Autoblog
- Report: Saab dealers stumping up $24M in unsolicited funds to make Spyker deal a reality
Filed under: Saab, Earnings/Financials
Spyker's deal to purchase General Motors' ailing Saab division out of the throes of insolvency appears to be moving along quite nicely. Production of vehicles is underway, a plan is in place to launch critical new models and the European Union has approved of a European Investment Bank loan of 400 million-euros ($546 million) to Spyker.
It would seem that the road to a successful acquisition is so sure that the executive committee of Saab dealers have made an unsolicited offer of $24 million dollars to help Spyker complete the deal. Peter Hallberg, president of the association, said, "Those of us close to the business think that there's substance to Spyker's business plan for Saab, and that there are no great, imminent risks."
What's more, Spyker has just reported that it has entered into an agreement to secure a $25 million convertible loan from an investment company owned by Heerema Holding Company Inc. that's conditional on the EIB's aforementioned $546 million loan. Details can be found in the press release after the break.
[Source: New York Times, Spyker]Report: Saab dealers stumping up $24M in unsolicited funds to make Spyker deal a reality originally appeared on Autoblog on Mon, 08 Feb 2010 18:01:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Breaking: Swedish loan guarantee for Saab reportedly wins EU approval
Filed under: Europe, Saab, Earnings/Financials, Spyker
What is thought to be one of the last remaining hurdles for the acquisition of Saab Automobile by Spyker Cars from General Motors has reportedly been cleared - the Swedish government's endorsement of a pivotal European Investment Bank loan has been okayed by the European Union. Bloomberg indicates that the 400 million-euro ($546 million) loan has gained approval because the loan guarantors have found the necessary collateral and "adequate remuneration." It is understood that the loan is conditional based upon Saab using the capital to develop and produce cleaner, more fuel-efficient vehicles.
The EIB itself must still approve the loan in order for the transaction to go through, but the endorsement by the EU is expected to make it easier for the Luxemburg-based institution to make that move.
[Sources: Bloomberg, Autocar | Image: Joe Raedle/Getty]
[Source:
Breaking: Swedish loan guarantee for Saab reportedly wins EU approval originally appeared on Autoblog on Mon, 08 Feb 2010 10:28:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Report: Saab 9-3X now available for order at U.S. dealers
2010 Saab 9-3X - Click above for high-res image gallery
The good news for Saab loyalists is that dealerships have been told they may start placing orders for the Saab 9-3X. The bad news for Saab loyalists is that if the deal with Spyker falls through, that brand-new Saab you are dreaming about will never arrive in your driveway. In a nutshell, dealers are allowed to take orders for the cars, but there's no pricing information and nothing will be officially submitted until the Saab/Spyker deal closes (as of now, this is scheduled for February 15).
The announcement isn't completely unexpected. After all, we reported just a few days ago that Spyker had big plans for the Saab lineup, including full range of 9-3 models for 2012. These will follow on the heels of the new 9-5, and the 9-4X, due in the U.S. market during 2010 and 2011, respectively. Whatever the case, if you believe in Saab, now's the time to scoot down to your local dealer, open your checkbook and place an order!
[Source: Saab History]Report: Saab 9-3X now available for order at U.S. dealers originally appeared on Autoblog on Sun, 07 Feb 2010 10:37:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Spyker releases more details on Saab purchase, promises new 9-3 for 2012
Filed under: GM, Saab, Earnings/Financials, Spyker
The long saga of Saab has generated a lot of headlines for us in the past few months. The latest was word that the deal between General Motors and Spyker was initially rejected because of the fact that one of Spyker's investors was tied to the Russian mafia. It wasn't until the Antonov Group was bought out, allegedly, that the deal proceeded.
Today we received a press release from Spyker giving a few more details about its rationale for buying Saab, and it hints of what's in store for the brand now that the tiny Dutch supercar maker has agreed to purchase this Swedish stalwart. Spyker says that they want to rebuild Saab's global reputation, repositioning the brand as "an independent performance-oriented niche car company with an industry-leading environmental strategy." Spyker also says that it is committed to allowing Saab to run its own business plan under its own management. That business plan has been analyzed by Spyker and its advisers, Booz & Co and KPMG Transaction Services. Even the Swedish Government and the European Investment Bank signed off on the blueprints.
Spyker plans to rename the company, swapping the current Spyker Cars N.V. for Saab Spyker Automobiles NV ("Saab Spyker"). The two branches will continue to run separately, with Spyker marching forward with their exotic lineup and Saab developing "three to four model lines." Key news includes:
- 9-3 - All-new sedan, hatchback, sports estate, X and convertible models in 2012
- 9-5 - Sedan, sports estate and X models due summer 2010
- 9-4X - for both the U.S. and European markets due early 2011
- 9-1 - a fourth, smaller car line that would require more funding if it gets greenlighted
Saab and Spyker should both benefit from the deal by sharing engineering know-how, assets and technology. Spyker gets access to a network of 1,100 Saab dealerships around the world, and merchandising, promotion & event sponsorship can be combined. Even parts and components will be engineered to be common in both lines of cars. It strikes us as a pretty ambitious plan, though they seem like they're off to a good start having already secured the $1 billion they think they need to ensure Saab's future. You can read even more details in the presser after the jump.
[Source: Spyker Cars]Continue reading Spyker releases more details on Saab purchase, promises new 9-3 for 2012
Spyker releases more details on Saab purchase, promises new 9-3 for 2012 originally appeared on Autoblog on Tue, 02 Feb 2010 11:30:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Report: Spyker investor Antonov's alleged ties to organized crime nixed earlier Saab deal
Filed under: Government/Legal, GM, Saab, Spyker
Saab - A History in Pictures - Click above for high-res image gallery
When Koenigsegg dropped out of the running to purchase Saab from General Motors, there apparently weren't many automakers interested in rescuing the Swedish brand from the abyss. The only company with any serious interest, Spyker, seemed to be a long-shot to bring the brand into its portfolio. Of course, we now know that other investment groups were in the running, but Spyker came out on top to purchase Saab for $75 million and a closet full of clogs. But just like the winding road that led to the sale, the story doesn't simply end there. According to several reports, the deal could have been done a month sooner were it not for the involvement of the Russia's Antonov group.
SR International is among several international news agencies to report that the Swedish government was under the strong suspicion that the Antonov group has strong ties to the Russian mafia. The Antonov family is allegedly tied to organized crime and money laundering, and the English government has blocked the family from investing in the UK because of similar suspicions. The Swedish government then reportedly informed America's FBI of their findings, a move that lead to the U.S. government telling the GM board to stop the sale of Saab to Spyker on December 18. Hans Lindblad, state secretary at the Swedish Ministry of Finance, has reportedly confirmed the situation, adding that the discovery gave the Swedish government more time to help broker a deal.
In the end, Spyker was able to purchase Saab from GM only after the Antonov group was bought out of its interest in Dutch specialty automaker. And we thought the Saab tale couldn't get any weirder... or convoluted.
[Sources: SR International, The Local]Report: Spyker investor Antonov's alleged ties to organized crime nixed earlier Saab deal originally appeared on Autoblog on Mon, 01 Feb 2010 15:32:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - The Autoblog Weekender: Motley Fools edition
Filed under: Motorsports, Videos, Dodge, Lamborghini, Mercedes-Benz, Nissan, Pontiac, Saab, Misc. Auto Shows, Peugeot, Canada, Skoda
The Autoblog Weekender - Click above to find out what you missed
This week's bag of news is all about cars, cars and cars. Was anyone else aware that the Canadians know a thing or two about tuning Lamborghinis? That's a new one on us. Peugeot and Dodge have new logos, and the Pugs have a new, Ratatouille-esque commercial that involves a blender, a bicycle and a three-wheeled car. The as-yet-unveiled Nissan Patrol Safari gets caught with its doors open, and a bespoke Ferrari, the P450 Superfast Aperta, gets introduced in Florida. It's a little odd. And when some Mercedes engineers get a prototype SL Coupe stuck in the snow and it takes two other Mercedes' to rescue it, let's just say a good time was had by all. Except the Mercedes engineers. Finally, back to those Canadians, while those first lads will get crazy money for their wares, another Canuck wants crazy money for a 1975 Pontiac. Must be the weather. Follow the jump for the feast.Continue reading The Autoblog Weekender: Motley Fools edition
The Autoblog Weekender: Motley Fools edition originally appeared on Autoblog on Fri, 29 Jan 2010 21:00:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Report: Saab 9-5 sales will start in U.S. in the second quarter
Filed under: Sedan, Performance, Europe, Plants/Manufacturing, GM, Saab, Spyker, Luxury
Coming to a Saab Spyker dealer near you by Spring - Click above for high-res image gallery
We had an interesting chat with a Saab mechanic in Hollywood yesterday. Naturally, he was overcome with great joy over the fact that Spyker saved Saab. What made the conversation interesting was his asking us if there will be a 2010 Saab 9-5? Dunno. Er, didn't know. But that was then. Today we feel pretty confident that there will not be a 2010 Saab 9-5. kind of exactly how there's no 1983 Corvette, minus the haggard sales saga.
However, according to a report by Edmunds Auto Observer, there will in fact be a 2011 Saab 9-5. Spyker is set to ramp up production of the new car in April and begin selling Saabs to us American types at some point during the second quarter. Did we say Saabs? We meant to say Saab Spykers, as the new cars may be called. Regardless, anything introduced to the market during May or June of a given year will be labeled as next year's model. Hence, the 2011 Saab Spyker 9-5.
The Auto Observer is also confirming that the Saab (Spyker) 9-4 will also go on sale at some unspecified future date. The 9-4 and 9-4X are based on General Motors' Theta Premium architecture - the same platform used by the Cadillac SRX. Since so much parts sharing will be going on (the 9-5 will come with at least three General Motors engines), GM will continue supplying parts to Saab Spyker for many moons, and as such have a vested interest in the new company doing well. Not too well of course, as Saab will now be free to compete head-to-head with GM brands Buick and/or Cadillac.
One last thing, and this is a plea from our Saab mechanic friend more then anything else: here's hoping Saab Spyker has the good sense to remount Saab motors longitudinally and backwards, rather than sideways, especially when a new 9-3 shows up, as that set up really is a trait of the Griffin.
[Source: Auto Observer]Report: Saab 9-5 sales will start in U.S. in the second quarter originally appeared on Autoblog on Wed, 27 Jan 2010 16:41:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Videos: Saab and Spyker CEOs talk about the sale, workers celebrate in Trollhättan
Filed under: Videos, GM, Saab, Spyker
The latest chapter of the Saab saga appears to be a happy one, with Spyker coming up with a winning bid during the 11th hour and saving the proud Swedish automaker from closure at the hands of General Motors. After the jump are a few videos related to the deal, including a 10 minute video of the Spyker/Saab press conference, with Saab CEO Jan Åke Jonsson and Spyker CEO Victor Muller talking about how the deal was done, and where the two companies go from here. If you click through, you'll also find jubilant footage of the celebration in Trollhättan, where workers were given the day off as the liquidators were told to go home.
All is not wine and roses, however, as Spyker will doubtlessly have its hands full trying to fill up Saab's product pipeline after the current crop of GM-derived new models (9-5 sedan and Sportcombi, 9-4X, 9-3X) wear thin, so it will be interesting to see how they go about developing their next generation of products.
In the meantime, Spyker could benefit from Saab a lot faster than the other way-around, though, as it should be able to leverage a portion of the Swedish automaker's 1,400 dealerships worldwide to expand its global reach. Muller says that even leveraging 10 percent of the Saab dealers will be significant. Hit the jump to watch the fascinating videos for yourself.
[Source: YouTube]Continue reading Videos: Saab and Spyker CEOs talk about the sale, workers celebrate in Trollhättan
Videos: Saab and Spyker CEOs talk about the sale, workers celebrate in Trollhättan originally appeared on Autoblog on Wed, 27 Jan 2010 15:00:00 EST. Please see our terms for use of feeds.
Read | Permalink | Email this | Comments - Autoblog Podcast #163 - Paukert Re-Redux
Filed under: Podcasts, Hybrid, Government/Legal, Plants/Manufacturing, Audi, BMW, Ford, GM, Mercedes-Benz, Nissan, Saab, Toyota, Spyker, Rumormill
Click above for the Autoblog Podcast in iTunes, RSS or listen now!
Episode #163 of the Autoblog Podcast is here and Chris Paukert once again adds his insight as he's fast becoming the fourth regular member of the crew. First up we peek into the Autoblog Garage, occupied this week by a Nissan Versa, Audi S4, and a Mercedes-Benz S400 Hybrid. Topics follow, with our first drive of the 2011 BMW 5 Series starting us off before we move on to Ed Whitacre's new status as official General Motors CEO and get all misty about the uncertain fortunes of Saab (glad that's been cleared up.) Toyota's most recent recall for its throttle issue, the 2011 BMW 335is, and rumors of a 50th anniversary edition Ford Mustang with independent rear suspension finish us off before we take some questions and call it a night.
Until next week, hit up Joystiq and Engadget - there's going to be big Apple Tablet news soon! Let us know what you think of our podcast by dropping us an email at Podcast at Autoblog dot com, reviewing the show in iTunes, filling out our survey, or even leaving us a voicemail on our Google Voice line 734-288-8POD (734-288-8763). Thanks for listening!Continue reading Autoblog Podcast #163 - Paukert Re-Redux
Autoblog Podcast #163 - Paukert Re-Redux originally appeared on Autoblog on Tue, 26 Jan 2010 17:15:00 EST. Please see our terms for use of feeds.
Read | Permalink | Email this | Comments - BREAKING: GM reaches agreement to sell Saab to Spyker!
Filed under: Europe, Government/Legal, GM, Saab, Earnings/Financials, Spyker
What a long, strange trip it's been. Every thriller must have an endgame, although whether the guy gets the girl in the end or just plain "gets it" is often in doubt right until the final frame. This afternoon, after a most improbable and tortured saga, General Motors has finally agreed to sell Saab to Spyker Cars.
The tiny Dutch supercar manufacturer and its backers have outlasted all comers, including everyone from Koenigsegg to investment consortium Merbanco to a joint bid by Genii Capital and Formula One mastermind Bernie Ecclestone. More significantly, they've endured GM and its negotiators, submitting and re-submitting a series of bids to finally bring together the winning package.
Complete details of the transaction have yet to be fully disclosed, but it's understood to include Spyker giving GM $74 million up front, along with allowing The General to pocket a further $326 million in preferred shares from the new Spyker-owned entity. The deal requires that the Swedish government agree to guarantee a 400 million-euro loan from the European Investment Bank (EIB), a step that is expected to be consummated in February.
As part of the agreement, Spyker chairman Vladimir Antonov has agreed to step down, a move reportedly key to GM's interests in keeping its intellectual property sequestered from Russian hands.
With Saab's operations already partially "wound down" from GM's liquidation moves following the collapse of the earlier Koenigsegg deal, it will be interesting to see how quickly Spyker can get the Swedish marque's operations back up to speed, including delivery of the 2011 9-5 sedan, a promising vehicle range that was likely the linchpin holding the whole deal together.
Interestingly, after this protracted and very public battle, Saab may actually have more visibility and consumer goodwill built up than it has in decades. Whether this will translate to additional sales or fall by the wayside remains to be seen. General Motors could also potentially see a bit of public cordiality from seeing this process through, as it will also have proven that it can successfully spin off one of its properties, something that was in doubt after the caving-in of the Saturn sale to Roger Penske and what looks to be an increasingly tenuous sale of its Hummer brand to China's Sichuan Tengzhong. Click through to the jump for the official press release from General Motors.
[Sources: General Motors, The Wall Street Journal, Bloomberg]Continue reading BREAKING: GM reaches agreement to sell Saab to Spyker!
BREAKING: GM reaches agreement to sell Saab to Spyker! originally appeared on Autoblog on Tue, 26 Jan 2010 13:10:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Report: Dutch securities agency suspends Spyker share trading, Saab deal may be announced later today
We have some news to report about the on-again-off-again saga that surrounds the fate of Saab. The Netherlands' securities agency has suspended trading of Spyker shares, which we're told usually happens before a big announcement is made. We're also hearing reports that Swedish news channels are quoting Spyker chief Victor Muller as saying an announcement will definitely be made later today.
From what we can gather, the deal on the table is that Spyker will give current owner General Motors $75 million while allowing the U.S. automaker to retain $100 million in Saab liquidity. GM will also reportedly get $325 million in preferred shares of Spyker-owned Saab.
Regardless of what's announced, we're hoping this circus comes to an end soon. That probably won't happen. If the Spyker deal doesn't happen, the Genii group led by Formula One boss Bernie Ecclestone will bid for the Swedish luxury brand again, according to reports, despite having withdrawn its bid on Monday.
Stay tuned, as one way or another we'll have news concerning Saab's future later today.
[Sources: Autocar, WhatCar?, SaabsUnited | Image: David McNew/Getty]Report: Dutch securities agency suspends Spyker share trading, Saab deal may be announced later today originally appeared on Autoblog on Tue, 26 Jan 2010 10:40:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Saab 9-5 and 9-4X in low-volume production?
Filed under: Sedan, Plants/Manufacturing, Crossover, Saab
Saab 9-4X Concept - Click above for high-res image gallery
The question of whether General Motors will go ahead and sell Saab to Spyker seems no closer to getting a real-life answer today after newly self-appointed GM CEO Ed Whitacre held a press conference without naming a new owner for the troubled Swedish automaker. Perhaps then, reports of Saab's production numbers offer a renewed glimmer of hope for Saabophiles the world over?
According to Automotive News and its DealerTrack report for the week of January 23rd, in addition to a small number of 2010 9-5 sedans, Saab produced 49 new 9-4X crossovers last week, bringing the total number of completed units to 147. Wait a second, when did GM ever officially announce the start of 9-4X CUVs?
Answer: It didn't. As such, we're guessing that these are preproduction models and pilots destined for crash testing and whatnot (according to GM Inside News, that status has been confirmed), but it still may portend interesting things to come from the Saab brand moving forward.
[Source: Automotive News via GM Inside News]Saab 9-5 and 9-4X in low-volume production? originally appeared on Autoblog on Mon, 25 Jan 2010 13:59:00 EST. Please see our terms for use of feeds.
Read | Permalink | Email this | Comments - Report: GM/Spyker near agreement, Spyker chairman to step down?
Filed under: Europe, Government/Legal, GM, Saab, Earnings/Financials, Spyker
Could the Saab endgame - no, the real endgame this time - finally be under way? Bloomberg is reporting that financial terms have been agreed to, in principle, between General Motors and Spyker, and that what remains between the two are sorting out production issues. Beyond that, there are still a couple of catches: Vladimir Antonov, Spyker's Russian backer and company chairman, will reportedly have to leave the company and the Swedish government must agree to guarantee the €400 million ($500 million U.S.) loan from the European Investment Bank.
The money deal is that Spyker gives GM $75 million, GM keeps another $100 million in current Saab liquidity, and The General receives $325 million in preferred shares from the new, Spyker-owned Saab company. That last deal would keep GM in the Saab game, which is perhaps an issue of technology made feasible by Antonov's departure.
The two companies continue to work on the deal in Stockholm. In the meantime, Saab engineers can go on prepping that 9-5 Sport Combi, and if Spyker pulls this off, it will have proved its "Nulla tenaci invia est via" motto and then some.
[Source: BusinessWeek via My Smart Trend | Image: Andy M. via Saabs United]Report: GM/Spyker near agreement, Spyker chairman to step down? originally appeared on Autoblog on Sun, 24 Jan 2010 15:12:00 EST. Please see our terms for use of feeds.
Read | Permalink | Email this | Comments - Spy Shots: Engineers still testing Saab 9-5 SportCombi, should somebody tell them?
Filed under: Spy Photos, Wagon, Saab
Saab 9-5 SportCombi spy shots - Click above for high-res image gallery
We know automakers like to test prototypes in remote, freezing locations to ensure that they'll start and run properly when sold to a family of five in Buffalo, New York. Perhaps these Saab engineers are in such a remote corner of Sweden that they haven't heard the mothership has crashed. While Saab's future is still undecided, hope seems to dwindle by the day that we'll ever see the new 9-5 go on sale to the public - at least while wearing a Saab badge. Nevertheless, these engineers are still at their mobile desks in case a miracle happens.
The next-gen 9-5 has already been outed and is a looker for sure. The SportCombi version (Saab-speak for wagon) adds an extra dose of practicality to those unique lines of the sedan and, from the look of the things, appears to operate just fine in crazy cold conditions. Not much else to report unless, you know, Saab survives.
[Source: CarPix]Spy Shots: Engineers still testing Saab 9-5 SportCombi, should somebody tell them? originally appeared on Autoblog on Tue, 19 Jan 2010 19:24:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Bank of America refusing to give loans for Saabs?
Filed under: Car Buying, Etc., Saab
Saab floats along in limbo as General Motors figures out what to do with its Swedish plum, meaning that dealers are stuck with moribund product to try and unload. It's as nasty as it sounds for the automaker, but for buyers, it means deals on Saabs like never before.
Being a premium segment brand, you'll get a lot for your money buying a considerably discounted Saab. If you're like most new car buyers, though, you'll still have to borrow the money. Good luck with that if your institution is Bank of America and you're set on a Crazy Eddie priced 9-5. Right there in its eligibility requirements for auto loans, B of A spells out "no Isuzu or Saab vehicles." Being paired with a dead Japanese brand? Just another indignity for the Trolls in Trollhättan.
[Source: Gaywheels.com via Examiner.com]Bank of America refusing to give loans for Saabs? originally appeared on Autoblog on Mon, 18 Jan 2010 08:29:00 EST. Please see our terms for use of feeds.
Read | Permalink | Email this | Comments - Report: Spyker last bidder GM considering for Saab... or is it?
Filed under: Europe, GM, Saab, Earnings/Financials, Spyker
To paraphrase the once great weekend update anchor Chevy Chase, "Generalissimo Saab is still dead" and appears likely to stay that way. Bloomberg reports that Spyker is the last bidder standing to pick up the Swedish brand from General Motors, although Genii Capital and partner Bernie Eccelstone apparently haven't given up yet. At this point, according to the news service, Spyker is the only party in active talks with The General as the process of shutting down Saab has already begun. Genii hopes to reopen talks with GM this week.
The Spyker bid reportedly includes having GM continue to hold a stake in Saab - a stipulation that the U.S. company will probably be averse to. Another problem could still revolve around handing over intellectual property to Russia, just as it did with the aborted attempt to sell Opel to Magna (the largest shareholder in Spyker is Russian chairman Vladimir Antonov). Given Saab's continued lack of financial success over the years, it's hard to see how Spyker (which has had its own problems to sort through) could make a go of it. With any luck, we'll know the outcome of this sad saga this week, although we'd be less-than-surprised to see things drag on for a while yet.
[Source: Bloomberg | Image: Joe Raedle/Getty]Report: Spyker last bidder GM considering for Saab... or is it? originally appeared on Autoblog on Sun, 17 Jan 2010 18:06:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Introducing the first-ever Autoblog Weekender
Filed under: Motorsports, Videos, Chrysler, Lamborghini, Mercedes-Benz, Mini, Nissan, Saab, Smart
Introducing the Autoblog Weekender - Click above to find out what you missed
We cover a lot of automotive ground here at Autoblog every week, but even with our obsessive watch on the industry, things still get away from us. So we hereby present the Autoblog Weekender, a place where we might be able to leave no story unturned.
This week Hannibal and Face stop by along with some freaky hip dude called Reggie White, the Tucker Torpedo Convertible controversy is not over, the Nissan GT-R challenger for the FIA GT1 series takes a bow in high-res photos, as does Heffner's R8 Twin Turbo, somebody puts wood paneling on a Smart Fortwo, and who knew Bentleys could tow in reverse?
And that's not even the half of it. Follow the jump for the week's leftovers, and let us know what you think of the first Weekender in Comments.Continue reading Introducing the first-ever Autoblog Weekender
Introducing the first-ever Autoblog Weekender originally appeared on Autoblog on Fri, 15 Jan 2010 20:31:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Toyota tops in CR brand perception study, Subaru, Ford, Chevy make gains
Filed under: Car Buying, Marketing/Advertising, Chevrolet, Ford, Hummer, Mazda, Mercury, Saab, Subaru, Toyota
Consumer Reports 2010 Car Brand Perception Survey results just published
After one of the worst years ever for the auto industry, which automakers do you think came out of 2009 with an unsullied reputation? Consumer Reports just published its 2010 Car Brand Perception Survey and the results are a bit perplexing. Naming the manufacturers that slipped last year would probably be a piece of cake, but try to guess which ones came out ahead of their 2008 rankings.
Before you try to guess, here are the ground rules. According to CR, "The scores reflect how consumers perceive each brand in seven categories: Safety, quality, value, performance, design/style, technology/innovation, and environmentally friendly/green." Further, "The scores reflect consumers' total perception level of a brand across those categories, and not the actual qualities of the brand's individual vehicles."
The overall top brands in the rankings were the usual suspects for the most part. Toyota was tops (guess CR readers haven't heard about that sticky gas pedal thing), followed by America's sole avoider of bankruptcy, Ford, then Honda. Somewhat surprisingly, Chevrolet placed fourth - bankruptcy be damned. Carmakers improving by the largest percentage over last year were an equally mixed bag. Chevy and Ford improved quite a bit, but the company posting the biggest gain was Subaru, which mirrored the success it had on the showroom floor in 2009.
Perhaps even more interesting were the bottom brands. Not surprisingly in these green-leaning times, Hummer scored the lowest as a brand, followed closely by GM problem-child, Saab. The Swedish firm was actually tied, though, with Ford's forgotten brand, Mercury, and shockingly, recent Ford divestiture, Mazda. Dropping the most this year were luxury brands like Porsche, Lexus and Lincoln. How Porsche and Lexus dropped so much is a bit of a mystery, but Cadillac droppng 15 points was a real head-scratcher considering the success of the CTS.
The complete survey is an interesting read, as are the full rankings. The top scorers in each category is particularly revealing. Before you click the source link below, though, try to guess where your favorite brands placed. You might be as surprised as we were.
[Source: Consumer Reports]Toyota tops in CR brand perception study, Subaru, Ford, Chevy make gains originally appeared on Autoblog on Thu, 14 Jan 2010 15:56:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - BREAKING: Saab board reportedly votes to liquidate company, but GM still weighing bids
Filed under: GM, Saab, Earnings/Financials
According to a press release quoted in Dow Jones Newswires, Stefan Lofven, head of Swedish trade union IF Metall, the board of Saab has voted today to liquidate the company. Simultaneously, General Motors has announced that it has hired AlixPartners to supervise the "orderly wind-down" of the marque.
Interestingly, none of this means that Saab is dead, although certainly neither of these things can be seen as reason for optimism. According to its own statement about AlixPartners (available after the jump), GM continues to evaluate bids for Saab, presumably those from Spyker Cars and Genii Capital/Bernie Ecclestone - if not others as well. To this, Lofven is quoted as remarking that "It is irresponsible of GM in this situation to act in two directions, both towards a sale and towards a wind-down." Irresponsible or no, that appears to be exactly what GM is doing. More as it happens...
[Sources: Dow Jones Newswires via The Wall Street Journal, General Motors | Image: Joe Raedle/Getty]BREAKING: Saab board reportedly votes to liquidate company, but GM still weighing bids originally appeared on Autoblog on Fri, 08 Jan 2010 11:28:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments - Update: Bernie Ecclestone tied to late-breaking Genii Capital bid for Saab
Bernie Ecclestone, the long-time Formula One impresario, has confirmed to Bloomberg that he plans to make a play to buy Saab from General Motors. The pitch is evidently part of the bid by Genii Capital that we told you about earlier today. Genii's last-minute pitch may have been the reason why GM decided to postpone a scheduled board meeting today to determine the Swedish brand's fate.
Ecclestone is clearly a capable business man in light of the billions that he's squeezed out of F1 over the past couple of decades. Whether he's able to translate that acumen into turning Saab into a profitable brand given its history of red ink remains to be seen. Of course, whether Ecclestone and Genii will get the chance in the first place is a more pressing question, as GM would appear to be every bit as likely to sell Saab to Spyker Cars, or perhaps just continue shutting down the brand altogether. Thanks for the tips, everyone.
[Source: Bloomberg | Image: Paul Gilham/Getty]Update: Bernie Ecclestone tied to late-breaking Genii Capital bid for Saab originally appeared on Autoblog on Thu, 07 Jan 2010 18:30:00 EST. Please see our terms for use of feeds.
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