Featured Articles

Swedish Gov Unveils $3.4B Rescue Plan For Saab & Volvo

Posted in auto industry, Newsworthy, Politics by Suzanne Denbow | December 11th, 2008 | 2 Responses |

As Sweden-based automakers Saab and Volvo have watched their parent companies (GM and Ford, respectively) grovel unsuccessfully before the U.S. government, they too have been hard at work lobbying for a little bailout love from their mother country. Apparently more persuasive orators then the Detroit 3, the Swedish 2 have been largely successful in securing the sympathy of their native government and as such, have been tentatively gifted with a 28 billion kronor (3.4 billion USD) emergency aid package from the Swedish government.

Although the bill must still receive official approval from lawmakers, it does not appear as though it will face anywhere near the oppostion similar U.S. measures have been met with. According to official statements, Sweden’s plan to safeguard their domestic auto industry was a tenant already outlined by the European Commission’s economic recovery guide. Careful not to assume any more responsibility then is fiscally prudent, an official statement released by the Swedish government made it clear that although they are willing to extend a safety net to two of their largest manufacturing entities, they do not intend to acquire ownership of either Saab or Volvo.

Source: Detroit News

Our Best Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

2 Responses

  1. Well, at least we know which country values having a manufacturing base and some sense of its own heritage.

    Over here in the big PX, it looks as if most of the Senate Republicans have decided to turn off the lights in Detroit. And for those who think that the soon-to-be-laid off workers in Detroit are going to be employer at KIA, Nissan, Honda or Toyota plants in other states, you can join New York Times columnist Tom Freidman in a dream world. The aforementioned Mr. Freidman seems to believe that lots and lots of “green jobs” will appear, just in time to save everyone from having their homes default into the hands of banks.

    Unfortunately, while this is Christmas, the ending of reality here will not match that of “It’s a Wonderful Life.”

    But at least, we’ll still have Volvo and SAAB, even if we have to move to Sweden to get them.

  2. Rock517 says:

    That flag up there would look cool on a C30…