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Saab Sinking Fast

Maker faces threat of asset seizure.

by on Aug.18, 2011

Photo by Len Katz.

Production of the Saab 9-4X continues but the rest of its line-up is on hold.

Things look great for Saab – at least on paper, the struggling Swedish maker haven’t lined up an assortment of investors promising to pump $100s of millions of dollars into the company – but the reality is far more bleak.

With unpaid suppliers increasing pressure to get Saab to pay the $625,000 they’re owed, the Swedish Enforcement Agency is warning it may begin legally seizing the carmaker’s assets.  That would be a very likely prelude to the collapse of the company, which has been struggling to re-open its headquarters factory in Trollhattan since partsmakers began a boycott in March.

With the factory that produces the flagship 9-5 model, as well as the smaller 9-3 idled, dealers around the world have been running short of product.  And Saab’s coffers continue to drain since its revenue stream begins the moment products roll off the line.

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The company desperately needs a “major automotive partner,” asserts IHS Automotive analyst Aaron Bragmann, but there is no one likely to come to Saab’s rescue at this point, he contends, a position most other analysts echo.

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