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Saab tries [again] to emerge from bankruptcy

If we've learned one thing from watching The Walking Dead, it's that the only way to terminate a walker is with a swift and brutal blow to the brain. Sadly, no one has come along that's willing to do the gruesome deed to the stumbling shell that is Saab. The company's latest owner, National Electric Vehicle Sweden is trying, yet again, to crawl its way out of bankruptcy with a "composition proposal in order to exit the reorganization." That proposal, outlined in the attached press release, will see the majority of the company's many creditors receive full repayments. For 104 of the 573 creditors, all of whom have claims over 500,000 Swedish Krona (roughly $60,000), their claims will be reduced by 50 percent. If creditors approve the proposal, it'd provide "the conditions for completion of ongoing negotiations with two major OEMs," which the press release claims could come on as either a joint-venture partner in Trollhattan or a majority owner in the struggling company. We won't be holding our breath. Scroll down for the full press release from NEVS. Thursday, February 19, 2015 A composition to get Nevs out of reorganisation National Electric Vehicle Sweden AB, Nevs, provides unsecured creditors a composition proposal in order to exit the reorganisation. It creates the conditions for completion of ongoing negotiations with two major OEMs and the implementation of a new business plan together with partners and owners. Nevs' owners and management has noted the difficulty of completing this type of complex negotiations during a reorganisation and the risk premium it implies. The current negotiations, together with two major OEMs, are mainly focused on two tracks that are complementing each other. One is to form a technical joint venture company in Trollhattan and the other is to introduce a new majority owner in Nevs, with the plan of making Saab cars a global premium product. - The negotiations are progressing but we also see the complication of reaching an agreement when we are in a state of reorganisation. Our main owner has single-handedly financed the reorganisation and intends to get us out of it. In order for this to be possible financially, we need to reach a composition arrangement with the creditors, says Nevs CEO, Mattias Bergman. The composition proposal includes a composition of 50 percent for unsecured creditors on claims over 500'000 SEK.

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.

National Electric Vehicle stops Saab 9-3 production amidst financing woes

It seems that quirky, Swedish automaker Saab might be on life support yet again. Its owner, National Electric Vehicle Sweden, has announced that it's reducing its workforce and temporarily halting production of the 9-3 due to financial problems. NEVS was only building six cars a day, anyway.
The company put out a press release admitting its economic woes, but it still appeared hopeful. NEVS claims it's developing "a new platform on the Phoenix architecture," and it has a frame agreement with an international automotive OEM. It didn't give any specific details about either one of these assertions though. According to The Wall Street Journal, NEVS needs the partnership to lower development costs in order to stay afloat. Saab spokesperson Mikael Ostlund told Autoblog in an email that the stop in production of the 9-3 in Trollhättan would last four weeks.
NEVS says it's in negotiation to sell a portion of the company to an automotive company. Its current monetary woes are caused by shareholder Qingbo Investment Company not financing the company as agreed. "We plan to have the results of the discussions at latest during June," said Ostlund.