Saturday, December 19, 2015
Saab Reborn as EV Manufacturer (Again)
Tuesday, April 15, 2014
Here’s Hoping Saab’s 9-3 Electric Doesn’t End Up A Saab Story
Tuesday, December 3, 2013
Saab Production Restarts, Electric Model Still Promised
Monday, December 2, 2013
Revived Saab could finally bring electric drive to the 9-3
NEVS, which acquired Saab out of bankruptcy in August 2012, is slated to re-start production of the Saab 9-3 midsize sedan at the company's Trollhättan plant in Sweden this week. And while the first 9-3 models will be gas-powered turbos, Saab will indeed start making an all-electric version of the 9-3 in 2014, though few concrete details have emerged about the car or its powertrain.
Word of a potential 9-3 EV has been out since late last year, when Autoweek said that the 9-3 convertible would be reborn as an electric-only vehicle. Saab last made cars in April 2011 and the revived company will target its gas-powered vehicles and EVs specifically to the Chinese market moving forward. Spyker acquired Saab from General Motors in 2010 after GM couldn't make a profit with the iconic Swedish brand. But Spyker didn't have much better luck and Saab was bankrupt by the end of the following year. The brand's new focus on China makes sense, since NEVS is actually partly owned by the Chinese city of Qingdao.
Tuesday, September 24, 2013
Electric Saab ePower 9-3 Coming for 2015
Saturday, January 12, 2013
Saab Heading To China To Build EVs
Wednesday, September 5, 2012
NEVS Completes SASB Deal with Promises of EV's on the Way
Wednesday, June 13, 2012
National Electric Vehicle Sweden AB acquires assets of Saab Automobile to create new EV company; first model based on 9-3 due year-end 2013/2014
The first model to be developed will be based on the current Saab 9-3, which will be modified for electric drive using EV technology from Japan. Launch of the “Type 1 EV” is targeted at year-end 2013/2014. In parallel with EV conversion of the Saab 9-3, an all-new model will be developed (“Type 2 EV”), based on the Phoenix platform and additional technology from Japan.
Marketing and sales will be global, with an initial focus on China, projected to be the largest and most important EV market.
The acquisition includes all outstanding shares in the property company which owns the Saab Automobile facilities in Trollhättan, Sweden, as well as IP rights for the Saab 9-3 and the Phoenix platform. The price for the assets has not been disclosed. Saab Automobile Parts AB, as well as intellectual property rights for the Saab 9-5, owned by General Motors, are not included in the purchase agreement. A dialogue regarding the brand is in progress, according to NEVS.
Anne-Marie Pouteaux, Partner, Wistrand, Hans L. Bergqvist, Partner, Delphi, Receivers in bankruptcy for the Saab Automobile estate and Kent Hägglund, DLA Nordic, Co-receiver in bankruptcy for the Saab trademark and trade name rights said in a statement that:
The sale to NEVS is our most important action to realize the assets of the estate. From the outset, it has been our ambition to find a comprehensive solution by the summer, so we are very pleased today, having reached this agreement.NEVS aims to become a leading manufacturer of electric vehicles by leveraging Swedish manufacturing and design skills; Japanese advanced technology; and China’s progressive initiatives in sustainable transportation solutions.
Recruitment to a number of key positions in the company is in progress, and the following step is to hire skilled engineers to the Trollhättan site, in order to immediately start the product development. The development will be conducted in collaboration between Swedish, Japanese and Chinese engineers.
China is investing heavily in developing the EV market, which is a key driver for the ongoing technology shift to reduce dependence on fossil fuels. The Chinese can increasingly afford cars; however, the global oil supply would not suffice if they all buy petroleum-fueled vehicles. Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhättan.
Tuesday, December 20, 2011
SAAB Files For Bankruptcy Protection in Sweden
Former GM division Saab Automobile filed for bankruptcy protection in Sweden yesterday after attempts to financially rescue the company failed.
GM, still a Saab supplier, vetoed the latest offer that might have led to financial resuscitation by Chinese automaker Zhejiang Youngman Lotus Automobile, and Saab’s current owner, Swedish Automobile N.V. (Swan), issued a statement signaling the end.
“After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded,” said Swedish Automobile.
So with that, the board determined that enough was enough.
“The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors. It is expected that the Court will approve of the filing and appoint receivers for Saab Automobile very shortly,” the statement continued. “Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.”
Sinking ship
Saab had separated from GM in February 2010 when the ailing parent company sold it off as part of bankruptcy proceedings.
Previously, GM had controlled Saab since it had acquired a 50-percent share in 1990, and full control in 2000.
Saab Auto had suspended production in March because it could not afford to pay suppliers. Its assembly lines have only infrequently operated since then.
The company owes back pay to workers from November, and had delayed payment several times prior.
It has about 3,600 employees, including 3,400 in Saab’s hometown of Trollhaettan, Sweden.
Saab’s global sales reached 133,000 vehicles in 2006, and have fallen precipitously in the last few years. The company sold 31,696 vehicles in 2010, missing a target of 50,000 to 60,000 vehicles.
As for the U.S., there are still 188 Saab dealers, and these have had to try for their share of sparse sales which through November rose 22 percent from a year earlier to 5,340.
The brand last saw its peak sales 25 years ago in 1986 when that year 48,181 vehicles were sold.
Saab Auto said yesterday it is too early to define its next steps with regard to its dealers.
In turn, U.S. dealers have begun to express concerns that they will be fairly compensated for losses they will incur due to Saab’s bankruptcy.
North American dealers have around 3,000 unsold new vehicles in inventory.
Rescue still possible?
Mats Faegerhag, Saab’s product development chief told Automotive News that there’s still a chance Saab could be saved if a “viable investor” comes forward.
“But that would have to happen quick, in a few weeks, because our employees will be looking for other jobs,” he said.
This statement echoed Swedish Automobile CEO Victor Muller who told a news conference that various interests could be interested in a clearance sale.
“There are parties out there that have expressed an interest to pursue a possible acquisition of Saab from bankruptcy,” Muller said.
It will now be the purview of court-appointed receivers in charge of overseeing the bankruptcy process to judge any offers.
Muller said also that GM had shown an unhelpful attitude from the middle of the year onward. Further, he said a court-appointed lawyer whose job it was to oversee Saab’s creditor protection process had reportedly undermined rescue efforts.
Faegerhag said Saab’s collapse may also hurt Swedish competitor Volvo Car Corp., which is owned by China’s Zhejiang Geely Holding Group Co.
He said suppliers to both manufacturers will be hobbled by Saab’s closure and may go out of business as well.
Source: GM-Volt.com
Wednesday, February 2, 2011
UQM Technologies PowerPhase® Electric Propulsion System Powers Saab 9-3 ePower All-Electric Development Test Fleet
- Saab 9-3 ePower test fleet of 70 vehicles will be powered by UQM Technologies electric motors and controllers
- Deliveries of PowerPhase 135kW systems to Saab began in Q3 of CY 2010
- These electric propulsion systems for the Saab 9-3 ePower vehicles were previously announced by UQM as an order from an international OEM
- UQM has in place validated production lines for its PowerPhase 100 and 135kW systems with annual capacity of 40,000 systems
UQM Technologies, Inc. (NYSE Amex: UQM), a developer of alternative-energy technologies, has been selected by Saab to power its all-electric Saab 9-3 ePower development test fleet. Initial deliveries began in the third calendar quarter of 2010 and will continue through CY 2011.
“This order from Saab reinforces our ability to meet the performance, quality and cost needs of international automobile companies developing electric and hybrid vehicles”
“This order from Saab reinforces our ability to meet the performance, quality and cost needs of international automobile companies developing electric and hybrid vehicles,” said Eric Ridenour, President and CEO of UQM Technologies. “The PowerPhase 135kW systems for Saab are being built on our validated production lines with annual capacity of 40,000 systems. These production lines are among the many steps we have taken to fully prepare UQM to grow from test-fleet programs to production fulfillment.”
The UQM PowerPhase 135 kW electric propulsion systems will power the 70 Saab 9-3 ePower test fleet vehicles. The 9-3 ePower program is the first step towards developing a potential Saab production vehicle. The PowerPhase 135kW features a power-dense 135 kW/181 hp electric motor and advanced control system. Saab will use our propulsion system with a single-speed transmission, and the company has published performance estimates of 100 km/hr (62 mph) acceleration in just 8.5 seconds together with a top speed of 150 km/h (93 mph). Saab will begin field trials of the test fleet in Sweden early this year.
“We are looking forward to working with Saab through its automotive testing and qualification program with our PowerPhase electric propulsion system,” said Ridenour. “Our history of technological innovation in developing electric propulsion systems combined with extensive production engineering capabilities gives us a unique advantage in meeting the development and production needs of vehicle manufacturers.”
About Saab
Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft Company), was founded in 1937 as an aircraft manufacturer and revealed its first prototype passenger car 10 years later after the formation of the Saab Car Division. In 1990, Saab Automobile AB was created as a separate company, jointly owned by the Saab Scania Group and General Motors, and became a wholly owned GM subsidiary in 2000. In February 2010, Spyker Cars N.V. of the Netherlands, acquired the company from GM as an independently-run business.
Saab cars reflect the brand's unique Scandinavian design ethic, which is fused with its aircraft engineering heritage. The company is a global premium car maker with a distinguished history of innovation. It is recognized for its pioneering role in turbocharging, as well as occupant safety and the introduction of flex-fuel technology through Saab BioPower. Saab Automobile AB currently employs approximately 3,800 staff in Sweden, where it operates world-class production and technical development facilities at its headquarters in Trollhättan, 70 km north of Gothenburg.
Please visit www.saab.com for more information.
About UQM Technologies
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, military and industrial markets. A major emphasis for UQM is developing products for the alternative-energy technologies sector, including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries. UQM headquarters, engineering, product development center and manufacturing operation are located in Longmont, Colorado.
Please visit www.uqm.com for more information.
Saturday, September 25, 2010
Saab Automobile and AAM Form Joint Venture to Develop Electric All-Wheel Drive and Electric and Hybrid Driveline Systems
Saab Automobile and American Axle Manufacturing (AAM) have formed a jointly-owned company for the engineering, development and marketing of electric all-wheel drive systems, as well as electric and hybrid driveline systems. The new company, called e-AAM Driveline Systems, will be based in Trollhattan. The joint venture will commence operations on 1 October.
e-AAM will develop and market an electric all-wheel drive system in a full service package. This electric all-wheel drive system can be easily integrated into existing platforms, minimizing vehicle architecture changes. Saab will become a client of e-AAM Driveline Systems, purchasing components to be used in next-generation Saab vehicles from 2012.
The new company will also market its expertise and advanced products to other car manufacturers on a global basis.
For Saab, the announcement of this partnership is a major step towards a successful future as an independent company. Saab is currently class-leading with its innovative Cross Wheel Drive system (XWD). The new electric all-wheel drive system will secure a leadership position in its next generation Saabs. This joint venture will bring together Saab’s world-class vehicle engineering expertise and AAM’s extensive engineering, production and marketing capabilities, which leads to a powerful combination.
—Jan Åke Jonsson, Saab Automobile CEO
Saab is introducing its 9-3 ePower battery-electric vehicle at the upcoming Paris Motor Show. The 9-3 ePower is the prototype for a test fleet of 70 vehicles which will participate in extensive field trials in Sweden early next year. (Earlier post.)
AAM is a leader in the manufacture, engineering, design and validation of driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for trucks, sport utility vehicles, passenger cars and crossover utility vehicles.
Source: Green Car Congress
Tuesday, September 21, 2010
Saab EV Prototype Using Boston Power Swing Cells Already in Mass Production

SAAB ePower EV
The recently announced Saab 9-3 ePower battery-electric vehicle is using Boston Power’s Swing cells already in mass production, according to Boston-Power Founder and CEO Dr. Christina Lampe-Onnerud.
Boston-Power collaborated to deploy a Saab ePower-specific implementation based on the handshake between the drivetrain and the battery, Lampe-Onnerud said.
Boston-Power uses cobalt and manganese on the cathode with graphite on the anode. Its battery technology platform is based on a flat, oval-shaped prismatic cell design with external dimensions equivalent to two conventional 18650 lithium-ion cells. Each cell incorporates multiple, independent safety devices located in different areas of the cell.
Swing cells are targeted for electric vehicle, industrial and electronic applications. Some of the attributes of the Swing 4400 include:
- Energy density of 180Wh/kg
- Volumetric density of 420Wh/L
- 1,000+ cycles at 100% Depth Of Discharge (DOD)
- 2,000+ cycles at 90% DOD
- Constant power of 440W/kg
- Pulse power of 1,500 W/kg (2s pulse)
Source: Green Car Congress
Sunday, September 19, 2010
Saab 9-3 ePower - Saab’s First EV

Saab Automobile is taking its first step towards developing an all-electric vehicle with the Saab 9-3 ePower.
The performance of the cars will be evaluated under a variety of real world driving conditions as part of the development process for a purpose-built, electric Saab vehicle. Targets to be verified include a projected driving range of approximately 200 kilometers through the use of high density energy storage in lithium-ion battery cells.
The Saab ePower is the first electric vehicle from Saab and is a result of a co-operation between Saab Automobile, Boston Power (batteries), Electroengine in Sweden AB (electric power trains), Innovatum (project management) and Power Circle (Sweden’s electric power industry trade organization).
Mid-sized sports combi with zero emissions
The Saab 9-3 ePower is the first all-electric car to offer its occupants the comfort and size of a wagon bodystyle. Saab engineers have integrated an electrical architecture within the shape and dimensions of a ‘conventional’ 9-3 SportCombi.
Under the hood is a 135 kW/184 hp electric motor driving the front wheels through a single-speed transmission. Instant torque enables zero to 100 km/h acceleration is just 8.5 seconds, together with a top speed of 150 km/h.
The compact yet powerful 35.5 kWh lithium-ion battery pack is accommodated in a modified floor-pan, mainly in space within the car’s wheelbase previously occupied by the exhaust system and fuel tank. This enables an optimum weight distribution and excellent driving dynamics similar to those of a standard SportCombi.
Inside the cabin, a conventional, automatic-style gearshift lever provides selection of ‘drive’, ‘neutral’, ‘park’ and ‘reverse’. The rev-counter, fuel and turbo boost displays in the main instrument cluster are replaced by read-outs for battery status, power
consumption and driving range, all illuminated in green. To optimize space, an electric park brake is fitted.
Electro-hydraulic power steering is used and the cabin is equipped with full air conditioning, via a compressor powered by the battery pack. A separate 12-volt battery, for the lights and cabin ancillaries, is also charged from the battery pack via a current transformer
The operation of the vehicle’s powertrain is controlled by a version of Saab’s own in-house Trionic 8 engine management system, with new software written for an electric vehicle application.
Long driving range with excellent durability
The Saab 9-3 ePower’s projected driving range of approximately 200 kilometers pushes out the boundaries for current EV performance. Key to its long range are battery cells which have an energy storage density substantially greater than the best currently used in EV applications. High energy density also contributes to a lower battery weight.
The battery pack has a capacity of 35.5 kW/h and is designed to operate with full power in ambient temperatures as low as -30ºC, at least 10ºC below the operating level of other battery packs on the market today. Another key benefit is the use of air, instead of liquid, cooling which contributes to lower cost and further weight-saving in the pack’s design.
The pack is intended to support re-charge cycles equivalent to about ten years average use. It can be fully recharged from a domestic mains supply in about three to six hours, depending on depletion status. Charging times can be greatly reduced if the voltage of the electrical feed is raised, as there is no limitation on the battery’s input capacity.
Test driving experience is expected to validate the performance of this advanced battery pack, which is designed to operate reliably within a full depletion ‘buffer’ set at only 12 percent of total capacity, a much lower operating margin than used in the management of other packs.
Its lithium-ion battery cells are also the first to receive a Nordic Ecolabel accreditation for their environmental safety and sustainability, which includes manufacturing processes.
The 9-3 ePower meets the high crash worthiness standards that Saab applies to all its vehicles. The car’s power pack is located outside the occupant compartment in non-deformable structural zones, well protected and encapsulated. The battery management and monitoring system supports safe performance during normal driving and in crash conditions.
Extensive user trials
Hundreds of drivers and their families will be enlisted by Saab and its development partners during a extensive test driving and evaluation program involving a 70-strong fleet of Saab 9-3 ePowers in central, west and eastern Sweden during 2011-12.
The Saab ePower project team in Trollhättan will monitor the performance of the cars across a wide variety of usage patterns and driving conditions. To log essential component data, all vehicles will be equipped with aircraft-style, black box recorders.
“This program is designed to evaluate the potential for developing a high performance, zero emission electric vehicle and is an important next-step in the extension of our EcoPower propulsion strategy,” says Mats Fägerhag, Executive Director, Vehicle Engineering at Saab Automobile.
“This includes engine rightsizing, which exploits Saab expertise in turbocharging, as well as the use of alternative fuel, such as bio-ethanol through Saab BioPower technology.”
Jan Åke Jonsson, Saab Automobile’s CEO adds: “By 2015, annual global sales of electric vehicles are expected to reach 500,000 units and Saab is determined to be represented in this important, growing segment,
“The 9-3 ePower program is our first step towards developing a potential production vehicle that will deliver the sort of advanced performance our customers expect. We now look forward to working with our technical partners in developing such a product.”
Source: SAAB
Tuesday, January 26, 2010
GM Finds Last Minute Buyer in Spyker for SAAB
General Motors and Spyker Cars NV today that they have reached a binding agreement on the purchase of Saab Automobile AB.
As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed “in due time”, GM said.
The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.
Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand. We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.
—Nick Reilly, president, GM Europe
Source: Green Car Congress
Tuesday, November 24, 2009
GM Gets Left at the Altar by Koenigsegg Over SAAB Sale.

Poor GM. They cannot win for losing. It appears to us that they are merely reaping what they have sowed for the past 50 years and not even massive influxes of free cash can keep them on the right path.
From Green Car Congress:
Koenigsegg Group AB has terminated the agreement for its proposed purchase of GM’s Saab. GM President and CEO Fritz Henderson the Koenigsegg move today.
We’re obviously very disappointed with the decision to pull out of the Saab purchase. Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB. Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week.
—Fritz Henderson
GM and Koenigsegg had signed a stock purchase agreement regarding the sale of 100% of the shares of Saab Automobile AB in August. Conditions to close the sale included expected funding commitments with Swedish government support and guarantees, as well as transitional assistance from GM, as Saab becomes independent. In September, Koenigsegg signed a Memorandum of Understanding (MOU) with Beijing Automotive Industry Holdings Co. Ltd. (BAIC) to explore growth opportunities in the Chinese and international markets for the products of SAAB Automobile and BAIC.
Tuesday, August 18, 2009
Could GM Finally Have A Buyer For SAAB?

General Motors Co. reached a deal Tuesday to sell its money-losing Swedish subsidiary Saab to Koenigsegg Group AB.
The companies signed a stock purchase agreement that would give the group 100 percent of Saab's shares, GM Europe said in a statement.
Koenigsegg Group is a consortium of private investors that includes Koenigsegg Automotive AB, a tiny Swedish maker of $1 million supercars.
"This contract is an important step in the journey to a potential deal," GM Europe President Carl-Peter Forster said in the statement. "We will continue to work with all parties to define the final details and ensure a fast closure."
The agreement comes after weeks of uncertainty concerning the level of support for the bid from Koenigsegg's backers, after a preliminary deal for the sale was struck in June.
Figuring out the finances
The Swedish government is negotiating with Koenigsegg on a possible guarantee for a loan to Saab from the European Investment Bank.
Forster said that the deal is contingent on this funding being arranged.
Sweden's industry ministry said several steps remained to be taken before a transaction could be concluded.
"The Koenigsegg Group will inject more private capital, negotiate loans with the European Investment Bank and agree with the Swedish National Debt Office on the terms for possible state loan guarantees," Joran Hagglund, industry ministry state secretary, said in a statement.
Swedish daily business newspaper Dagens Industri reported today that Koenigsegg Chairman Augie Fabela said 3 billion Swedish crowns ($413.6 million) of financing were still required in addition to the EIB loan.
Different timetables
Koenigsegg spokeswoman Halldora von Koenigsegg told Reuters today that the firm expected to close the deal within about a month, while GM said it saw the deal closing by the end of the year.
As part of the proposal, GM and Saab will continue to share technology and services for a set time period. GM did not say how long the two companies would work together. GM and Saab will use license and service agreements to manager their future relationship.
In the GM Europe statement, Koenigsegg Group CEO Christian von Koenigsegg said his company plans to "transform Saab into a stand-alone vibrant entrepreneurial company and make it 'sustainable' by making it profitable."
Source: Automotive News
Friday, February 20, 2009
SAAB Breaks From GM and Promptly Files for Reorganization

Here is the first of GM's brands to be released. SAAB has filed papers in Sweden for reorganization, which is similar to declaring bankruptcy. The auto maker also said it would need $1 billion in order to be self-financing although the source of the funds is unclear.
General Motors presented its viability plans to Congress last Tuesday and part of these included offloading some of the GM brands. SAAB and Hummer were two of the lines that needed to sold, Saturn was to be phased out and Pontiac would be slimmed down drastically, only offering specialty vehicles. GM is still pursuing a buyer for Hummer but releasing SAAB seems to prove GM is serious about their business recovery.
SAAB now will work with the Swedish government as well as GM in order to get on their feet and become independent. Of course, like nearly all the automakers, SAAB posted a loss last year and is expected to lose as much this year. The court in Sweden stated that they will have three months to get all their ducks in a row. Not much time, really.
From Automotive News:
Saab is seeking $1 billion (793 million euros) to be self-financing, the company said today after it filed for reorganization under a self-managed Swedish court process.
The General Motors-owned Swedish brand said it will work "to create an independent business entity" and will concentrate production, design and engineering in Sweden.
Saab said it would continue to operate as normal during the reorganization process, with GM and the Swedish government providing some support.
Saab Managing Director Jan-Ake Jonsson said: "We explored and will continue to explore all available options for funding and/or selling Saab. It was determined a formal reorganization would be the best way to create a truly independent entity that is ready for investment."
Saab's application for reorganization was filed with the Swedish district court in Vanersborg. Under the procedures, the court appoints an administrator to review Saab and its business plans.
If the court approves the reorganization, the process will run for three months. A proposal for Saab's future will be presented to creditors within three weeks, Saab said in a statement.
Saab estimates that it made a loss of around 3 billion crowns ($340 million) last year and would run a similar loss this year, the carmaker said in documents submitted to the Swedish court today.
"The estimated, still unaudited loss for 2008 amounts to 3 billion crowns. The current outlook for 2009 suggests a similar level of losses and associated funding requirements," Saab said in the document filed with the court.
The company said GM had notified the company that it would not fund further projected losses at Saab, but that it would provide liquidity for the company to pursue a reorganization.
GM Europe's head of communications Chris Preuss said GM was prepared to provide some funding for Saab but the brand needed outside money as well.
He said: "GM has put a substantial amount of money on the table to sustain Saab's operations and to launch the products that are in the pipeline.
"We have asked the Swedish government for loan guarantees for $600 million to give Saab a balance sheet as an independent unit which will allow it to continue."
Preuss said funding for Saab is still intact. "We just need to see how funding can be secured from either government or private sources during the restructuring process," Preuss told Automotive News Europe.
GM's support would also extend to the development costs and tooling for the new 9-5, 9-4X and 9-3X, which will launch in the next 18 months.
GM will also continue to provide technical support to Saab in the future and provide parts through licensing agreements, Preuss said, but there were limits to the support GM would provide.
Preuss said: "(GM President) Fritz Henderson made it very clear that GM will be out of Saab one way or another by the end of this year."
Saab has applied for 500 million euros from the European Investment Bank, which is the long-term lending arm of the European Union. The company also is trying to raise more funds from GM as well as from public and private sources.
Jonsson said reorganization will allow Saab to launch new models while minimizing the brand's liquidity impact on GM.
"With a 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," he said in a statement.
Earlier this week, the Swedish government said it is not prepared to take over Saab after GM said it planned to shed the brand quickly as part of its restructuring efforts.
GM bought half of Saab in 1990 and took full control in 2000. The brand has made a profit only in one year during GM's ownership.
Last year, Saab's global sales fell 25.5 percent to 93,338 units
Industry insiders said there has been a greater interest from outside investors in Saab since GM's announcement that it was looking to offload the brand.
Saab employs some 4,000 people in Sweden, mainly at its plant in Trollhättan in the southwest of the country. Another 25,000 jobs at suppliers depend on Saab.


