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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.

Toyota GT86 Convertible spied in South Africa

Ahead of a reveal of a concept version of the Toyota GT86 Convertible at the Geneva Motor Show, the soft-top GT86 has been spied Almost a year ago we learned that a Toyota GT86 Convertible was in the planning after Toyota’s chief engineer, Tetsuya Tada, revealed that the GT86 (and therefore the Scion FR-S and Subaru BRZ) were designed to be a convertible from the start. Shortly after that revelation, we saw the first glimpse of a future GT86 Convertible in the shape of the Scion FR-S Speedster at the Toyota Grand Prix of Long Beach, an officially sanctioned speedster version of the GT86 created by Iacona Design and Cartel Customs. Most recently, Toyota revealed that they are taking the  the FT-86 Open Concept to next month’s Geneva Motor Show, a car that looks to preview an almost production-ready GT86 Convertible, which could arrive in production guise before the end of 2013.

VW XL1 (2013) 314mpg eco-car heads for production

VW supremo Ferdinand Piech has kept his promise of putting the XL1 super-eco car into production. VW has confirmed the 313mpg XL1 will be built in limited numbers, around 50 of which are earmarked for UK sale. It's an expensive way to save money on fuel though: projected prices for the XL1 run into six figures.