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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.

Fifth Gear Tonight: Skoda Fabia vRS, BMW M6, DIY Servicing & best small cars

Fifth Gear tonight sees Vicki in the Skoda Fabia vRS, Tiff testing best small cars, Jason with the BMW M6 and Jonny on DIY car servicing. With no Top Gear on TV now the latest series has ended (well, apart from the ‘Best of’ Sky+ insists on recording) it’s Fifth Gear for your TV petrolhead fix, with tonight’s episode – episode 6 – offering old-fashioned consumer advice as well as a bit of blasting and blatting in something interesting. Vicki Butler-Henderson is off for a performance motoring triathlon in the company of Norwegian rally star Andreas Mikkelsen, with fun in a pair of single-seat race cars, a race against the clock in a 200bhp off-road buggy and a proper play and test of the appealing Skoda Fabia vRS (you can see a clip of the Fabia vRS test in the video below).

Audi will build electric sports car

It's official: Audi's e-tron is a go. Audi of America President Johan de Nysschen says an electric vehicle based on the high-performance e-tron concept will debut in the United States in two to three years. The sleek two-seat sports car was unveiled at the Frankfurt auto show last month, but at the time Audi would not confirm plans to produce it.