Swedish government approves $3.4 billion auto bailout

AVANTI R5 · 12-11-2008, 12:02 PM

http://www.egmcartech.com/2008/12/11...-auto-bailout/

Quote:

The Swedish government today presented a $3.4 billion support package to its struggling auto industry. The plan offers credit guarantees, emergency loans and research funds to companies such as Volvo and Saab who have been appealing to the government for support.

The news of the Swedish government approving the $3.4 billion came just hours after the House approved a bill for $14 billion for the U.S. auto industry. 20 billion kronor will be given in credit guarantees to auto makers, 5 billion kronor will be given in rescue loans to bail out companies in crisis and another 3 billion kronor is expected to go into research and development in the automotive industry.

The $3.4 billion auto bailout for Volvo and Saab come as their owners Ford and GM look to sell both brands.
Source: CNNMoney

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jey · 12-11-2008, 11:31 PM

Best idea I've heard in a while. I've been thinking someone should buy up these good brands that the Big 3 are trying to unload, and make a sort of a kick-ass niche branded car company (like Subaru). But who's got the cash and willing to take the risk? No better than the Swedish government.

Win win situation - Ford and GM get the cash they need, Volvo and Saab can go back to making niche cars.

Yotsuya · 12-12-2008, 11:02 AM

Volvo and SAAB pretty much were niche markets in the US. Back when I was a kid in New England everyone who now drives a Subaru would have been driving a Volvo.

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12-11-2008, 11:31 PM	#2
jey Scooby Specialist Member#: 32503 Join Date: Feb 2003 Chapter/Region: TXIC Location: Johnson City, TX Vehicle: 2011 Tribeca 1995 Legacy Wagon	Best idea I've heard in a while. I've been thinking someone should buy up these good brands that the Big 3 are trying to unload, and make a sort of a kick-ass niche branded car company (like Subaru). But who's got the cash and willing to take the risk? No better than the Swedish government. Win win situation - Ford and GM get the cash they need, Volvo and Saab can go back to making niche cars.

12-12-2008, 11:02 AM	#3
Yotsuya Scooby Guru Member#: 935 Join Date: Feb 2000 Chapter/Region: MWSOC Location: ಠ_ృ Vehicle: Tony Pond Fan Club	Volvo and SAAB pretty much were niche markets in the US. Back when I was a kid in New England everyone who now drives a Subaru would have been driving a Volvo.