are 10,000 other threads to have a Toyota-versus-Opel pissing match.  Why pollute this one?

I, for one, am really bummed by this news (the "news" being the thread title).  I thought the Koeningsegg acquisition would be a return-to-awesomeness for Saab.  Instead, the brand that brought turbocharging to the general public is now likely going to go the way of the dodo.  Does nobody besides me care one whit about that? 

We purposely derailed this thread because your little hissy fits are so amusing to read, that's why!  We enjoy seeing how easy it is for you to lose control.  There...feel better now??   

As far as Saab? Just another bit of bad auto news.  Nothing too new or exciting.  Shrugs.

[articsteve]

and they got money

Where would that be 

GM was bailed out because it was deemed to big to fail.  The thinking was that GM would take the entire supplier base down with it and I think that is still the case.

Currently Germany has 3 profitable native global auto manufacturers.  Opel is not essential to the German economy.  I don't think you will find the German government throwing billions at GM's OPEL and there are ZERO equity markets willing to invest in GM.

[articsteve]

Instead, the brand that brought turbocharging to the general public is now likely going to go the way of the dodo.  Does nobody besides me care one whit about that? 

NO.  Saab died when GM took the hatches out of the 9-3 in order to be a Bimmer 3 series killer.       How can you save a dead company     A company that lost 5K USD on every car built for the past 8 years. 

Lots of ppl want to buy distressed companies with other ppl's money.  Nothing new there.  In this instance, no idiots with money to blow could be found. 

[ovr50]

Will SOMEONE please tell me why this thread, on page one, has become a Toyota-versus-Opel pissing match?  This thread is about SAAB and KOENIGSEGG, not Opel or Toyota.  Jesus H. Christ, people.  There are 10,000 other threads to have a Toyota-versus-Opel pissing match.  Why pollute this one?

Amen, brother!!

[Leviathan]

Will SOMEONE please tell me why this thread, on page one, has become a Toyota-versus-Opel pissing match?  This thread is about SAAB and KOENIGSEGG, not Opel or Toyota.  Jesus H. Christ, people.  There are 10,000 other threads to have a Toyota-versus-Opel pissing match.  Why pollute this one?

Amen, brother!!