For some reason, the latest owner of the SAAB car business believes it can resurrect an auto brand that is among the most thoroughly destroyed in the past several years. Saab owner, the Chinese-backed National Electric Vehicle Sweden AB, thinks it can take a vehicle that has fallen into obscurity and put it up against the dozens of other brands, all of which are larger, and many of which sell cars around the world with substantial marketing budgets. It will not work.
The company described the launch:
National Electric Vehicle Sweden AB has started production of the Saab 9-3 Aero Sedan with a petrol engine. Sales are initially focused in China with a small number of vehicles being sold directly from Nevs to Swedish customers via the Nevs’ website.
The car that is produced is a high-spec Saab 9-3 Aero Sedan with a 220 hp 2.0-liter turbo, a previously recognized high-performance engine of the Saab cars.
Online sales? A trick that only widely popular Tesla Motor Corp. (NASDAQ: TSLA) has managed, and its sells only a few thousand cars a year, for the time being at least.
The company added:
To ensure our high quality and the supply chain functions, the production rate will be very modest, about ten cars a week initially, and then gradually the pace will be increased to meet customers’ demand.
The best way to look at the statement is that Saab knows full well that it will be lucky to sell those 10 cars, even in the manufacturer’s home market.
Broken car brands do net get second lives. Some proof of that are the deaths of Volvo, American Suzuki and Mitsubishi Motors in the United States. And if anything, China, the largest car market in the world, is even more competitive that America, as every global manufacturer desperately fights for market share against both its global competitors and Chinese manufacturers. Saab will be squeezed out before it can get its initial batch of cars off the assembly line.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
