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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.
Porsche sued over actor death crash
Tue, 13 May 2014THE WIDOW of the man who was driving a Porsche sports car that crashed and killed Fast & Furious actor Paul Walker is suing the car maker. She is claiming that design flaws caused both men to die in the crash in November. The wrongful death lawsuit by Kristine Rodas says her husband was driving at 55mph - not at unsafe speeds as law enforcement investigators decided - before it crashed last year.
Spyker C8 Aileron GT (2011) first pictures
Mon, 28 Feb 2011Spyker is readying a new endurance racer, the C8 Aileron GT. and it's unveiled the car on the eve of the 2011 Geneva motor show. It's more good news for the fans of the obscure Dutch brand: last week the company that builds the cars in the UK bought the brand from holding company Spyker Cars N.V, there's a waiting list that stretches into early 2012, and now Spyker is committing to endurance racing for the next few years. Based on Spyker’s new flagship C8 Aileron, the new GT racer is being designed and developed to meet the GTE regulations set by the ACO, the governing body of the Le Mans 24hrs.