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Originally Posted by Aditya
(Post 3456426)
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Originally Posted by abhishek46
(Post 3456477)
Mahindra Saab. :D |
| In 1989 the automobile division of Saab-Scania was restructured into an independent company, Saab Automobile AB. The American manufacturer General Motors took 50% ownership with an investment of $600 million, and then in 2000 exercised its option to acquire the remaining 50% for a further $125 million; so turning Saab Automobile into a wholly owned GM subsidiary. In 2010 GM sold Saab Automobile AB to the Dutch automobile manufacturer Spyker Cars N.V.[3] After struggling to avoid insolvency throughout 2011, the company petitioned for bankruptcy following the failure of a Chinese consortium to complete a purchase of the company; the purchase had been blocked by former owner GM, which opposed the transfer of technology and production rights to a Chinese company.[4] On June 13, 2012, it was announced that a newly formed company called National Electric Vehicle Sweden (Nevs) had bought Saab Automobile's bankrupt estate.[5] According to "Saab United", the first Nevs Saab 9-3 drove off its pre-production line on September 19, 2013.[6] Full production restarted Monday December 2,[7] initially the same gasoline-powered 9-3 Aero sedans that were built before Saab went bankrupt, and intended to get the automaker’s supply chain back up and running as it completes development of its new Nevs products.[8][9] |
| The majority owner will negotiate with Saab AB to use the Saab brand name and badge. Saab AB withdrew permission after NEVS applied for creditor protection. NEVS expects to be able to renegotiate the Saab brand agreement following a solution to its funding troubles. |
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Originally Posted by stanjohn123
(Post 3595103)
This is one manufacturer I have great regards for. They just don't give a damn about who buys them and will build cars the way they want to. Adamant , probably yes but that's what makes Saab cars good. |
| Indian billionaire Anand Mahindra is close to sealing a long anticipated deal to buy the remnants of collapsed Swedish car group Saab, marking the tycoon’s latest attempt to accelerate his company’s global expansion by acquiring a premium auto brand. Mr Mahindra’s flagship auto group Mahindra & Mahindra, India’s leading sport utility vehicle maker by sales, plans to buy a majority stake in the parent company that owns Saab’s brand, according to documents filed in a Swedish court and reviewed by the Financial Times. Saab collapsed in 2011 following years of financial difficulties, despite a small but passionately loyal following that was perceived to be dominated by environmentally conscious liberals and bookish university professors. The group was rescued in 2012 by National Electric Vehicle Sweden, a Hong Kong-managed company, which attempted to relaunch the Saab brand as a manufacturer of electric cars, before itself running into financial trouble. Mahindra is set to take a majority stake in NEVS, in the process acquiring the Saab brand, the Swedish court documents state. Mahindra declined to comment. Any deal would mark the culmination of a long courtship by the Harvard-educated Indian tycoon, who first tried to buy the Swedish carmaker two years ago. Mr Mahindra has launched a series of attempts to acquire global brands, including an abortive bid for British luxury sports car maker Aston Martin in 2012, and a successful $466m deal for Korean SUV-maker Ssangyong in 2010. The tycoon’s entry-level SUVs enjoy a dominant position in India’s market, but Mr Mahindra believes his group needs to acquire premium brands if it is to win over consumers in industrial economies. In 2013, Mr Mahindra told the Financial Times that “we need brands, because the one thing you cannot build, if you want to grow globally at least — something that can take a lifetime, and we are in a hurry — is brands”. High quality global journalism requires investment. In particular, Mr Mahindra is understood to have ambitions to launch a premium SUV model, tapping into a segment that has proved hugely lucrative for carmakers such as Germany’s Porsche and Audi. That aim provided part of the rationale behind his planned Aston Martin purchase, according to people familiar with the company’s thinking, suggesting that Mahindra may now consider developing an SUV model under Saab’s brand. Mr Mahindra is also an enthusiast for electric cars, providing another potential rationale for the tie-up with NEVS. Mahindra & Mahindra launched its first electric model last year. Saab struggled with losses for the past two decades, with ownership as volatile as its finances. General Motors sold the Saab brand to Dutch group Spyker after the financial crisis. However, Saab declared bankruptcy in 2011. The Saab brand was then sold to NEVS, owned by a Chinese-Swedish businessman and the city of Qingdao. NEVS sought bankruptcy protection in August. NEVS lost the right to use the Saab brand from the similarly named defence company. However, NEVS believes a new owner will help it regain the right to use the Saab brand. A Swedish district court is set to rule this week whether to extend NEVS’ protection from bankruptcy to enable it to try to finalise a deal with Mahindra. Most creditors back an extension, although one argued against it for fear that NEVS was selling assets to fund ongoing operations. |
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