Saab Update

July 22nd, 2011

Update on status Saab subsidiary

Swedish Automobile N.V. confirms that one of the suppliers of Saab Automobile Tools AB (Saab Tools) filed for bankruptcy of Saab Tools, a subsidiary of Saab Automobile AB. The District Court has received the filing, but has not yet rendered a judgement which is expected in a few weeks. Saab Tools is currently assessing the issue and aims to resolve the issue as soon as possible.

Saab Automobile update on production

Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile) continues discussions with its supplier base on material supply and delivery terms in order to be able to resume production at its Trollhättan plant. Swan and Saab Automobile continue their discussions with parties to obtain further short-term funding to be able to restart and sustain production. As delivery of all parts needed to secure a production start is not yet agreed production will not resume on August 9 as intended and will be postponed until a full commitment on delivery plans can be secured.

Gunnar Brunius, Vice President of Production and Purchasing said: “I am positive about the progress we made on the payment terms with our suppliers and it is good to see that we all want to make it work. What we need now is a full commitment on supply of parts into our factory to be able to restart production and secure a stable manufacturing operation. We are now working hard with our suppliers to nail down these plans, commit to a delivery schedule and start building the close to 11,000 cars that we currently have in our order books. The industry-wide summer break at our suppliers caused certain key suppliers not to be able to supply us in time. Saab Automobile hopes to restart production earliest in week 35 provided that it is able to commit to a delivery schedule with its suppliers.”

Posted by Dirk Willems | No Comments »