Saab Automobile and its parent, Swedish Automobile N.V., announced some more bad news as they issued a notice to a number of their employees. As the Swedish company scrambles to find the funds needed to get back on their feet, it would appear that help hasn’t fully come through. Saab was forced to inform their Trollhättan, Sweden workers that there is serious risk of delayed payment for August wages. Saab said that the reason stems from funds that were committed by outside investors may not be issued by the time previously thought.
Production at the Trollhättan, Sweden manufacturing plant is still not operational. Saab said that they are working hard and “taking all necessary actions” to find the funds needed to right this wrong. This news comes in at a bad time as Saab recently announced it would be pulling out of the upcoming Frankfurt Motor Show as well as the Swedish Regulator announcing it will be conducting debt collecting on the company. On top of all of this, a recent Automotive News article revealed that Saab dealers are preparing for the worst. According to the article, one U.S. Saab dealer said, “I’d like to sell my Saab franchise, but it has almost no value right now.”
Saab and Swedish Automobile N.V. executives continue to stay relatively positive during this rollercoaster ride. Victor Muller, CEO of Swedish Automobile N.V., told Automotive News, “I am very confident I will be able to pull it off, but we don’t need anyone to throw in the towel now.” And even though Saab Cars North America President, Timothy Colbeck, said he remains confident in Saab’s future, their recent press release might say otherwise. “There can however be no assurance that the necessary funding will be obtained or the funds collected.”
Source: Saab & AutomotiveNews.com
