Saab Sold to Spyker for $74-million
GM finally sold its Swedish car brand today. The buyer is a small Dutch luxury car maker called Spyker Cars. The Wall Street Journal, citing anonymous sources, put the sale price at $74-million (U.S.).
Cheap for a car company? The fact is that General Motors will keep $326-million worth of preferred shares in Saab. The Swedish government said it will be ready to loan up to 4 billion kronor ($550-million), Industry Minister Maud Olofsson said.
Some say the deal would be a coup for Spyker and a lifeline for Saab which has been a big money hole for GM.
But it’s also a huge challenge for Spyker, which sold only 23 cars in the first half of 2009, its most recent reporting period, and posted a net loss of €8.7-million ($12.25-million). The six-year-old company has yet to make a profit, but it says funding for its operations have been guaranteed through 2010.
-The Globe and Mail
Terms of the deal were not announced, but both Saab and Spyker scheduled news conferences for later today.
Jenson Button is F1 World Champion
Red Bull’s Mark Webber drove a perfect race to win Sunday’s Brazilian Grand Prix, but fifth place for Jenson Button was enough to give the British driver the 2009 drivers’ title, with Brawn also securing the constructors’ crown.
Some aggresive early driving put Button in the hunt for points, and when a late puncture dropped Barrichello down the order, the outcome was all but settled.
Here are the official race results:
Seren Gibson On A Spin With Ken Block
Ken Block takes out sexy glamour model Seren Gibson for a high-speed spin.
Hazards of filming Ken Block
Just another day at the office for the DSTV crew shooting for Subiesport Magazine #27 on DVD. Gymkhana demo part of Subaru’s WRXGames held at Pomona Raceway.
The New Ferrari 458 Italia
It’s been a big week for Ferrari. First über-German Micahel Schumacher agreed to step back into the Formula One hotseat in place of the injured Felipe Massa. Then, on Wednesday, they revelaed the first pictures of the new 458 Italia, which will debut at the Frankfurt motor show in September. The 4,499cc V8 will be the highest revving road Ferrari ever and, as such, hugely desirable for A-grade wankers the world over.
Jaguar XFR Prototype does 225mph at Bonneville
Tested in this video by Rocketsports Racing the all new 4 door Jaguar XFR features a supercharged AJ-V8 Gen III engine. Running with minor aerodynamic and safety modifications to meet the requirements for a Bonneville run, a 225mph top speed was achieved with additional horsepower liberated by a remapped ECU, a modified air intake and exhaust system and revised supercharger settings.
No internal engine components were changed and the six-speed automatic transmission was standard, including the gear ratios.
Not bad for a 4 door sedan.
