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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-generation BMW M5 teased in new video

BMW is preparing a fifth generation of the high-performance M5 sedan. We expect to get a turbocharged V8 making about 550 hp and a seven-speed dual-clutch transmission. BMW plans to roll out the new M5 at the Frankfurt motor show in September.

Lambo Super Trofeo Stradale (2011) at Frankfurt motor show

Lamborghini tonight whisked the covers off the new £195,000 Gallardo Super Trofeo Stradale supercar on the eve of the 2011 Frankfurt motor show. It’s the roadgoing version of the Super Trofeo race cars that compete in the European Blancpain Super Trofeo championship, a one-make series for Gallardos and their racier and richest owners. Hence the Stradale name – it’s Italian for road.