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New Saab parent NEVS: we're not totally broke

The many fans of 1987's The Princess Bride will recall Billy Crystal's Miracle Max character optimistically referring to the protagonist Westley as "mostly dead." It looks like National Electric Vehicle Sweden (NEVS), the company that now owns the Saab brand, fits that description. Of course, Westley does end up surviving and getting the girl. NEVS put out a statement last week saying that, while it doesn't have the cash to pay off all of its outstanding debt (hey, who of us does?), it is "not insolvent" because its assets are greater than its debt. Its suppliers will get paid, but that NEVs "cannot say exactly when." NEVS, the partnership between a Chinese company and a Japanese investment firm that acquired the Saab name in 2012, restarted production at its Trollhattan plant in Sweden last year and had promised a vehicle line that would include a battery-electric version of the 9-3 sedan. Instead, NEVS stopped the production line that was only making about a half-dozen vehicles a day (the gas-powered, turbocharged 9-3) in May because it said shareholder Qingbo Investment Co. didn't provide the agreed-upon cash. NEVS now says it held positive talks with two manufacturers this summer, and that once funding is secured, it will rewrite its business plan with its new partners to resume production. The supplier that filed a bankruptcy petition is withdrawing it based on this new information, says NEVS. Saab made its first cars in 1947 and was eventually owned by General Motors before being sold to Spyker in 2010. Bankrupt by the end of 2011, Saab was acquired by NEVS the following year. Check out NEVS's most recent press release below. And have fun storming the castle. Information from Nevs Nevs hereby clarify that the company is not insolvent. The company does not have enough liquid cash as today to pay all outstanding debt but Nevs' assets are larger than its debt. Nevs today cannot say exactly when, but Nevs' suppliers will get paid. During the summer, the dialogues with the two major vehicle manufacturers have continued and developed in a positive direction. It is a thorough evaluation process that is still ongoing, and the discussions have not been finalized yet. After the funding is secured, and after that Nevs business plan is updated together with its new partners, Nevs will be able to make the decision on when the Trollhattan factory can resume its production.

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.

NEVS Emily GT electric sedan developed by ex-Saab engineers finds a buyer

Even in death, Saab could not rest in peace. In life, the Swedish automaker never managed to get out from between the sales rock and the financial hard place. After GM bought half the company in 1989 and took full control in 2000, the inevitable brand engineering led to cars like a Saab 900 on an Opel platform, a Subaru Impreza rebadged as a Saab 9-2X and a Chevrolet Trailblazer turned into a Saab 9-7x. This went as well as anyone who knew Saab would expect. Come January 2010, Saab was dead. Or rather, Saab had entered a zombie state rebranded as New Electric Vehicle Sweden (NEVS), two Chinese companies in succession buying the automaker's intellectual property, both having to walk away due financial issues at the parent companies. Earlier this year, NEVS showed one of the projects it continued to work on throughout the turmoil, a four-seat battery-electric car called the Emily GT. NEVS said it was looking for a buyer for the project or the entire company. According to Sweden's Auto, Motor und Sport (translated) that broke the story, and further reporting from Saab Planet, the search has succeeded and the Emily will come to life. Saab Planet writes that in March of this year, a Swedish company called Stenhaga Invest bought 80% the the Stallbacka factory and office complex in Trollhattan where Saab used to build its cars, NEVS holding onto the remaining 20%. AMS reported that an as-yet-unknown European investor has signed a letter of intent to purchase two of the 13 projects NEVS said it has been working on, the Emily GT and the PONS, an autonomous shuttle. Svante Andersson, who runs Stenhaga, is reported to have said the unnamed investor is interested in taking control of "a substantial area" of the Trollhattan facilities, "indicating that a significant number of people will be employed in Trollhattan." Back in March, an NEVS engineer said properly funded development could get the Emily GT into production in less than two years. Based on the sports sedan we've been told about, that seems reasonable. Ineos chief Sir Jim Ratcliffe announced the Ineos Automotive Grenadier in 2017, showed a concept in 2020, and had a model running the hill at Goodwood in 2021 — four years for a ground-up design. Saab Planet writes that "a timeline for relaunch is expected to be announced after a meeting between the parties involved during week 32," which would be the week of August 7.