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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.

2011 VW Phaeton: Prices announced

The 2011 VW Phaeton starts at £46k We did wonder whether it was actually worth running the news that the 2011 VW Phaeton will cost from £46,195, as it’s probably only a relevant story for about three people a year in the UK. Which might be an exaggeration. But only just.

Italian supercar makers halt production after second earthquake

Ferrari, Maserati and Lamborghini on Tuesday suspended production after an earthquake killed at least 10 people in northern Italy where their factories are located. The three luxury sports car makers said their factories were not damaged in the quake but they had sent workers home. "All the workers and employees have been allowed to join their families" Ferrari said on its Twitter account.