Saab Gemini | TheDetroitBureau.com
Detroit Bureau on Twitter

Posts Tagged ‘saab gemini’

Chinese Deal Saves Cash-Starved Saab

Production set to resume, Swedish maker eying range of new product offerings.

by on May.03, 2011

Production of the Saab 9-5 will resume in Sweden and could soon begin in China, as well.

Swedish automaker Saab has found its white knight – or more accurately several of them – securing at least its near-term survival.

The maker has lined up a new alliance with ambitious Chinese manufacturer Hawtai Automotive Group, while also securing some much-needed cash in the form of a loan from the Gemini Investment Fund. Meanwhile, Saab officials say they anticipate a further investment will follow from Russian businessman Vladimir Antonov.

The impact of the various deals will be significant for cash-starved Saab, both in the short and long-term.  The initial financial infusion – 180 million Euros, or $266 million – should permit Saab to quickly re-open the headquarters assembly plant, in Trollhattan, Sweden, that was shuttered on March 29th due to a boycott by unpaid suppliers.

Your High-Powered News Source!

The alliance will also provide a manufacturing base for Saab in China, which the company hopes will significantly expand its presence in the world’s largest and fastest-growing automotive market.

Longer-term, Saab Chairman Victor Muller told TheDetroitBureau.com, Saab may now be able to fund the development of some much-desired new product programs, including a small luxury car tentatively named the 9-2, and possibly a large SUV, among other vehicle options.

(more…)