A Saab Story?
Saab Automobile was founded in Sweden in 1947. Originally, it was the auto manufacturing division of Swedish Aeroplane Limited, now an aerospace and defense company. The auto division was sold in 1990 to General Motors who, in turn, sold it to Spyker Cars N.V. in 2010 as part of their brand shedding. Spyker, now renamed Swedish Automobile, is a Dutch company that was founded in 1999 to design and manufacture supercars but itself is in bankruptcy with an uncertain future. Its collapse took the Saab brand down with it.
Saab’s future is tied to disentanglement from Spyker and recapitalization by another owner. In 2011 Chinese companies Pang Da Automobile Trade and Zhejiang Youngman Lotus Automobile attempted to buy Saab but the purchase was blocked by former owner GM. They opposed the transfer of GM technology to any Chinese company. GM has retained the licensing rights to the technology and has preference shares in Saab and thus has a say over the next steps.
The question is who wants Saab now, and why? The quirky automobile had a loyal cult-like following over the decades. Images of the 1948 92001, 1958 92B, the 93B, the 1960’s 96, the Sonetts, and the 1968 Saab 99 continue to resonate in car lovers’ minds. The 900 was introduced first in 1978 and sold nearly one million vehicles. The 9000 was introduced in 1985 and became Saab’s first true luxury car. Aficionados loved the funny, egg-shaped vehicle with its unique characteristics. But following GM’s purchase, the car was homogenized onto shared platforms and the brand lost its distinctiveness. Other than the nameplate, it became tough to recognize any attributes unique to Saab vehicles in the final years of GM’s ownership. Brand value has declined since 2001 and is about equal to Oldsmobile. That’s not encouraging.