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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.

Michigan summer car events list

The Motor City is gearing up for a summer of events that celebrate the region's automotive heritage. A total of 16 automotive events will take place throughout Metro Detroit this summer, and everything kicks off the weekend of May 31 with the Chevrolet Detroit Belle Isle Grand Prix. The race weekend features the first Izod IndyCar doubleheader, the Grand-Am Rolex Sports Car series and Pirelli World Challenge Championship series.

New Mercedes C-Class UK pricing & specs revealed – costs from £26,855

The 2014 Mercedes C-Class (pictured) costs from £26,855 The new Mercedes C-Class for 2014 was revealed in December – looking like a proper baby S-Class – and now we get the specifications and prices for the UK market ahead of its arrival in Mercedes showrooms. To start, there will be just two engines available – 2.0 litre four-cylinder petrol in the C200 and 2.1 litre four-cylinder diesel in the C220 BlueTec – and a choice of six-speed manual and 7-speed auto boxes and three trim levels – SE, Sport and AMG Line. Mercedes say the new C-Class will be the best equipped in its sector, and all models come with a touchpad to control the Infotainment functions, Climate, Media Interface and Artico upholstery.