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NEVS' reorganization plan approved after all?

What a difference a day makes. Thursday, we reported that current Saab parent National Electric Vehicle Sweden had its application for creditor protection denied by the Swedish court for being "vague and completely undocumented." But NEVS was back in court on Friday, and this time the application was granted. However, the story continued to get weirder as defense contractor Saab AB allegedly revoked NEVS' rights to use the Saab name.
NEVS did put out a brief press release confirming the court decision saying: "The District court of Vänersborg, Sweden, today August 29 approved the application for reorganization from National Electric Vehicle Sweden AB." The company allegedly has over 90 creditors, and according to Reuters, it owes them roughly 400 million Swedish krona ($57.56 million). The business says that it is in negotiations with two, unnamed companies to get additional funding.
Also, according to Reuters, Saab AB, best known for making fighter planes, has revoked NEVS' rights to the Saab brand name because the company's application for creditor protection gave the defense contractor that right. When NEVS bought Saab, it only acquired the automaker's physical assets, and had to negotiate for the rights to use the name.

Subaru recalls 81,000 Impreza models for airbag replacement

Subaru has submitted paperwork to The National Highway Traffic Safety Administration regarding an Impreza recall to replace faulty Takata airbag inflators, and the final tally is 81,100 units built between January 28, 2003 and May 31, 2005. Earlier this month Subaru had projected 78,000 Imprezas would be recalled from the 2004 and 2005 model years, but that final number also includes the Saab 9-2x; that Saab model, nicknamed the "Saabaru," was a badge-engineered Impreza Wagon that General Motors began selling in 2004. Affected Saab models were built from February 11, 2004 to March 17, 2005. This recall specifically affects passenger-side inflators, and Subaru and GM will notify owners that they can take their cars to the dealer for a free repair. The recall doesn't officially begin, however, until July 17, 2015. The notice from the NHTSA below has more information. Related Video: Report Receipt Date: MAY 28, 2015 NHTSA Campaign Number: 15V323000 Component(s): AIR BAGS Potential Number of Units Affected: 81,100 Manufacturer: Subaru of America, Inc.SUMMARY: Subaru of America, Inc. (Subaru) is recalling certain model year 2004-2005 Impreza vehicles manufactured January 28, 2003, to May 31, 2005, and 2005 Saab 9-2x vehicles manufactured February 11, 2004, to March 17, 2005. The affected vehicles are equipped with a passenger side frontal air bag that may be susceptible to moisture intrusion which, over time, could cause the inflator to rupture upon its deployment.CONSEQUENCE: In the event of a crash necessitating deployment of the passenger's frontal air bag, the inflator could rupture with metal fragments striking the vehicle occupants potentially resulting in serious injury or death.REMEDY: Subaru will notify their owners and General Motors will notify Saab owners. Dealers will replace the passenger air bag inflator, free of charge. The recall is expected to begin July 27, 2015. Owners may contact Subaru customer service at 1-800-782-2783. Owners of Saab vehicles may call 1-800-955-9007. Subaru's number for this recall is WQR-53. Note: This recall partially supersedes recall 14V-763 in that model year 2004 through 2005 Subaru Impreza and model year 2005 Saab 9-2x vehicles are now only part of this campaign.NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

Turkey buys rights to Saab 9-3 for domestic car

Just in time for Halloween, a Saab is rising from the dead. National Electric Vehicle Sweden, which controls the Swedish automaker, is selling the intellectual property rights for the second-generation 9-3 to the Scientific and Technological Research Council of Turkey (TUBITAK). This government-supported agency intends to turn the sedan into the "Turkish National Car," according to NEVS. Using the aging 9-3 as a backbone, Turkey intends to strengthen the nation's auto industry by producing an extended-range electric vehicle by 2020, Daily Sabah reports. The goal is for 85-90 percent of the components to come from the country. "From design to production, Turkey will be the center for all parts and processes regarding the first domestically produced car," Interim Science, Industry and Technology Minister Fikri Isik said to Daily Sabah. TUBITAK considered developing its own vehicle from scratch but calculated at least $1 billion in costs. Without going into specific detail, Isik said that buying the rights to the existing Saab turned out to be a better option. Despite having sold the 9-3 IP, NEVS is signing on to help with a business plan and to create the necessary supply and distribution chains for the EV. NEVS previously tried to revive the 9-3 itself by briefly continuing production and attempting to launch an electric version. Earlier this year, it partnered with Dongfeng to develop green vehicles. The company has been beset with financial problems, embroiled in a seemingly interminable post-bankruptcy reorganization progress. NEVS has been chosen by TUBITAK as its partner for developing a Turkish National Car TUBITAK, (the Scientific and Technological Research Council of Turkey) which has been assigned to develop "Turkish National Car" and realize this important mission, has chosen National Electric Vehicle Sweden AB, Nevs, as the industrial partner for the project. The cooperation has started in June 2015 between Nevs and TUBITAK and future industrial synergies in terms of development and manufacturing shall be generated with this cooperation. In the short term perspective this cooperation shall put Nevs' assets to work and shall give Turkey quick access to extensive automotive knowledge and experience. Nevs shall also provide its know-how in the developing of the business plan and establishing of the supply and distribution chains to TUBITAK.