Saab is on Life Support, Again

Industry News

Just when things were looking up.

National Electric Vehicle Sweden (NEVS), the companyresponsible for producing the Saab 9-3 for the local market in Sweden, has onceagain halted production of the car due to cash-flow issues. This comes just a few weeks after deceivingly-optimistic reports about the company's future. NEVS saysQingbo Investment has not fulfilled its part of the contractual obligation, and thus, National Modern Energy Holdings Ltd., Saab’s main owner, has been requiredto carry the majority of the funding burden, which it hasn't been able to handle.

Saab officials say they are still working to raise furtherinvestments which will allow them to build the Pheonix architecture, designated to underpin future models. For the time being, there is no estimateddate for when production may resume, but we hope to have better news for you soon.

You Might Also Like
10 Chevrolet Models That Disappeared Forever
10 Chevrolet Models That Disappeared Forever
Embarrassing Car Failures Automakers Want You To Forget
Embarrassing Car Failures Automakers Want You To Forget

Gallery

6
PHOTOS