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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.

MINI John Cooper Works GP II revealed

MINI John Cooper Works GP II MINI has revealed what they say is the fastest MINI ever – the MINI John Cooper Works GP II. Just 2,000 will be built. Last month we reported that MINI were planning a John Cooper Works GP II as a swansong for the current generation of MINI, and today it’s been revealed.

New SEAT Leon SC (2013) revealed

The new SEAT Leon SC – the 3-door sibling to the Leon – has been revealed ahead of a debut at the 2013 Geneva Motor Show in March. The new SEAT Leon SC is actually a different car from the windscreen on back, with a more steeply raked front and back screens, just the two (longer) and a shorter wheelbase – by 35mm. So although at first glance the Leon SC looks like it’s just lost a pair of doors, the job is more thorough.