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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.

Honda Small Sports EV Concept (2011) first pictures

Honda hopes to set the agenda at the 2011 Tokyo motor show with no fewer than seven concept cars – including its answer to the BMW i8, the new Small Sports EV Concept. Little is being said about the new compact sports car, but we know it will definitely be a full EV. These first design sketches reveal a stubby targa top with new Honda styling cues.

Renault Twizy Cargo turns the Twizy EV in to a van

The Renault Twizy Cargo (pictured) turns the Twizy EV in to a small van. If only the Renault Twizy EV was a sensible price, it would make a perfect commuter car. With dimensions that give it a footprint not much more than a motor cycle, the Twizy offers much for commuters in congested urban areas.