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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.

Austin Healey involved in racing's deadliest crash sells for more than $1 million

The Austin Healey 100 that was involved in motorsport's deadliest crash during the 1955 24 Hours of Le Mans sold for more than $1 million during Bonham's December Sale at Mercedes-Benz World in England on Dec. 1. On lap 35 of the race, the Austin Healey, driven by Lance Macklin, made a sudden move to pass the hard-braking No.

College for Creative Studies provost, design guru dies

Imre Molnar, the longtime academic chief at the prestigious College for Creative Studies in Detroit, died Dec. 28 of a heart attack while bicycle riding in California, the school announced. He was 61 years old.