Thursday, February 6, 2025

Huge car company bankrupt – everything must be paid in cash

The credits are over. At least at IAC Group, which after a bankruptcy last week, must pay its suppliers in cash.

An expected shock passed through Sweden last week when the major subcontractor IAC Group went bankrupt.

The company's bankruptcy threatened to cripple production at brands such as Volvo Cars, Volvo Trucks and Scania.

But immediately after the news of the bankruptcy came out, three customers stepped in with funds so that production can be kept up to date.

The bankruptcy is due to Sweden's largest tax debt for a company. Namely a whopping 1.2 billion Swedish kroner. This corresponds to 780 million Danish kroner. In addition, according to the company, there is a debt of between 50 and 100 million Swedish kroner to sub-suppliers.

READ ALSO: Volkswagen bans employees from owning a Porsche

In order not to lose even more money, the suppliers have therefore demanded that payments from now on must drop immediately.

– There are very good conditions for selling the company's operations on, because the company produces the components that customers have a great need for.

– Our hope is that a buyer will take over the entire business and all staff, says the bankruptcy estate's trustee Mikael Kubu to the Swedish Dagens Nyheter .

The bill, i.e. the tax debt, seems to be passed on to the taxpayers. And then of course the car buyers. In any case, the industry organization Fordonskomponentgruppen believes that IAC must eventually raise its prices in order to survive the bankruptcy.

Read more exciting news from and about the world of cars right here!

Latest

Don't miss

Dane has bought rare Koenigsegg for 12 million DKK.

It was supposed to have three cylinders, but is...

Speeding cop admits 'sloppy' with footage

The well-known TV police officer Preben Sandager, who is...

Flew over car collision – fined 21,000 kroner

For the first time ever, a Swede has been...

Aston Martin rejects: No thanks to electric cars for 2040

Adrian Hallmark, who took over as director of Aston...

The number of reckless drivers is falling in Denmark

Denmark was the first country in the world to...
Boosted Magazine
Boosted Magazine
Boosted in Denmark has over a million unique users, surpassing two million sessions, and accumulating over seven million page views each month, and our platforms has become a hub for automotive enthusiasts. Now you can enjoy our content in English too! Enjoy our free car news - every day. Want to talk to us? Write an email to boosted@boostedmagazine.com
spot_img

There are now less than 2.5 million fossil cars in Denmark.

The latest figures show that there are now less than 2.5 million fossil-fuel cars in Denmark. On the other hand, electric cars are lagging...

Monitoring the car brands – now they are going to fire 1,000 people

The EPA - or Environmental Protection Agency - which enforces US environmental laws against car brands, is announcing layoffs of 1,000 employees. Trump has...

Volvo loses billions – has never been worth less

Volvo Cars' stock has hit a new low. In fact, the car brand has never been worth less after the market's reaction to the...

Car brands are firing all their dealers in Denmark

On February 6, both Ford and Hyundai, which are imported into Denmark by the same Nic. Christiansen group, announced that all dealers had been...

Jason Watt becomes Formula 1 commentator – debut March 16

The former racing coach joins Viaplay's Formula 1 team and makes his debut as an expert and commentator at the Australian Grand Prix. When...

Newspaper: EU regrets ban on petrol and diesel cars

According to the German newspaper Der Spiegel, several EU-elected politicians now regret the strict ban policy aimed at gasoline and diesel cars. The European...

Tesla plummets in Germany – sales more than halved

Tesla sales are plummeting in Europe's largest car market. The Americans sold just 1,277 cars in Germany during January. That's a drop of 59...

Russia's new electric car runs on 50 screwdrivers

Okay - the car may not be new. But there's still room for the 50 screwdrivers, right where the Lada's engine would otherwise have...

Car brand in crisis – cuts everything by 70 percent

Mitsubishi is not doing well at the moment. The brand, which is practically dormant in Denmark, is now lowering its expectations for 2025 by...

ISUZU D-MAX dominates the pickup market in Denmark

ISUZU D-MAX became the best-selling pickup in Denmark in January with a market share of 40.48%. New sales figures show that the model continues...

Volvo accuses Kåre of smashing his own electric car

Volvo believes a Norwegian man has crashed his own electric car. In any case, the accelerator was pressed all the way down, says the...

Volkswagen unveils new electric car for 150,000 kroner

The director of Volkswagen, Thomas Schäfer, believes that it will be like entering the Champions League with an electric car for 150,000 Danish kroner....