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SAAB

No resolution for Saab’s cash crisis

Despite rising hopes, Friday saw no resolution to the money problems that have dogged Saab this week. The government called a crisis meeting on Friday but talks ended without a successful conclusion according to spokeswoman Marja Lång.

Published: 9 April 2011 08:48 CEST
No resolution for Saab's cash crisis

“We have done what we can and we are making preparations for the weekend. I thought we had a solution, but unfortunately that isn’t the case,” Lång told Swedish business daily Dagens Industri (DI).

She refused to elaborate any further on what the actual plans were that did not did not work out on Friday, but added that more work will continue over the weekend in a bid to find a solution.

The factory has been at a standstill since Wednesday because the car maker has not been able to pay suppliers. Speculation over the week suggested that the government was prepared to relax some of the guarantees that had been insisted upon for the 2 billion kronor ($321 million) loan which has been granted to Saab, although at this stage there is no confirmation according to DI.

Despite the setback, hopes remain that production at the Trollhätten factory will be restarted in the next few days.

“We think that it will be next week” said Saab spokeswoman Gunilla Gustavs.

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CARMAKER

VW Scandal: France to launch ‘in-depth’ probe

Update: France's Environment Minister Segolene Royal on Tuesday announced an "in-depth" investigation after Volkswagen admitted millions of cars were fitted with software that secretly thwarts pollution tests in the US.

Published: 22 September 2015 09:23 CEST
Updated: 22 September 2015 17:18 CEST
VW Scandal: France to launch 'in-depth' probe
"This is not a minor subject, it's not about speed or the quality of leather," said the French finance minister of the VW scandal. Photo: AFP

Royal also asked French manufacturers to “ensure that such schemes are not taking place in France.”

Her announcement came after Michel Sapin on Tuesday morning told French radio that in order to “reassure” the public, it seemed “necessary” to carry out checks on cars manufactured by other European carmakers.

“We are in a European market, with European rules that need to be respected,” Sapin told Europe 1 radio.

“Even if it's just to reassure people, it seems necessary to me that (checks should be carried out) also on French carmakers,” he said, adding he had no “particular reason” to suspect wrongdoing.

According to US authorities, VW admitted that it had equipped about 482,000 cars in the United States with sophisticated software that covertly turns off pollution controls when the car is being driven and turns them on only when it detects that the car is undergoing an emissions test.

With the so-called “defeat device” deactivated, the car can spew pollutant gases into the air, including nitrogen oxide in amounts as much as 40 percent higher than emissions standards, said the US Environmental Protection Agency.

“This is not a minor subject, it's not about speed or the quality of leather,” stressed Sapin.

“What we are dealing with is making sure people avoid being poisoned by pollution,” said the minister.

German authorities have already announced an investigation into whether Volkswagen or other carmakers are doing anything similar in Germany or Europe.