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GM CEO Says The Company May Build Saabs In U.S.: Reuters

September 15, 2003

According to a report published by Reuters, General Motors Corp. may start building Saab cars for the U.S. market in the United States to ease the effect of exchange rate movements. GM Chief Executive Rick Wagoner was quoted in the Handelsblatt daily newspaper as saying on Sept. 15, “Saab is a small manufacturer which is very dependent on the U.S. market. It has a lot of revenues in dollars, but no costs in the currency." According to the newspaper, Wagoner added that Sweden’s Saab which, along with Opel and Vauxhall, form General Motors Europe’s stable of brands, needed to sell more models in the United States, the world’s biggest car market. “That could mean building additional models over there (in the United States) that are specifically for the American market,” he said. The strength of the Swedish crown has hurt Saab’s profits in the past as the company has to translate its U.S. sales from dollars back into crowns. In a referendum on Sept. 14, Sweden’s voters rejected joining the European Union’s single currency (the Euro).
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