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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.

Mitsubishi Outlander Plug-in Hybrid EV (PHEV): Details ahead of Paris debut

Mitsubishi has revealed more details on the plug-in hybrid electric Outlander ahead of a debut at the Paris Motor Show. Mitsubishi has been threatening a hybrid version of the Outlander for a few years (we had the  PX-MiEV at the Tokyo Motor Show in 2009 and the PX-MiEV II at last year’s Tokyo Show), but the real production deal – the Mitsubishi Outlander PHEV – arrives at Paris. Now, with a public debut imminent, and full production and deliveries planned for 2013, Mitsubishi has revealed more details of their plug-in hybrid as they try to make their reputation for tough off-roaders and bonkers performance cars a bit more fluffy-bunny.

Red Bull do doughnuts on the Burj Al Arab Helipad to celebrate F1 title (video)

David Coulthard gives the thumbs up whilst doing doughnuts Sebastian Vettel may be cool, collected and composed behind the wheel of his Red Bull F1, but even an in-control German needs to let off steam when he’s just taken his fourth F1 drivers title in a row. So at last week’s Indian Grand Prix, Seb celebrated his title win by producing a series of doughnuts in his car on the finish line, much to the annoyance of FIA officials who fined him €25k for his celebrations. But the latest doughnuts by an F1 team won’t have the FIA up in arms (probably) even if the stunt Red Bull have pulled to mark their latest achievements will give anyone who’s afraid of heights the heebie-jeebies.