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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.
Formula One: Whitmarsh says McLaren won't give up on 2011
Fri, 21 Oct 2011McLaren-Mercedes team boss Martin Whitmarsh says his team wants to win the remaining races of this season while also taking the opportunity to test development parts for its 2012 car. Whitmarsh says that the conclusion of both the drivers' and constructors' title battles--with Red Bull Racing claiming both crowns--has made no difference to McLaren's approach. “There's not been a great distinction,” Whitmarsh said on Friday ahead of next weekend's inaugural Indian Grand Prix.
Peugeot 308 RC Z – getting close
Tue, 23 Jun 2009Peugeot 308 RC-Z caught testing (click for bigger picture) The 308 RC-Z is based on the same platform as the 308 and the Citroen C4 (which also underpins the new Citroen DS3). Power is likely to come from a choice of 1.6 litre turbos – 220bhp or 150bhp. Also likely to be on offer is an oil-burner.