Saab 9-5 2009 News

With wind-up proceedings into their final phase, and production dropping by the day at its factory in Sweden, the company has now been - finally - sold by General Motors.The new owner of Saab Automobile AB, who paid $82.2 million, is the Dutch supercar maker Spyker Cars. The Spyker deal follows the collapse of a similar sale last year to another supercar company, Koenigsegg. GM bought Saab in the 1980s but never got it to pay its way, partly because it did not spend enough on new products.A new 9-5 is into the final stages of testing and is now likely to hit motor shows, and then showrooms, this year. The sale is confirmed by both Spyker boss Victor Muller and the CEO of General Motors, Ed Whitacre."Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” says John Smith, GM's vice- president for corporate planning and alliances. “General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome."The change of ownership will see the creation of a new company, Saab Spyker Automobiles. The deal is expected to be confirmed in February, following approvals from banks and the Swedish government.

The Frankfurt Motor Show literally roared to life this morning when a classic BMW 507 roadster ran laps of a custom-built oval track inside the German carmaker's $30 million stand.

It is to become an independent business after starting court proceedings in Sweden.Saab plans to bring all its business back to Sweden and has announced it will launch three new models over the next 18 months.It will seek funds for its break from General Motors after it has successfully created a new legal entity.The surprise move comes after GM's strategic review of its global empire.Saab said from its headquarters in Trollhattan, Sweden, that its reorganisation would be “a self-managed, Swedish legal process headed by an independent administrator appointed by the court who will work closely with the Saab management team”.“As part of the process, Saab will formulate its proposal for reorganisation, which will include the concentration of design, engineering and manufacturing in Sweden.”“This proposal will be presented to creditors within three weeks of the filing. Pending court approval, the reorganisation will be executed over a three-month period and will require independent funding to succeed.”Saab said it had explored — and would continue to explore — all available options for funding and/or selling Saab.“It was determined a formal reorganisation would be the best way to create a truly independent entity that is ready for investment,” said Jan Ake Jonsson, managing director for Saab Automobile.“With an all new 9-5, 9-3X and 9-4X all ready for launch over the next year and a half, Saab has an excellent foundation for strong growth, assuming we can get the funding to complete engineering, tooling and manage launch costs.“Reorganisation will give us the time and means that help get these products to market while minimising the liquidity impact of Saab on GM.”He said that funding for the restructured company would come from public and private sources.“Saab will continue to operate as usual and in accordance with the formal reorganisation process,” he said.“The (Swedish) Government will provide some support during this period.“The reorganisation should have no impact on other GM operations.” 

Then, early Saturday our time, a Swedish court gave it three months to find a means of keeping the company afloat while an administrator negotiates with creditors.Saab's managing director, Jan Ake Jonsson, says Saab is seeking to create a fully independent business."What would happen during the reorganisation phase is more preservation of cash and making sure we have the financials to go through it. Exactly what that means is too early to say."How very confidence inspiring …One feels for the workers, dealers and thousands of various job descriptions whose livelihoods will exist no longer when the Trollhattan marque eventually succumbs to the inevitable.Honestly, though, does anyone believe Saab deserves to survive?Can anyone – except perhaps the ever diminishing number of clueless and chronically dizzy types who mysteriously continue buy them – say with sincerity that they care a Viking’s frozen digit for Saab?The 9-5 is so hopelessly obsolete, so thoroughly behind the times, driving it is the equivalent of wearing spats. To the beach. The numerical designation might as well indicate its year of origin; the 9-5 belongs firmly to the previous century.Next to that the 9-3, with its near-decade old Vectra underpinnings, is positively effervescent. But with at least a half dozen sounder and more desirable alternatives for every one of the barely numerable variants in the line-up, the 9-3 is also very possibly the most futile car on earth.And as for charging $90K for the top model, on what planet – or more to the point – in which era do these people dwell?The only possible thing Saab could do to justify its continued existence is to make an entirely new car. A proper new car, that is, as opposed to minor embellishments of two decomposing model lines.That’s not going to happen, at least not in a hurry. Saab is wedded to a decaying US former auto giant, whose embattled execs want nothing more than a quick divorce. And Saab can’t afford to live on its own.The contrast with compatriot Volvo is glaring. But while Ford remains attached to life support, its Swedish subsidiary has at least continued to produce new, competitive and even – in terms of its fusty image – exciting new models, a la the C30 T5 and XC60. So Ford will eventually find a buyer for Volvo, because it’s making cars that you’d cheerfully spend your money on.Whereas Saab … well, the best thing it could do is to stop making them altogether. Please.