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Saab: China’s Pang Da & Youngman to invest $7.5 billion. UPDATED
Mon, 31 Oct 2011Saab: 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.
Ford's Mulally gets warm reception at CES
Fri, 07 Jan 2011Ford CEO Alan Mulally introduced the Focus electric at the 2011 Consumer Electronics Show on Friday in a presentation that was short on details about the car and long on cures for range anxiety. That's partly because Ford is saving details about the car for next week' Detroit auto show, and partly because range anxiety figures to be a major reason for all but the most committed customers to avoid electric vehicles like the Ford Focus electric. Mulally managed to avoid using the term, but said Ford is confronting range anxiety head-on.
Mercedes-Benz confirms production of the CLS wagon in 2012
Tue, 09 Nov 2010A wagon version of the Mercedes-Benz CLS sedan will go into production in 2012, the automaker said on Monday. The announcement confirms an AutoWeek report in January that the CLS wagon was more than just a concept. Go to www.autoweek.com/article/20100106/CARNEWS/100109973 to read the original report.