Chinese company buys $18.5 million worth of Saab cars, Saab to pay employees

Saab CEO Victor Muller

Swedish Automobile N.V. (formerly known as Spyker Cars N.V.) announced today that an undisclosed Chinese company placed an order to purchase 582 Saab vehicles with a total value of EUR 13 million ($18.5 million USD) from Saab.

The payment for those vehicles will be received this week allowing Saab with short-term funding to pay the wages to its employees and make partial supplier payments.

“I am pleased to announce this agreement, as it secures part of the necessary short-term funding for Saab Automobile and allows us to pay our employees’ wages before the end of this month,” said Victor Muller, CEO of Saab Automobile and Swedish Automobile. “The management of Saab Automobile is deeply committed to the company and its employees. I respect the decision of the union members to resign from the board of Saab Automobile. We very much regret the current cash shortage which is causing undeserved hardship to all and we are working relentlessly to resolve the current situation. We hope to secure additional short-term funding, necessary to reach agreement with all of our suppliers to restart production, soon.”

Photo Copyright © 2010 Omar Rana – egmCarTech.

– By: Omar Rana