Saab is Saved - For Now

Yes, you read that right. After having production shutdown for over a month, some good news is finally arriving. Saab has secured a good chunk of financing for the foreseeable future. This includes every facet of the deals we've been discussing for a while now, and then some. For a restart of production, Gemini Investment has agreed to a six-month (!) loan worth 30 million Euros. The rest of the funding comes from the European Investment Banks as part of a draw down of Saab's previous loan.

The other deal with Vladamir Anotov to sell a stake in the company, as well as the company's facilities like the Trollhattan plant, is awaiting approval but looks to be close to completion. The big deal though is nearly 30% stake being sold to Chinese manufacturer Hawtei Motor Group Company Limited (that's a mouthful).

While we are dismayed at the fact Saab is losing its independence to outside control, that is the realities of todays business environment. It also is ensuring the brand's survival in the near-term, which is something we are happy for. The stake isn't a full buyout either - at just 30%, but it does provide over $223 million in funding that Saab needs to continue with operations.

After all of this it is understandable Saab's image is needed a significant rehabilitation. It just hasn't been able to catch a break, has it? According to Automotive News, following approval of these various deals, Saab is hitting the road with its Russian and Chinese partners to try and do just that. We wish Saab all the best - we hope the effort succeeds as we can't wait to see what the next-generation 9-3 is like.