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Court extends Saab reorganization bid until end of November
Fri, 10 Oct 2014Saab parent company National Electric Vehicle Sweden refuses to go down without a fight. After a recent trip to court, the company is emerging with an extension on its reorganization until November 29. According to Europe Online Magazine, there's also an appointed committee of creditors and union representatives to monitor NEVS' restructuring process.
NEVS still isn't giving up hope of saving itself, and the company claims there are has two potential strategies for getting back on its feet. The main plan is to "finalize the negotiations with the two Asian automotive manufacturers," according to a press release. Those firms still aren't identified, but Mahindra may be involved. According to Europe Online Magazine, one of the businesses is looking to take partial ownership of NEVS, and the other is considering some sort of cooperation with it.
If that plan fails, the second option is to take advantage of the factory and become a contract manufacturer.
Rally legend Erik Carlsson dies at 86
Wed, May 27 2015The motorsports world has lost a legend with the passing of famous rally driver Erik Carlsson at the age of 86. If you've ever seen a photo of a vintage Saab sliding around a corner or blasting through tree-lined roads, there was a good chance that Carlsson was behind the wheel. The man was so tied to the Swedish auto brand that he earned the nickname Mr. Saab. Carlsson experienced his greatest competition success in the late '50s and early '60s when he scored victories in premier events like the Monte Carlo Rally (pictured above). Among his more impressive performances were consecutive wins in '60, '61, and '62 Britain's RAC Rally. His three-cylinder, 750cc Saab 96 wasn't insanely powerful, but Carlsson made it a monster in the world of rallying. In 2010, Saab named a special edition 9-3 after him and honored his victory at the RAC Club in London. Beyond being impressive behind the wheel of a rally car and a longtime Saab brand ambassador, the driver had a habit of rolling his car during competition to earn the moniker "Carlsson On The Roof." According to Classic and Sports Car, he also wrote the book The Art and Technique of Driving that detailed his left-foot braking method, and it was co-authored with his wife, fellow racing driver Pat Moss. Our condolences go out to Carlsson's friends and family.
Former Saab chairman Muller faces summons in tax inquiry
Thu, 23 May 2013Former Saab Chairman Victor Muller may be called in for questioning as part of an official inquiry into suspected tax evasion by three of the automaker's former executives. A prosecutor has officially named former CEO Jan-Ake Jonsson and two other executives in the investigation, and official court documents say that Muller will be called in by the Financial Crimes Unit. According to Reuters, prosecutors are currently looking into allegations that the executives worked to dodge taxes between 2010 and 2011, when the automaker finally went into bankruptcy.
The Truth About Cars reports the investigation may center around the $540,000 paid as consulting fees to Latin America Tug Holding NV, a company Muller owns. It's possible that the Swedish authorities believe the Saab executives were using the tug boat company as a tax haven, and that the automaker should have paid taxes and social security contributions on the money. Muller has not been charged.
Meanwhile, Muller is defending his earnings in a new interview with Automotive News. Having come under fire for his $773,000 salary at Saab, the Spyker CEO said his pay was commensurate with an executive running a company with 4,000 employees.