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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.

First Sight: Fenomenon Stratos

The Geneva Show sees a surprising newcomer to its stands in the shape of Fenomemon Ltd and their concept Stratos project. This new London-based vehicle design agency is led by a current student on the Royal College of Art's Vehicle Design course, Chris Hrabalek, who has masterminded a complete full-size mockup of a reborn Lancia Stratos concept for this year's Geneva Show. In a world where multinational companies spend several million dollars on a concept car and stand, that's a phenomenal achievement.

No Ferrari Viper, Dodge brand chief says

Despite allusions to cooperation on the Viper with Chrysler's new Italian owners, there will be no Viper Ferrari. Hey, it was a natural question, especially since Dodge opened that door in a press release on Tuesday about a lap record set by a production Viper ACR at Mazda Raceway Laguna Seca (1:33.915; more on that in a minute). "When we have partners across the ocean who are known as the best sports-car makers in the world, the future opportunities are huge," Dodge brand chief Ralph Gilles said in a release.