More Chinese orders for the Saab cars could give the company a turn around


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Monday, 27 June 2011
A Chinese company has ordered 582 cars from ailing Saab Automobile.
The order is valued at €13 million, approximately SEK 120 million, and Saab expects to receive the money this week, according to a press release from the company's owners Swedish Automobile (formerly known as Spyker).

The payment from the Chinese company will be able to boost Saab’s dry coffers and assist it to pay salaries to its employees and resolve certain accounts payable.

A discussion on additional capital, possibly through a sale of the Saab factory, continues, according to the press release.

The head of the company’s boards in the union have dropped out of the company as we reported last night. No salaries are being paid, and it remains uncertain how it goes with the vital money inflow to the Saab Automobile.

"We'll see how the day unfolds, "said Gunilla Gustavs of Saab’s information department on Monday morning.
What is made clear already is that workers should be at the factory on Tuesday to get an update of the information from the company.

Victor Muller says in the press release said that the sale of the 582 cars offer hope for part of the short-term financial need and that employees can get their salaries before the end of the month.

The company hopes to soon be able to get additional resources required to for a settlement with all suppliers so that production can get started again and flow smoothly.
Victor Muller says that he respects the union representatives' decision to leave their seats in Saab’s board.
Despite all, the Chinese have seen something in Saab cars which investors from the West aren’t seeing or are likely tired of or maybe there just too mush pessimism in the Saab arena right now.
By Team

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