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Saab: China’s Pang Da & Youngman to invest $7.5 billion. UPDATED

Saab: 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.

One Lap of the Web: Mock the Week Edition

-- Mazda Europe designer Peter Birthwhistle talks about the future of Mazda: potential hybrid and electric powertrains for the Skyactiv-obsessed company, and how we'll all be driving Mazda-branded pods in the 22nd century. But he also mentions, rather interestingly, how certain Mazdas capture a quintessentially long-hood, RWD look -- and not just the Miata, either, which is RWD. No, it's the exhaust systems on those Skyactiv engines that force a longer, larger hood compartment, and the "long, flowing looks" not usually found on FWD engines.

'Special Cars by Pininfarina' model car collection announced

12 1:43-scale models of Pininfarina's most famous cars will be shown as part of the International Toy Fair in Nuremburg. Fans of the carrozeria will get the chance to reflect on some of the most beautiful cars of the modern era in miniature form in the ‘Special Cars by Pininfarina' exhibition. "I have personally chosen the models that now form part of the ‘Special Cars by Pininfarina' collection to give to car fans like myself the chance to live the Pininfarina legend to the full," said Pininfarina Group chairman Paolo Pininfarina.