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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.

Ah, to be in Paris . . .

Well, I'm bummed. The Paris motor show press days are next week, and I'm not going. That's right; while my colleagues are cavorting in one of the world's great cities, I'll be here in the Paris of the Midwest, holding down the proverbial fort.

Car sales rise as shutdown ends

DETROIT -- Combined U.S. sales by the Detroit 3 rose 14 percent last month, helped by strong demand for sedans and pickups and an increase in showroom traffic after the partial government shutdown ended. General Motors reported a 16 percent gain after losing market share in August and September.