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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.
Shelby American celebrates the GT350's anniversary with a modern Mustang
Tue, 19 Jan 2010Shelby American is marking the 45th anniversary of the legendary Shelby GT350 Mustang with a new version, designed for Ford's new 5.0-liter V8 in the 2011 Mustang. For those willing to plunk down $33,995--plus the cost of a new Mustang--the team at Shelby American in Las Vegas will crank out a modernized GT350. On the outside, that calls for white paint with the blue racing stripes down the center of the hood, roof and deck.
Volkswagen mulls new Phaeton for the US market
Fri, 19 Jul 2013Volkswagen is giving some serious thought to bringing back the Phaeton sedan to the U.S., Automotive News reports. We haven't seen the Phaeton since 2006, when it was withdrawn from the North American market after lackluster sales. Built at the same factory as the much more expensive Bentley Continental GT and sharing much of the underlying mechanicals, the Volkswagen Phaeton managed to be a slower seller in the U.S.