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News watch October 2011: today's auto industry news
Mon, 31 Oct 2011Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hourMonday 31 October 2011• The two companies planning to buy Saab - China's Youngman and Pang Da - have agreed to pay a €50 million bridging loan, court documents show. And they are pledging €610m in long-term funding from 2012, according to ANE (Automotive News Europe) • Martin Winterkorn, the CEO of the Volkswagen group, says he is pleased with the performance of Seat and Skoda.
Saab ends deal with Chinese investors
Mon, 24 Oct 2011Saab owner Swedish Automobile scrapped a $340 million investment deal with Chinese automotive companies Zhejiang Youngman Lotus and Pang Da after they proposed a buyout, straying from the original deal. Youngman and Pang Da signed a nonbinding agreement in July to take a combined 53.9 percent stake in Swedish Automobile. The Chinese companies say circumstances have changed since that time, so the deal should too.
Peugeot 208 XY heading for production
Tue, 04 Sep 2012It’s been revealed that the luxury concept of the new Peugeot 208 – the 208 XY – will be at the Paris Motor Show in production guise. At this year’s Geneva Motor Show, Peugeot revealed a pair of concept cars based on the new 208 – the 208 GTi and the 208 XY. Yesterday we revealed that the new Peugeot 208 GTi was heading for this month’s Paris Motor Show ready for production, and now it seems it will be joined by its luxury sibling concept, also ready to go in to production – the Peugeot 208 XY.