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Swedish Automobile N.V. issues third-quarter 2011 trading update

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Swedish Automobile N.V. issues third-quarter 2011 trading update

Swedish Automobile N.V. (Swan), a holding company that owns subsidiaries which produce and sell premium automobiles under the Saab and Spyker brands, today issued a trading update for the third quarter of 2011 ended 30 September 2011.

Press Release

Last Updated on Saturday, 19 November 2011 14:28
 

Blast from the past for Cambridge Saab

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Local UK car dealership, Cambridge Saab, recently played host to our national Annual General Meeting and unearthed a great heritage story in the process.

The meeting, which took place on Saturday 29th October at the Buckingham & Stanley site on High Street in Harston, Cambridge, was attended by upwards of 50 members of the Saab Owners Club from all over the UK.

A great surprise for Dealer Principal, James Howarth, and his team at the event was to meet a member who had bought his first Saab from the dealership (formerly known as Wightman’s Garage) in 1968, just a few months after the site opened for business.

 

Paying around £900 for his Saab 96 V4 over 43 years ago, rally driver Alan Lawley from Linton, Cambridgeshire, was one of the earliest exponents of rallying in a Saab in the UK and went on to put the iconic car through its paces in many prestigious races in the region, including the ‘Grasshopper Rally’, the ‘Tour of Lincs’ and the roughest and toughest ‘Britvic Rally’.

Alan explains: “My ‘love affair’ with Saab goes back to the 1960s; an affair that has lasted almost 50 years.

 

Saab_96_V4_1968_in_action_on_the_Tour_of_Lincs

“In the 1960s, everyone was using road cars for rallying, then Erik Carlsson came along and brought the brand to the forefront by winning the RAC Rally in 1960, 1961 and 1962 in a Saab; I then realised that Saabs were pretty good! The turning point for me came in 1968 when the V4 was unveiled with a new shell – I saw it in Wightman’s, gave it a test drive and the rest, as they say, is history!

“It was an unbelievably strong car, so much so that I rallied it until the mid to late ‘70s. It certainly stood the test of time and led me to many a victory throughout the years in which I raced it.”

James Howarth from Cambridge Saab adds: “Alan’s our very own Cambridge-based Erik Carlsson! It was fantastic to meet him at the AGM and learn of his rallying past in one of the earliest models sold here. It’s a great piece of history.”

Throughout Alan’s ownership of the Saab 96 V4, Cambridge Saab (as it has been known since the year 2000) serviced the car and undertook repairs to the rallying icon, one of which included a virtual engine strip to rebuild the cylinder heads in 1971 that had cost just £15.96!

 

The_invoice_for_Alan_Lawley_s_engine_strip_to_rebuild_the_cylinder_heads_in_1971_costing_15.96

“Being a rally car, it often needed the odd repair and a few modifications to make it competitive, but considering what I put the car through, it never needed that much work!”, Alan adds.

Keith Long, historian at the Saab Owners Club of Great Britain, who also attended the AGM last week, comments: “Alan’s story is very much a part of Saab’s heritage, not only here in Cambridgeshire but on a national level too.

“It’s the brand’s dedication to strong performance and innovation that generates a loyal following and keeps owners coming back to Saab after Saab.”

Many of the members of the Saab Owners Club of Great Britain took to the road in a series of test drives in Cambridge Saab’s current range of vehicles.

 

Saab_1968_V4_at_the_Tour_of_Lincs

 

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Last Updated on Wednesday, 09 November 2011 14:19
 

Information On Restructuring Plan Saab Automobile

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Press release: Information On Restructuring Plan Saab Automobile


Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (together Saab Automobile) today present their preliminary reorganization plan to their creditors during a creditors’ meeting in Vänersborg, Sweden.

The preliminary reorganization plan, which was developed by Saab Automobile management and supported by the current and foreseen owners of Saab Automobile as well as its administrator of the reorganization, contains the following highlights:

Pending the approval from all relevant parties, short- and long-term funding for Saab Automobile is assured: Youngman and Pang Da have expressed their commitment to provide EUR 50 million, to fund Saab Automobile while in reorganization. In addition, the Chinese investors will provide a minimum of EUR 600 million in funding to restart production, to settle the company’s clear and due debts and to fund operations for the 2012-2013 medium-term timeframe. To provide funding for the revised business plan and provide long-term financial stability the new Chinese owners have also budgeted funding for the planned expansion of Saab Automobile’s portfolio and additional operations to be set up in China. Saab Automobile has not received the funds from Pang Da and Youngman that have been committed for today.
New strategy and structure to combine the strength of Pang Da, Youngman and Saab Automobile, with Saab Automobile’s brand equity and heritage, product portfolio and capabilities being the key elements of that partnership combined with the distribution capabilities of Pang Da in China and the manufacturing expertise of Youngman.
Key actions during reorganization: establish new ownership structure with Pang Da and Youngman as strategic partners; reach agreement with creditors on repayment of outstanding debt to restore Saab Automobile’s supply chain; reduce structural costs by SEK1 billion, among others through reducing headcount by 500 employees; and generally restore confidence and trust with all key stakeholders
Restart plan highlights include: seamless production restart supported by existing order bank; accelerate access to China as major growth market; new distributorship agreements in other emerging markets like Russia, new products for traditional key markets (65% of volume) and China which include the 9-5 SportCombi and the 9-4X.
Confirmation of the long-term strategy of repositioning Saab as a distinctive, near premium brand supported by a renewed and broadened product portfolio, a more flexible cost structure with global production footprint, cross-carline modular technology architecture generating synergies, provision of external engineering services and expanded operations to take advantage of growth opportunities available in China and provided by strong Chinese owners.
Sales targets for 2012 of 35-55,000 cars and 2013 of 75-85,000 cars based on realistic ramp up in line with sales development since last restart.
Long term volume outlook of 185-205,000 cars of Saab Automobile based on three main growth drivers: 1) broadened product portfolio in fast growing market segments; 2) capitalizing on access to Chinese market, and; 3) strong profitability focus.
2012 and 2013 seen as financial transition years, profitability expected no later than 2014. Long term margins and profitability in line with other near premium car manufacturers.

A complete version of the preliminary reorganization plan is attached as a PDF to this press release and is also available for download via www.swedish-automobile.nl and http://media.saab.com.

 

Swedish Automobile Signs MoU

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Swedish Automobile Signs MoU With Pang Da And Youngman For The Sale Of Saab Automobile And Saab GB

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that it entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100% of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of EUR 100 million.

Final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman, which will contain certain conditions including the approval of the relevant authorities, Swan’s shareholders and certain other parties. The consideration of EUR 100 million will be paid in instalments. An important consideration for Swan to enter into the transaction is the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile.

The administrator in Saab Automobile’s voluntary reorganisation, Mr. Guy Lofalk, has withdrawn his application to exit reorganisation. The MOU is valid until November 15 of this year, provided Saab Automobile stays in reorganisation.

 

Saab International 2012

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The International Saab Club Meeting for 2012 will be held in Belgium.  The website is now online and can be found below:

http://www.intsaab2012.com/

The flyer for the event can also be found via the following link:

http://www.flickr.com/photos/intsaaab2012/

 

Last Updated on Tuesday, 25 October 2011 20:34
 

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