2006 Saab 9-3 Aero Convertible, Nav, Touring Pkg, Htd Seats, Clean Carfax on 2040-cars

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New Saab parent NEVS: we're not totally broke

The many fans of 1987's The Princess Bride will recall Billy Crystal's Miracle Max character optimistically referring to the protagonist Westley as "mostly dead." It looks like National Electric Vehicle Sweden (NEVS), the company that now owns the Saab brand, fits that description. Of course, Westley does end up surviving and getting the girl. NEVS put out a statement last week saying that, while it doesn't have the cash to pay off all of its outstanding debt (hey, who of us does?), it is "not insolvent" because its assets are greater than its debt. Its suppliers will get paid, but that NEVs "cannot say exactly when." NEVS, the partnership between a Chinese company and a Japanese investment firm that acquired the Saab name in 2012, restarted production at its Trollhattan plant in Sweden last year and had promised a vehicle line that would include a battery-electric version of the 9-3 sedan. Instead, NEVS stopped the production line that was only making about a half-dozen vehicles a day (the gas-powered, turbocharged 9-3) in May because it said shareholder Qingbo Investment Co. didn't provide the agreed-upon cash. NEVS now says it held positive talks with two manufacturers this summer, and that once funding is secured, it will rewrite its business plan with its new partners to resume production. The supplier that filed a bankruptcy petition is withdrawing it based on this new information, says NEVS. Saab made its first cars in 1947 and was eventually owned by General Motors before being sold to Spyker in 2010. Bankrupt by the end of 2011, Saab was acquired by NEVS the following year. Check out NEVS's most recent press release below. And have fun storming the castle. Information from Nevs Nevs hereby clarify that the company is not insolvent. The company does not have enough liquid cash as today to pay all outstanding debt but Nevs' assets are larger than its debt. Nevs today cannot say exactly when, but Nevs' suppliers will get paid. During the summer, the dialogues with the two major vehicle manufacturers have continued and developed in a positive direction. It is a thorough evaluation process that is still ongoing, and the discussions have not been finalized yet. After the funding is secured, and after that Nevs business plan is updated together with its new partners, Nevs will be able to make the decision on when the Trollhattan factory can resume its production.

Saab US bankruptcy plan gets legal green-light

It feels utterly bizarre that we're still talking about Saab, but Reuters is reporting that the bankrupt Swedish manufacturer's American arm has gotten approval from the US Bankruptcy Court to liquidate its assets and pay back creditors. As part of the plan, secured creditors like Ally Financial will receive full repayment. Unsecured creditors, consisting of those affected by abandoned leases and contracts will get anywhere from 25 to 82 percent of their money back.
There are currently $77 million in unsecured claims, according to Reuters, but that number doesn't include claims from former Saab dealers. Naturally, the entire affair is full of lawyers and legalese. A trust formed on the Saab side will be negotiating with creditors and their affiliates in an attempt to reduce claims against Saab. This sounds like the start of a long and sordid affair...

Saab begins 9-3 EV pilot production

To say that Saab has had a tough time lately would be like saying that it's been a little colder than usual this winter. After General Motors finally gave up and sold it to Spyker in 2010, Saab declared bankruptcy the following year. GM successfully blocked Spyker from selling Saab to Chinese automaker Youngman the following year, but ultimately it ended up in the hands of another Chinese consortium called NEVS. Standing as it does for National Electric Vehicle Sweden, the new owners promised not only to restart production of the long-suffering 9-3, but also to turn it into an electric vehicle. And that's just what it's doing.
The latest news coming out of Sweden indicates that NEVS/Saab has started building the first examples of the 9-3 EV. These first 200 or so examples are set to be shipped off to Qingdao - the Chinese city that is home to the Tsingtao brewery, hosted the sailing components of the 2008 summer games on Beijing, was supposed to host an IndyCar race in 2012 before it was canceled, and also itself just happens to own 22 percent of NEVS.
These first EVs have their batteries mounted down low in the chassis for a low center of gravity and have a range of about 20 miles on a full charge. That's absolutely paltry compared to the other EVs on the market: a Nissan Leaf will travel more than four times that distance, and a Tesla Model S will go ten times farther on a charge.