List of News and Information about saab and gm on 4WheelsNews.com
News and Information about saab and gm
Read the latest news and information about saab and gm published on 4WheelsNews.com! View comments and pictures about saab and gm on 4WheelsNews.com!
General Motors Co. said it will issue a warning to some owners of Saab 9-2X and Pontiac Vibe hatchbacks in the United States not to have passengers sit on the front seat until faulty air bags from Takata Corp. are replaced.
The carmaker’s disclosure comes after the US National Highway Traffic Safety Administration recently expanded its warning over faulty airbags manufactured by the Japanese supplier to 6.1 million vehicles in the country.
The NHTSA said in a statement that it is urging owners of certain models built by Toyota, Honda, Mazda, BMW, Nissan, Mitsubishi, Subaru, Chrysler, Ford and GM “to act immediately on recall notices to replace defective Takata airbags.”Read the entire article GM to tell Saab 9-2X and Pontiac Vibe owners no to have front passengers
General Motors has issued a recall of 28,789 MY2004-2011 Saab 9-3 convertibles in the United States over a seat belt issue that had covered sedan models. GM was Saab’s previous owner from 2000 to 2010. GM disclosed that the automatic tensioning cable in the drivers’ side seat-belt retractor could break, which may render the seat belt to fail to retract.
GM said in a statement that it has no knowledge of crashes or injuries linked to the issue. GM likewise announced that passenger-side seat belt retractors in the 9-3 convertible will be covered under warranty over the unit’s lifetime if they need replacing.
GM has recalled the Saab 9-3 sedan twice in the US over a similar issue, covering 9,322 cars in 2004 and 14,126 cars in 2010. The convertible, however, wasn’t part of the recall. GM noted that while the convertibles and sedans were probed at the same time, the convertible parts were not identical to the sedan parts.Read the entire article GM is recalling 28,789 Saab 9-3 convertibles in the US
Dutch sports car maker Spyker NV has disclosed that it will appeal a decision by United States District Judge Gershwin Drain of the US District Court for the Eastern District of Michigan dismissing its $3 billion lawsuit against General Motors Co. Spyker has accused GM of trying to collapse Swedish carmaker Saab.
Saab said that after a “careful review” of the ruling of the district court, it decided to make an appeal. In dismissing Spyker’s lawsuit, Judge Drain said on June 10, 2013, that GM had a contractual right to approve or disapprove the proposed sale of Saab to Zhejiang Youngman Lotus Automobile Co.
Saab halted production in May 2011 when it lost ability to pay suppliers and it workforce. For several months, Spyker and former Saab CEO Victor Muller had attempted to implement a rescue agreement with different investors from Russia, Middle East and China, which include Youngman and Pang Da Automobile Trade Co Ltd. The rescue agreement with Youngman, however, failed to push through after General Motors, Saab’s former owner, declined to approve the sale. This eventually resulted in Saab being declared as bankrupt. Saab declared bankruptcy in December 2011, less than two years after GM sold the carmaker to Spyker.Read the entire article Spyker to appeal court dismissal of Saab suit vs GM
Saab owners in the United States and Canada don’t have to worry anymore about the warranty service coverage for their vehicles since an agreement has been entered between General Motors and Saab Automobile Parts North America. In a joint statement, the companies said that under the agreement, SPNA will offer warranty administration and related services for 2009 vehicles and prior Saab vehicles that continue to be covered under the limited warranty of GM.
In the statement, Tim Colbeck, CEO of Saab Automobile Parts North America, said that the deal with General Motors is a crucial step in the support for Saab owners located in North America and making sure that they get access to Saab Genuine Parts, service programs and technical support for the future years.
The companies said that Saab will deliver the services via its network of warranty service providers. They also said that the transition of warranty services from GM to SPNA started on Dec. 17. Those that are covered under the deal could bring their Saab vehicles to get worked on at any of SPNA's 179 warranty service providers. GM spokeswoman Pamela Flores said the company wants to prove how committed it is to its customers, who should have access to these services in a seamless manner.Read the entire article Saab vehicles will now get warranty service honored at GM dealers
Spyker NV said last Monday that it will oppose General Motors Co.’s motion to dismiss the lawsuit that the Dutch sports car maker filed against GM for over $3 billion on behalf of Saab. Last Friday, GM dismissed claims that it had intentionally collapsed the Swedish company by obstructing a deal with a Chinese investor.
To respond to the case filed in the U.S. District Court for the Eastern District of Michigan, GM said that it legally had the right to give approval to Saab's contract with China's Zhejiang Youngman Lotus Automobile Co. Previously, GM said that the lawsuit filed last month by Spyker didn’t have merit. In a statement last Monday, Spyker said it will contest the motion to junk the case on Nov. 9, on the assumption that the court gets an extension to which GM has agreed to.
Saab ended production in May 2011 when it could not anymore pay suppliers and employees. Less than two years after Spyker was sold by GM, it became bankrupt last December. For several months, Spyker and former Saab CEO Victor Muller had attempted to implement a rescue deal with different Russian, Middle Eastern and Chinese investors, which include Youngman and Pang Da Automobile Trade Co Ltd.Read the entire article Spyker to oppose GM’s motion to dismiss Saab lawsuit
Only about 500 units of the Saab 9-4X were built by General Motors before production was stopped last year. This crossover, which was developed by GM when it was still the owner of Saab, made its debut last spring under Saab's new owners, Saab Automobile AB. Production began last summer at GM's assembly plant in Ramos Arizpe, Mexico.
The car has the same platform and mechanical parts as the 2011 Cadillac SRX. The Saab can be differentiated from a Cadillac due to its exterior and interior styling plus suspension tuning. The 9-4X that GM developed for Saab is highly competitive.
If there would be a rebadged version, there would be two options. It could have its revival as a Chevrolet that is sold outside North America or as an Opel model meant for Europe. Notably, the 9-4X was built to be sold in Europe and the Middle East. It would be easy to replace the Saab badging and the name.Read the entire article GM can resurrect the Saab 9-4X, but do they really want this?
Saab Cars North America held a meeting Monday with around 25 dealers to discuss the creation of a parts distribution company and the disposal of approximately 2,200 new vehicles left in Saab's dealer inventory. The dealers are asking General Motors, which used to own the bankrupt carmaker until February 2010, to honor warranties for 2010 and 2011 models.
General Motors only honors warranties for Saab cars sold up to 2009.Dealers have expressed sentiments that GM shouldn’t have pushed forward with the sale of Saab to Spyker Cars NV since it knew that the Dutch sports car maker does not have adequate capital and experience to carry the franchise forward. "There's a groundswell of frustration over GM's conduct" prior to the sale, according to lawyer Leonard Bellavia, who represents 165 Saab dealers.
Ray Ciccolo, president of Charles River Saab in Boston and NADA line representative for Saab, revealed that Saab dealers have asked Massachusetts Senators Scott Brown and John Kerry to help "get GM to sit down with our dealers." Bellavia said the dealers will use the Chapter 11 bankruptcy petition, which was filed in January in Delaware, as a means to "investigate the circumstances surrounding the sale of Saab by GM to Spyker."Read the entire article Dealers press General Motors to honor Saab warranties beyond 2009
The future is murky for bankrupt Saab, according to several industry analysts. Saab’s lawyers said that there are several potential buyers and they discussed the possibility that its operations will continue in some form. However, the bankruptcy estate doesn’t anymore have the key technology that its current models are based on.
Analysts say that former owner General Motors Co. had previously licensed it but won’t likely do it again. It’s probable that very little assets would be left since the estate doesn’t even automatically include the Saab brand name.
In an interview with Reuters, Lars Holmqvist, head of the European Association of Automotive Suppliers, said that he is “99% certain” that it won’t continue as Saab. The next generation of Saab cars was supposed to use the PhoeniX platform, which uses very little GM technology. However, this project is at an early phase and would be completed after one or two years.Read the entire article Saab sees a murky future without GM support
Saab executives are aiming to resume warranty coverage for buyers of the company’s 2010 and 2011 products, following an announcement by the carmaker that it is not honoring the coverage for cars bought after it was sold by General Motors in February 2010.Until the company resumes the coverage, post-GM Saab car owners may have to pay dealers for any repair if the company fails to reimburse for the work, according to Tim Colbeck, CEO of Saab Cars USA.
Colbeck is optimistic that warranty coverage could continue since Saab Cars USA and Saab Parts, which provides parts for Saab, are both not bankrupt.Colbeck said this means parts need for works under warranty or even outside warranty are still available.
Warranty coverage for Saab cars bought during GM ownership remains in force. Saab declared bankruptcy after a white knight effort by Chinese investors failed to push through due to veto by GM. Chinese group Pang Da said it had aborted plans to acquire Saab.Read the entire article Saab aims to find a way to honor warranty on post-GM cars
Right before the Swedish court hearing this Monday that would decide Saab’s fate, General Motors has said that it won’t support the newest investment and loan proposals to enable Saab to survive and stay in business. GM has rejected suggestions that Saab didn’t need its consent for several of the latest proposals.
In a statement released last Saturday, GM spokesman Jim Cain said that there is no meaningful difference between the new alternative proposals and those that GM had already rejected.
Cain said that all the proposals would directly or indirectly result to the transfer of control and/or ownership of the company in a way that would have an adverse impact on GM and its shareholders. Last Tuesday, Saab that it had gotten a first payment from China-based Zhejiang Youngman Lotus Automobile, which seeks to acquire a stake in Saab.Read the entire article GM will not support Saab’s newest investment and loan proposals
Even with the revisions cited in the past few days for the sale of Saab to investors in China, General Motors still opposes the deal. In a statement last Tuesday, GM said that it has studied the changes proposed for the sale but that its position is unchanged and that it simply can’t be in support of the sale. The Chinese investor Pang Da Automobile Trade Co. had said earlier that talks will continue with Saab as well as the other parties with regards to plans to invest in the Swedish carmaker.
Swedish Automobile, the current owner of Saab, said last Monday that it is in talks with a Chinese bank and Zhejiang Youngman Lotus Automobile about Saab getting a new ownership structure.
However, it didn’t say if Pang Da was still involved. Last Sunday, a report by Reuters indicated that Pang Da has been replaced by a Chinese bank in the rescue deal. This agreement is expected to lead to the approval of GM, which continues to have preferential shares in Saab. But then, this latest report dashes all hope of GM accepting the deal.Read the entire article GM continues to oppose Saab sale to Chinese investors
General Motors Co. continues to resist a rescue deal to sell Saab to Chinese vehicle firms Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co., according to the report of the Swedish business daily Dagens Industri. GM is the former owner of Saab. It is also the current supplier of technology and components for the vehicle manufacturer.
The company opposed the agreement on grounds that it could compromise its competitive position in key markets such as China. It asserted that the deal allows competitors access to its technology.
The two Chinese investors have offered a new proposal to GM after the company rejected the initial offer two weeks ago, according to the newspaper's report. However, GM's position has not changed. The paper cited GM spokesman James Cain saying that Youngman and Saab can do "whatever they think is best for the company."Read the entire article GM continues to oppose a rescue deal to sell Saab
Swedish Automobile, the owner of Saab, is doing what it could to save a rescue deal after General Motors Co. said that it will stop supplying components and technology if two Chinese companies succeed in acquiring Saab. According to Victor Muller, the CEO of Swedish Automobile, GM's opposition of the proposed rescue plan would mean that those who are part of the negotiations will have to return to the “drawing board” with Pang Da and Youngman Lotus, the Chinese investors.
In an interview with Reuters, Muller said that he is set to meet with the Chinese companies on Tuesday to review the possibilities left for Saab.
Muller said that there will always be alternatives but the problem is that the time is limited. In a statement, Swedish Automobile said that they will be attempting to agree on a structure that could be accepted by all the involved parties. GM still has preference shares in Saab and has continued to supply crucial parts to the brand. This is why GM’s approval is desired for the proposed rescue deal to push through.Read the entire article Swedish Automobile struggles to save Saab deal as GM rejects Chinese buyout
The risks related to the pending sale of Saab to Chinese owners have prompted General Motors to cut ties to Saab and to withdraw from its pledge to supply it with vehicle parts and the 9-4X model. GM spokesman Jim Cain said that even if GM is open to the idea of continuing to supply powertrains and other parts to Saab, it won’t agree to the continuation of the current technology licenses or the continued supply of 9-4X vehicles to Saab.
Cain explained that it won’t be in the best interests of GM shareholders if the ownership changes.
With this statement, it’s apparent that GM is hardening its opposition to the proposed rescue plan for Saab. It also may indicate that the brand is more likely to survive. Last Friday, GM said that it will be hard to support a Saab sale if it damaged GM's competitiveness in China and other major markets.Read the entire article GM decided to sever its ties to Saab
General Motors Co., the former owner of Saab, believes that it would be hard to support a Saab sale if it will harm its current tie-ups in China or its competitiveness in other markets. In what is considered to be a rescue strategy, a deal had been entered by China's Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile to purchase Saab from its present Dutch owner, Swedish Automobile. Swedish Automobile, formerly called Spyker, had saved Saab from being shut down by former owner General Motors in early 2010.
GM continues to have preference shares in Saab and is a major supplier of vehicle parts. That’s why the approval of GM is required for the Pang Da and Youngman takeover.
GM spokesman Jim Cain said that GM won’t be able to support a change in Saab’s ownership. This could have a negative effect on GM’s current relationships in China. It may also have an impact on GM's interests globally. In the past year, Saab has experienced one crisis after another.Read the entire article GM might block Saab sale to China’s Pang Da and Youngman
It’s ironic that General Motors had intended to terminate the Saab brand before deciding to sell it to Spyker Cars NV in February 2010 but now, GM is back to producing Saab's new 9-4X crossover.
For 10 days last May, GM (the former parent of Saab Automobile) was the sole producer of Saab vehicles after Saab’s plant in Trollhaettan, Sweden, had to shut down due to inability to pay suppliers.
Garel Rhys, president of University of Cardiff's automotive industry research center, said that GM is giving Saab “a lifeline” to eventually find a source of funds. He added that what GM is doing now is an indication of what it could still have done for the brand when it was still the owner.Read the entire article GM gives Saab a lease on life just 18 months after abandoning it
The deal that would enable Spyker Cars to raise the funds it needs for subsidiary Saab will proceed only with the approval of General Motors Co., which is Saab’s former owner and a current shareholder, Vice Chairman Eva Srejber of the European Investment Bank told Swedish newspaper Dagens Industri.
She disclosed that the bank has agreed with the deal in principle with Spyker for Saab to sell and lease back real estate to ease liquidity problems, provided that GM will give its approval.
In addition, Srejber stated that it is not enough to make statements, and Saab must have formal approval from GM for the agreement to move forward. Saab’s operations have been halted for more than two weeks due to unpaid bills to its suppliers.Read the entire article Bank says that Saab needs GM’s approval to raise the funds
General Motors Co. is prepared to allow Russian businessman Viktor Antonov to return as a shareholder of Saab, according to sources cited by Swedish newspaper Dagens Industri.
Antonov claims that he was a target of false allegations of money laundering and other financial crimes. He was removed from last year's deal for Dutch sports car maker Spyker to buy Saab from GM.
Antonov revealed later that he had gotten the services of private investigators to clear his name.Read the entire article Sources say that GM is ready for Viktor Antonov’s return as Saab shareholder
Saab defends its plan to sell key assets to Beijing Automotive Industry Holdings Co. by saying that this will help in securing its future.
No details were revealed about the deal but Saab spokeswoman Gunilla Gustavs did say that the money taken from the deal will finance the new Saab and "contribute to a good start under new ownership."
Gustavs asserted that Saab and its parent, General Motors Co., are actively searching for a buyer for the Swedish automaker. She said that the company is confident that a deal will be entered.Read the entire article GM sells key Saab assets to BAIC in order to get some cash
As part of its efforts to divest of its holdings in certain brands, General Motors Company entered into talks with Spyker Cars in 2010 to sell Saab Automobile AB. However, the deal fell through during the due diligence stage. GM and Spyker Cars raised issues that both sides were unable to take care of in order for the deal to push through. With the deal cancelled, GM had no choice but to wind down Saab’s operations instead.
Koenigsegg Group AB was first in line to acquire Saab, but the company backed out from the deal in July 2010. According to Nick Reilly, winding down was the only viable alternative as Saab’s situation needed to be resolved quickly.
This is to ensure that Saab can still continue operating. However, the issues that were brought up during the due diligence period with Spyker Cars were the sort that could not be resolved as quickly as the circumstances desired.Read the entire article Breaking: Saab to be wound down
Did you film an important event?