Saab In Trouble Deep, Goose Cooked, Reputation Shot

The first Sports Cars are considered to be (though the term would not be coined until after World War One) the 3 litre made in 1910 Vauxhall 20 hp (15 kW) and 27/80PS Austro-Daimler (designed by Ferdinand Porsche).

If the Shanghai Daily isn’t hallucinating (their writing is pretty sober, if not sobering), and if their source is reliable (the source is Pang Qinghua, chairman of Pang Da, the yellow knight from China that was supposed to save Saab from the abyss,) then Saab’s goose is cooked.

Chairman Pang told the Shanghai Daily that “Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co have not submitted an application to the Chinese government to inject much-needed funds in Saab, increasing fears that the Swedish carmaker may drive into bankruptcy due to a cash crunch.”

Why does that mean that the goose is good for eating? Because Saab says so.

Words of wisdom from the mid-term report of the Swedish Automobile N.V.:

Months ago, we had been hearing noises of foot-dragging in China. We didn’t believe then that the paperwork would be handed in “within weeks,” and we don’t believe it now.

A Bloomberg report, printed verbatim in China Daily quotes Wang Yin, Pang Da’s board secretary, who said yesterday that Pang Da and Youngman “plan to submit the application in the next two weeks” to China’s National Development and Reform Commission (NDRC). His Chairman Pang Qinghua did not want to comment to Shanghai Daily.

A month ago, it was said that the paperwork would be handed in within weeks, and it wasn’t. We provided the Chinese-English translation:

Even if the paperwork is finally submitted to the NDRC at some point far away in the future, then that’s only one of a number of government agencies that have to say

Even when all ducks are in a row, they tend to waddle slowly. A month ago, we reminded our readers:

Bottom line: It doesn’t look good. Reassuringly, Pang Qinghua told Shanghai Daily that “Saab was not in danger of an imminent bankruptcy” simply because “its chief executive officer was in China yesterday to coordinate rescue efforts.” Meaning: As long as Victor Müller is in China, he can’t sign papers in Sweden. Now that’s nice.

There is another rumor that is making the rounds: Youngman and Pang Da would guarantee the famous bridge loan. CNBC heard it from Reuters, which in turn heard it from Sweden’s Dagens Nyheter. Even the faithful at Saabsunited, which usually cling to the thinnest tread of hope, didn’t want to buy into that story:

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