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Can you believe who’s in financial trouble again? Saab seems to have once again dug itself into ruinous financial straits after its owner, National Electric Vehicle Sweden, announced reductions to the workforce and a temporary halt on production.
The company faces high development costs attributed to the production of a new platform for the on-hold 9-3 EV as well as financing issues caused by major shareholder Qingbo Investment Company. Before the production halt, it was reported that only six cars were being built per day.
To say that it’s a rough patch for the Swedish automaker would be an understatement. Saab had been familiar with touch-and-go finances for years before and during its GM ownership, brief Spyker ownership, and now currently with its Chinese backers. But the comeback kid has done it before, and – if the product is good – hopefully Saab can do it again.