Saab to end up in the hands of the Chinese?
0 commentsSaab initiated bankruptcy proceedings in December last year, after not having paid for months to the 3,500 employees of the Trollhättan plant and having cumulated a serious debt to their suppliers. The car company technically has not produced since April.
The majority of Saab shares were bought by Swedish Automobile, former Spyker Cars, from General Motors in 2010.
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| Swedish past, American present and perhaps Chinese future? |
Saab Automobile CEO Victor Muller, who is also the owner of Swedish Automobile, have tried to procure the resources necessary for production by including Youngman and several Russian investors, however, his attempts were counteracted by minority share-holder General Motors. GM kept refusing to hand over the licences in connection with the production of Saab models, fearing Swedish competition on the Chinese market, where GM’s position is very strong.
The founders of Youngman told the Swedish newspaper: they are ready to invest 12 billion Swedish crowns to the development of new Saab models.
Saab is not the first carmaker to be bought by the Chinese: Volvo, Aston Martin, Jaguar and Land Rover have all ended up as Chinese property.
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