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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.
Bentley plans to add four-seat sports car, crossover to lineup
Mon, 29 Aug 2011Bentley Motors is looking to add a four-seat sports car and a crossover vehicle to its lineup, using borrowed platforms from Volkswagen Group siblings Porsche and Audi, its top executive said. In an interview during the Pebble Beach Concours d'Elegance, Bentley CEO Wolfgang Duerheimer said the crossover would borrow from the Audi Q7 and Porsche Cayenne platforms. While the crossover may carry a V12 engine like the rest of the Bentley lineup, Duerheimer said, "not everyone needs to have a V12." Duerheimer, who oversaw Porsche's push into SUVs as the company's development chief, said he "knows what is possible" in bringing a luxury brand into new segments.
Subaru XV concept (2011) first teaser picture
Tue, 12 Apr 2011Subaru has offered a first glimpse at the Subaru XV, a new crossover SUV concept for the 2011 Shanghai motor show. Where's the Subaru XV? Is it hiding?