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Saab in talks over China tie-up

Automotive News Europe -- April 21, 2011 06:01 CET
NEW YORK-- Swedish carmaker Saab is negotiating with a wide range of Chinese automakers about a tie-up at the same time it awaits approval by the European Investment Bank for a financing deal it needs to restart operations, the company's owner said on Wednesday.

"This thing is now in its final stages where we're expecting the final nod of the European Investment Bank, and as soon as we have that we'll announce the transaction," Spyker CEO Victor Muller said in an interview.

Saab ran into a cash crunch in its first year of ownership by Dutch niche carmaker Spyker after its 2010 sales fell short of forecast.

Sweden last week threw a lifeline to Saab by conditionally backing a deal to free up cash. The deal would allow Saab to sell its real estate to Russian businessman Vladimir Antonov and then lease it back. The deal needed Sweden's approval, as the real estate was held as collateral for a 400-million-euro loan from the European Investment Bank, which Sweden's Debt Office guaranteed.

In addition to the real estate deal, Muller said Saab was talking to a wide range of Chinese automakers about a tie-up to help the carmaker weather its current crisis. He did not name those potential partners, but described them as "niche players and big boys."

But Muller added that teaming up with a large manufacturer was more difficult for a smaller brand like Saab. Partnering with a local niche player would give Saab a stronger voice.

Separately, a top executive at Beijing Automotive Industry Holding Co. said it was not in talks to invest in Saab.

BAIC paid $200 million in 2009 to buy technology from Saab when it was owned by General Motors Co. BAIC was also part of a group that made an unsuccessful bid to buy Saab.

2011 sales forecast 'at risk'

Saab manufactured just over 32,000 vehicles in 2010 and has set a target of making 80,000 this year on its way to profitability in 2012 on sales of 120,000 cars.

Muller forecast sales of between 15,000 and 20,000 cars in the U.S. this year -- a level he said is half "where we should be."

Muller, speaking to Reuters on the sidelines of the New York auto show where he was meeting with Saab dealers, said the 2011 sales forecast could be at risk.

Saab was forced to shut down production in Sweden this month when suppliers stopped shipping because of unpaid bills.

"It's very hard to say right now," Muller told Reuters. "We can't at this time assess the damage as a result of the stoppage."

He estimated that Saab had lost about 3,000 vehicles because of the production shutdown in Sweden but said he expected that could be made up later this year.

Dealer concerns

Muller's company bought Saab from GM last year, rescuing the Swedish carmaker from imminent closure. Muller has maintained the production problems were a small glitch and the company was not on the verge of collapse.

His appearance at the New York auto show corresponds with a meeting with Saab's U.S. dealers. The U.S. market remains the largest for Saab, and some dealers have privately questioned whether the cash crunch at the company has crimped spending on advertising needed to drive sales.

Muller said he planned to tell U.S. dealers about plans for a "huge marketing offensive." "We're basically throwing the kitchen sink at our marketing efforts in the United States to get the company back on track here," Muller told Reuters.

Spyker has already sold its sports car division to Antonov so it can focus on restoring the Saab operation. Muller said a Swedish bank he declined to name had been selected to handle the payment from Antonov.

As one of its conditions, Sweden's government had insisted that a European bank handle the transfer of $43 million from Antonov to Saab, to alleviate concerns about money laundering.

Antonov used to be a third owner in Spyker, but was forced out of the Saab deal by GM after media reports of links to organized crime. He says he has since cleared his name.

Source: Reuters

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