Saab production may begin again next week

Article by Christian Andrei, on May 17, 2011

Saab is set to resume production late next week following a new rescue deal with Chinese investor, Pangda Automobile Trade Co., according to Saab Chairman Victor Muller.

Saab’s owner, Spyker Cars, revealed a deal with this Chinese company last Monday, saying that it will secure Saab's medium-term funding requirements and permit production to resume after it shut down for around six weeks. Last Tuesday, Muller had a meeting with Saab workers at its plant in Trollhattan in western Sweden.

Saab spokesman Eric Geers said Muller didn’t make guarantees but told workers that production may restart "as early as the end of next week." Geers said that there is no exact start date yet but that Saab has started negotiating with the suppliers.

Production stopped when suppliers of parts halted deliveries when bills totaling hundreds of millions of Swedish crowns were left unpaid. In this Pangda deal, Saab will instantly get 30 million euros ($42.59 million) for vehicles intended to be sold in China.

A deal with China-based Hawtai Motor Group fell through a week ago. The Chinese government has to approve any acquisitions or overseas investments but Muller said that as Pangda is a distributor and not a manufacturer, it doesn’t need the government’s approval to buy Saab cars for sale in China.

Topics: saab, production

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