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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.
GM builds 100-millionth small-block engine
Tue, 29 Nov 2011General Motors will build its 100-millionth small-block engine on Tuesday, marking a milestone for the company. Engine No. 100 million is headed for GM's historic collection.
Jeep brings duo of remixed Cherokee concepts to Beijing
Mon, 21 Apr 2014China has become and important market for a number of American automakers, and even though Jeep's partnership with local automotive companies goes back decades, it has always faced stiff competition from other brands in the SUV segment. Hoping that the debut of the new Cherokee will revitalize interest in the brand, Jeep has brought a number of concepts to the China auto show in Beijing this week. First up is the Jeep Cherokee Sageland concept, whose design theme and colors were inspired by historical landmarks and scenery of the Shangri-La region, with the SUV's exterior painted in ivory tri-coat pearl with bronze grille collars.