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INTERVIEW: Koenigsegg Sees Sweden Aiding GM-Saab Deal - CEO
Aug 19, 2009 01:30:20 (ET)
(This article was originally published Tuesday.)
By Ola Kinnander
Of DOW JONES NEWSWIRES
STOCKHOLM (Dow Jones)--Sportscar manufacturer Koenigsegg Group AB founder Christian von Koenigsegg, who is the driving force behind the group that has agreed with General Motors Corp. to buy Saab Automobile AB, Tuesday told Dow Jones Newswires he is convinced the Swedish government will provide the financial backing necessary to get the deal done.
He said Koenigsegg needs to find around another 3 billion Swedish kronor ($413 million) in financing to satisfy its business plan, and that the Swedish government should play a key role in raising this money.
This money would be in addition to EUR500 million in Swedish loan guarantees for a European Investment Bank loan, for which Saab has applied.
The Swedish government's main liaison to the auto industry, Joran Hagglund, told reporters earlier Tuesday that the government doesn't plan to put up any money for Koenigsegg beyond potentially guaranteeing an EIB loan.
Von Koenigsegg said other governments have done "much more" to help their car companies and that it's a "reasonable demand" that Sweden does more to help.
"We're counting on having the whole deal done in the fourth quarter," he said.
The plan is to have Saab breaking even starting 2012, he said, adding: "We've made a careful plan that shows that we can earn money from [annually producing] 100,000 cars and up."
Jan-Ake Jonsson, Saab's chief executive, said Saab will start selling its new 9-3X model "in all markets" later this month, and that it will present its new 9-5 model at the Frankfurt car show next month.
Company Web site: http://www.saab.com, http://www.gm.com
-By Ola Kinnander, Dow Jones Newswires; +46-8-5451-3097;
(END) Dow Jones Newswires
August 19, 2009 01:30 ET (05:30 GMT)
, Wed, 19 Aug 2009 07:39:20
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