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Saab: China’s Pang Da & Youngman to invest $7.5 billion. UPDATED

Saab: China to invest $7.5 billion Update: We have now been told by Saab that Pang Da and Youngman are to provide €50 million immediately and €600 million for short to medium finance. Funding for the revised business plan and provide long-term financial stability the new Chinese owners have also budgeted funding for the planned expansion of Saab Automobile’s portfolio and additional operations to be set up in China There will be a reduction of 500 in the employee numbers. Sales targets for 2012 of 35-55,000 cars and 2013 of 75-85,00 and long-term of 200,000 cars a year Interestingly, Saab says that ‘Saab Automobile has not received the funds from Pang Da and Youngman that have been committed for today.’ Oh, well. Although the deal which will see Saab sold to China’s Youngman and Pang Da is still subject to a raft of approvals – Swedish Debt Office, EIB, GM, Chinese Government… – it seems the Chinese have big plans to invest up to $7.5 billion in Saab in the coming years.

AutoDesign Prague 2013: Design from the Heart of Europe

Charismatic designers, inspirational speeches and beautiful cars in an informal and friendly atmosphere was the order of the day at the third edition of the international automotive design conference AutoDesign Prague, which once again highlighted the importance of car culture and tradition's strong roots within the Czech Republic. In recent years, speakers have included prominent figures from the world of automotive design such as the Geely Group's Peter Horbury, Dassault Systèmes' Anne Asensio, Pininfarina's Fabio Filippini and design consultant Peter Stevens. This year's conference was themed ‘Design from the Heart of Europe' and so featured many Czech and Slovakian speakers.

New Lexus IS to debut at 2013 Detroit Auto Show

The new Lexus IS - previewed at this year’s Paris Motor Show by the Lexus LF-CC Concept – will debut at the Detroit Auto Show in January 2013. Lexus effectively previewed the new IS with the Lexus LF-CC Concept (above) at the Paris Motor show in September (although that really previews a new Lexus IS Coupe to follow) so we know the new IS is going to follow the current Lexus path of producing good looking cars (like the latest Lexus GS). This time round it looks like Lexus are going to offer a hybrid IS 3000 as the route to the heart of fleet buyers in Europe with a 2.5 litre petrol four-cylinder mated to the usual box of batteries and motor, all running through a CVT ‘box (sadly).