Mahindra eying stake in Saab owner NEVS?Tue, 17 Jun 2014 16:01:00 EST
It's ironic that Saab's current vehicle architecture is called the Phoenix platform, because like the mythological bird, the company keeps returning from the ashes. That's right, the embattled Swedish automaker isn't completely dead yet. Again. Actually, it may be facing yet another buyout, and this time, the buyer may be from India.
Less than a month ago, the situation looked ominous for Saab. National Electric Vehicle Sweden, the carmaker's current owner, temporarily shut down 9-3 production at its Trollhättan factory not long after restarting it in the first place. According to Just Auto, it laid off about 100 consultants allegedly linked to problems making June payroll, as well. At the time, Saab claimed that the measures were temporary, and it was negotiating selling part ownership to another automaker.
Those assertions might have some truth behind them, it seems. Indian newspaper The Economic Times reports that Mahindra & Mahindra and an unnamed Asian automaker are negotiating with NEVS to purchase part of the company. It claims that the Indian automaker sees Saab as an opportunity to add a premium brand to its business.
Based on the past, the rumor certainly has an air of likelihood around it. Mahindra was rumored to be one of the bidders to buy Saab outright when it was previously for sale. Even after the purchase by NEVS, the Indian company was still mooted to be trying to develop cars with them. Clearly, it has had an interest in owning the Swedish carmaker for some time, but for the moment, it has refused to comment on the possibility of the deal to The Economic Times and Just Auto.
By Chris Bruce
See also: GM recalls 500K Chevy Camaros for ignition-switch defect, National Electric Vehicle stops Saab 9-3 production amidst financing woes, Saab to reintroduce 9-3 SportCombi as Phoenix development continues.