CarRank Anyar Blog: Spyker

Showing posts with label Spyker. Show all posts

Monday, May 16, 2011

Saab Eyes Another Chinese Savior, Signs MoU with Pang Da Automobile Trade Co.

For the second time this month, and shortly after the break up in talks with the Hawtai Motor Group, Saab’s parent company Spyker Cars N.V. today announced that it has signed a Memorandum of Understanding (MoU) with a new Chinese company to provide fresh funds for the deeply troubled Swedish automaker. This time Spyker signed a tentative finance and import deal with Pang Da Automobile Trade Co., Ltd (Pang Da), said to be China’s largest publicly traded automobile distributor with over 1100 dealerships in the country. Read more »

Thursday, May 12, 2011

Saab’s Deal with China’s Hawtai Motors Collapses, Future Once Again Uncertain

Another day, another deal gone sour for Saab and its parent company Spyker Cars N.V. Today, less than two weeks after Saab announced an agreement with China’s Hawtai Motor Group that would have invested €150 million (US$215 million) into the company in exchange for a 30% stake, Spyker said that the deal has fallen through raising new doubts about the Swedish brand’s future.

“Since it became clear that Hawtai was not able to obtain all the necessary consents, the parties were forced to terminate the agreement with Saab Automobile and Spyker with immediate effect,” Spyker said in a statement.

Saab Boss Victor Muller Hints at US and EU Distribution of China's Hawtai Cars, Says Buyers Won’t Care about Safety

The ink on the deal / partnership between Saab and China’s Hawtai Motor Group has barely dried, but the Swedish automaker's chairman and Spyker CEO, Victor Muller is already making headlines again by hinting at the distribution of cheap Chinese cars in the United States, Europe and elsewhere through Saab’s established global network.

"We laughed when the Japanese came. We laughed when the Koreans came. But we will not be laughing when the Chinese come. The Chinese are like a steamroller,” said Victor Muller, during a press event in Washington, D.C.

Muller said that if an agreement is reached with Hawtai, the Chinese maker could make use of Saab’s distribution network to sell its cars globally.

"It took 67 years to build up our dealer network. It is the biggest asset not on our asset sheet, and these guys buy into it for free. If they make the proper cars, can you image how much simpler it will be to push product through the distribution network that is already there? It is like a railway network that is already there," said Muller.

Saab Details Partnership with China’s Hawtai Motor Group

In his attempt to save Saab- again, and after having secured short-term cash of €30 million (US$44.6 million), Spyker Car N.V. CEO Victor Muller’s next move was to sign a strategic partnership with China’s Hawtai Motor Group. Under the agreement, Saab will receive a €150 million (US$222.5 million) cash injection while the two companies will form joint ventures for manufacturing, technology and distribution.

As a part of the deal, China’s Hawtai will invest €120 million (US$178 million) for up to a maximum of a 29.9 percent equity stake in Spyker on a fully diluted basis. Τhe remaining €30 million will be in the form of a convertible loan agreement with a 6 month maturity, an interest rate of 7% per annum and a conversion price of €4.88 per share.

Saab Announces Strategic Partnership with China’s Hawtai Motor Group, Secures New $30 Million Loan

Spyker Cars NV and Saab president Victor Muller is pulling all the strings to kick start the Swedish automaker back into life after the company hit a cash crunch and was forced to halt production last month as suppliers refused to send parts citing lack of payment.

After an earlier announcement on the involvement of Russian banker Vladimir Antonov, who plans to invest €30 million in Saab’s parent company Spyker in return for a 29.9 percent stake, Muller hit twice today revealing that the company has secured a €30 million convertible loan from Gemini Investment Fund Ltd, while also announcing a new partnership with China’s relatively unknown, Hawtai Motor Group.

Spyker Cars Says Saab won’t Meet its Sales Target this Year, Now Talking with Chinese Companies for Funding

The roller coaster that is Saab has taken another turn, and unfortunately for the Swedish brand, the future doesn’t look so bright. In spite of a tentative agreement to let Russian banker Vladimir Antonov invest 30 million euros in Saab’s parent company Spyker in return for a 29.9 percent stake, the investment still needs to be approved by the European Investment Bank, which means the Swedes are still short on cash and cannot resume full production.

Today, Spyker reported a loss of €79 million before interest and tax for its first quarter earnings, while the company’s CEO, Victor Muller, said that Saab will not meet its sales target this year.

Swedish Debt Office and GM Allow Antonov to Invest in Saab

It appears that Saab's hopes of survival continue to depend after all that happened on Vladimir Antonov, the Russian banker who was forced by GM to sell his initial shares in Spyker for the Saab sale to occur. Spyker today confirmed that the Swedish National Debt Office (NDO) allowed Antonov to become a major shareholder in Spyker Cars, Saab's parent company.

"This is a great day for our company and for me personally. We worked relentlessly for 11 months to achieve the desired result: restore the reputation of Vladimir Antonov, who made so many valuable contributions to Spyker since 2007 as financier and shareholder,” said Victor Muller, CEO of Spyker and chairman of Saab Automobile.

Saab Roller Coaster Continues as Cash Gets Tight

Saab just can't seem to catch a break. After moving from the General's formerly overcrowded pocket into the hands of Spyker, the once-quirky brand is now doing all it can to bring production back online after failing to pay suppliers.

The gist is this: Saab received 400 million Euros (~$580 million) from the European Investment Bank so it could keep on ticking. Sweden guaranteed the loan, meaning whatever Spyker's resolution calls for must get the go-ahead from the Man.

New Woes for Saab, Production Halted Again After Company Fails to Pay Suppliers

Less than a week after Saab idled its Trollhattan plant in Sweden for a few days due to a shortage of parts after failing to pay suppliers, the company once again halted production on Tuesday for the same exact reasons, despite solving the previous disputes.

"Production is stopped right now. It was stopped this morning," said Saab spokesperson Gunilla Gustavs. "We are working intensively to make sure the flow gets going again. We are having discussions with suppliers and doing our best to come to mutual agreements," Gustavs added.

Saab Temporarily Halts Production After Suppliers Suspend Parts for Not Being Paid

In a sign of the possible problems brewing up at Saab, the Swedish firm was forced to temporarily halt production for a few hours at its plant on Tuesday as well as on Wednesday after component makers cut off deliveries to the factory because they hadn’t been paid.

“Certain suppliers halted supplies to Saab Automobile pending discussions about payments and supply terms,” Spyker said in a statement on Wednesday. “Saab Automobile expects to resolve these issues in the short term, also to prevent any further disruptions in supply. Saab Automobile has sufficient means to meet its immediate liquidity needs from existing and available sources,” the company added.

SAAB CEO Jan Åke Jonsson to Retire, Victor Muller Takes Over Temporarily

Dutch automaker Spyker Cars NV announced on Friday that Saab Automobile’s Chief Executive Officer and President, Jan Åke Jonsson, has decided to step down from his position on 19 May, 2011. The company said that until a successor to the longtime Saab executive is found, Spyker Car’s CEO Victor Muller will temporarily assume the role of President and CEO of Saab Automobile AB in addition to his role as Chairman of the Board.

The 59-year old executive, who has worked for Saab for close to 40 years, took over the helm of the company in 2005 when it was still under the ownership of General Motors. Jonsson has been credited for playing a key role in the savior of Saab when the Detroit automaker wanted to close down the brand.

“I have been with Saab Automobile for almost my entire career of 40 years, of which almost six years as the head of Saab Automobile,” said Jonsson in a statement. “The last three years have of course been very demanding and forced me to focus on one thing only – my work. Now it is time for me to also spend some time on other things that had to stand back for my duties to Saab Automobile.”

Spyker to Sell its Sportscar Business in Order to Focus on SAAB

Spyker Cars N.V., the Dutch owner of Saab, announced today that is has started negotiations to sell its sports car brand in order to focus on the development of premium car maker Saab, which it acquired one year ago from General Motors.

The Dutch company said it will sell the assets of its Spyker sportscar business to the UK-based CPP Global Holdings Limited, owned by Russian millionaire Vladimir Antonov. The terms of the deal include an initial purchase price of EUR15 million, plus a further EUR17 million to be paid from future earnings over a six-year period. The money will be used by Spyker Cars N.V. to reduce its debt.

Saab to Cut Workforce after Poor Sales Forecast

Sweden-based Saab Automobile plans to reduce its workforce by 200 employees or about one-eighth of its current staff, according to report from Reuters citing a union official. Hakan Skott, a union representative at Saab, told the news site that the move was expected after the company's new owner, Dutch supercar maker Spyker, cut the firm's sales target from 60,000 units in February, to 45,000 a few months later and finally to just 30,000 cars at end of October.

Simbol Design K1 Attack is a Shed-Built Italian GT with an Alfa V6

From the creators of the Ferrari Enzo-emulating GTX-R comes the K1 Attack, a car that takes styling cues from the Spyker C8 Aileron, Lotus Europa and others. Simbol Design has fitted the Attack with an Alfa Romeo-sourced V6 turbo good for 246 horsepower. Mated to a 5-speed manual, this gives the custom built sports car an apparent 0 to 100 km/h [62 mph] time of 4.9 seconds and a top speed of 265 km/h [165 mph].

Swedish Regional Government Demands $15.9 Million in Debt from Saab

A local government authority in Sweden is seeking to recover US$15.9 million from Saab, even going so far as to enlist a government debt collector.

Vastra Gotaland, where Saab's main production plant is located, covered worker wages to the tune while the company was in administration. Now that Saab has its very own 'Daddy Warbucks' in the form of Spyker, the regional government wants its money back.

Spyker to Begin Selling Sports Cars at Saab Showrooms

In a move that won't surprise anyone in the automotive industry, Spyker Cars NV and Saab Automobile owner, Victor Muller, confirmed plans to sell Spyker's high-end sports cars through Saab retailers by the end of the year.

"We are signing up Spyker dealerships left, right and center," Muller said in an interview with the Bloomberg news agency at Saab's headquarters in Trollhaettan, Sweden.

Spyker C8 Laviolette LM85 Available on Forza Motorsport 3 / Xbox 360

Xbox 360 gamers are offered their first opportunity to take a virtual place behind the wheel of a Spyker supercar as the Dutch firm's C8 Laviolette LM85 is now available as the gift car of the Exotic Car Pack for Forza Motorsport 3, which was released on 11 May for 400 Microsoft Points.

"We've created something very special and unique with the LM85," said Victor Muller, CEO of Spyker and recently, of Saab Automobile as well. "It's very exciting to share our creation and passion with the Xbox and Forza Motorsport community, and we can't wait to see how players put it through the paces on the track."

Saab Restarts Production at Trollhättan, First Cars Under Spyker Ownership Roll Off the Line

Heralding a new era for Saab as an independent company freed from the shackles of General Motors, the first cars of the Swedish automaker under the loving arms of Spyker Cars and its CEO Victor Muller rolled off the production line today at the firm's Trollhättan plant. During the talks between General Motors and the Dutch supercar-maker, the factory had been idled for a period of two months.

The first Saab to roll off the production line today was an all-new 9-5 saloon, destined to join a test fleet prior to the premium sedan's official launch later this year. The 9-5 was joined shortly after by a 9-3 Convertible.

SAAB Spyker 9+ Tribute: Union Spawns Supercar Dreams

One of the first things that came to the minds of many Saab enthusiasts after the completion of the long-winded sale of the Swedish automaker to Spyker was the possibility of a supercar based on the underpinnings of a Spyker model.

Of course, we're pretty sure that the creation of a supercar is (rightfully) not among the top priorities of the people who manage the newly formed SAAB Spyker Automobiles, as there are much more important issues to take care of at the time being.

Nevertheless, independent designer Eduard Gray took it upon himself to digitally visualize a conceptual mid-engined Saab supercar that would make use of Spyker hardware.

Spyker Details Strategic Plan for SAAB, Says New 9-3 with Hatchback Variant Coming in 2012, Smaller 9-1 Under Consideration

In anticipation of a general meeting on February 12 where Spyker shareholders will officially approve the purchase of Saab, the tiny supercar maker from Holland went ahead and outlined its future plans for the ailing Swedish automaker that include the presentation of a successor to the 9-3.

First of all, Spyker confirmed that Saab will be a stand-alone niche manufacturer with three to four model lines and that the Swedish brand will continue to be positioned against other premium brand brands such as Audi and BMW.

According to the plan, Saab's product portfolio will be completely renewed over the next few years beginning with the launch of the all-new 9-5 sedan early this summer, followed by a station wagon version and an Audi A6 Allroad-rivaling 9-5X crossover variant.

In 2011, Saab will introduced the Cadillac SRX-based 9-4X Crossover that will be built in Mexico, while a year later, the company will launch the all-new 9-3 that will eventually grow to include sedan, sports estate, 'X' crossover, convertible and for the first time in many years, hatchback body styles.

Spyker added that it is also looking into the possibility of adding a fourth smaller model called the '9-1', which would compete in the premium C-Segment against the likes of the BMW 1-Series and Audi A3.

However, Spyker noted that such a car isn't currently included in the official Business Plan, so if the company decides to go ahead with the development, addition financing would be required.

With the exception of the 9-4X, all other models will be built at Saab's Trollhättan factory, with Spyker aiming to produce and sell between 100,000 to 125,000 vehicles per year.

The Swedish automaker will continue to collaborate with GM after the completion of the sale, but Spyker's plan is to gradually "reduce dependency and obtain improved access to other suppliers and the co-development of unique innovations."

Spyker business plan also makes word for Saab's current dealer network which will be re-energized with a new sales and distribution approach in certain markets, starting from this year.

The business plan that was drawn up by Saab management over the past ten months, is said to have been analyzed and supported by Spyker in assistance with the firm's advisers Booz & Co and KPMG Transaction Services, as well as several advisers to the Swedish Government and the European Investment Bank (EIB).

EIB will provide a €400 million loan -guaranteed by the Swedish government- to the newly formed company.