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Saab and its new owner are in trouble

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Saab and its new owner are in trouble

The National Electric Vehicle Sweden company, Saab’s most recent owner, has had trouble maintaining production of the Saab cars and is now in search of a partner.

Back in September 2013, the NEVS proudly restarted production of the Saab 9-3, an updated version of the car that was being manufactured under General Motors’ ownership. The company, which has Chinese investors, even mulled production of an all-electric version of the car – to be sold both in Europe and in China, where the government is actively promoting green cars.

Unfortunately, car production at Saab’s plant in Sweden stopped this May because NEVS was unable to provide the necessary cash to pay suppliers. Last week, one of the parts makers even filed for a bankruptcy claim against NEVS, although the company denied it’s facing insolvency.

“We need cooperation to secure a long-term financial structure and help us to solve our short-term financial challenges,” said a NEVS spokesman. A new investor is now a “prerequisite to forming a decision on how and when we can resume production,” he added.

According to a Wall Street Journal report, the carmaker has outstanding debt of 3.6 million kronor (393,000 euros) with the Swedish Enforcement Authority, but the government agency is not alone – according to the newspaper there are also another 91 claims for several million kronor each.

Via Automotive News Europe

by Aurel Niculescu (my Google+) - Wednesday, August 20th, 2014 - filed under Industry, News, Saab. Image credit: .
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