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Saab secures 400-million-euro EIB loan
Brussels (AFP) Oct 21, 2009 Swedish carmaker Saab was on Wednesday granted a loan of 400 million euros (600 million dollars) by the European Investment Bank, the EU's long-term lending bank said. The money, mainly targeted at cleaner and more fuel-efficient production, marks a huge step towards the purchase of Saab from its US parent company General Motors by Swedish sports car maker Koenigsegg and Beijing Automotive Industry Holding Co Ltd (BAIC). "The loan will be used for research and development activities for the improvement of fuel efficiency and safety including new tooling for the production of cleaner and safer cars, subject to the European Commission's approval of the Swedish state guarantee," said a statement by the EIB. Stockholm has repeatedly refused to take a stake in Saab, but Koenigsegg had asked the Swedish government -- unconvinced about its business plan -- to act as a guarantor. Koenigsegg had been short 3.0 billion kronor (290 million euros) to complete the acquisition of Saab first announced in June, though the total purchase price has never been disclosed. Saab employs 3,400 people in Sweden alone and sold just over 93,000 cars worldwide in 2008. Koenigsegg Group, founded in 1994, has just 45 employees and produces 18 high-end sports cars a year at more than a million euros (1.4 million dollars) each. Under GM's stewardship, Saab rarely posted a profit and last year lost 3.0 billion kronor (241 million euros, 341 million dollars at the time). Share This Article With Planet Earth
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As Car Sales Top 10 Million China Sues Fiat Over Stealing SecretsBeijing (AFP) Oct 20, 2009 China's auto production topped 10 million units for the year Tuesday, the first time it has broken the mark, state media reported, as makers boost output to meet demand in the fast-growing market. The China Association of Automobile Manufacturers (CAAM), said the only other countries to attain that mark were the United States and Japan, according to Xinhua news agency. The 10 millionth ... read more |
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