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