Swedish government approve loans to its car manufacturers

The Swedish government has agreed to release funds to help its ailing national car-makers Volvo and Saab and safeguard jobs in the country.

It approved £2.1 billion in credit lines and emergency loans for both manufacturers yesterday but has no plans to exert control over either firm.

"The measures will be taken with the clear assumption that the state does not intend to acquire any of the existing automotive manufacturers," said a Swedish government statement.

Both Volvo and Saab have been put up for sale by their respective parent companies Ford and General Motors, which teeters on the brink of collapse after $14 billion rescue package was rejected in the US.

Sweden also pledged £250 million to set up a government-backed automotive research company aimed at developing green technologies for the future.

Will Powell

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15

12 December 2008

Is Saab being up for sale actually official now?

I guess this means the much awaited new 9-5 (based on the Insignia platform) will never happen now..

12 December 2008

[quote Quattro369]I guess this means the much awaited new 9-5 (based on the Insignia platform) will never happen now..[/quote]

I know at intellectual and technological rights are a big issue with makers such as GM but as a gesture of good will, they ought to release the Insignia based 9-5 regardless.

 

 

It's all about the twisties........

12 December 2008

They don't know the meaning of the word goodwill

12 December 2008

The state "does not intend" to take on either manufacturer. Nice wording - get that bloke in the commons. This is a damn sight better than nothing.

Bring back steel wheels.

12 December 2008

Anything is better than the loss of either of these two maufacturers. I just hope it's enough.

13 December 2008

Does anyone else wish that Rover had managed to hang on in for another couple of years so that it could benefit from from all the state aid that now doesn't seem to contrevene EU regulations.

13 December 2008

Wish Rover had stayed away from BMW and kept its ties with Honda, They could have done alot with the Honda offerings over the last few years...Sorry to digress. Buts its a shame they didnt last till now your right - they coulda benefited from the same type of cash injection the Swedish and French Govts are giving to their national automotive symbols.

13 December 2008

[quote kerrecoe]Anything is better than the loss of either of these two maufacturers. I just hope it's enough.
[/quote]

I don't agree. Does anyone know of a genuine car fan who has bought a Saab recently ? Warmed over GM products. Don't be fooled, if you buy a Saab you basically buy a Vauxhall. One manufacturer that should be allowed to go under. They won't be missed.

14 December 2008

[quote Steve Steele]They won't be missed.[/quote]

Ok steve, they won't be missed by you and probably many other petrolheads. Some of us would miss them though- warmed over Vectras or otherwise. I happen to think that the styling direction of the current 9-3 is bang on. That doesn't mean that I can't accept that the platform underneath it is mediocre. But i'd still miss them. So there... :-)

14 December 2008

[quote Steve Steele]I don't agree. Does anyone know of a genuine car fan who has bought a Saab recently ? Warmed over GM products. Don't be fooled, if you buy a Saab you basically buy a Vauxhall. One manufacturer that should be allowed to go under. They won't be missed.[/quote]

At least they're a little more subtle about it than the VW group...SEAT Exeo?

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