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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.

F1 2010 – an enticing prospect

The 2010 F1 season kicks off this weekend at the Bahrain F1 Circuit There have been accusations that Formula 1 has become boring; just a procession of cars going round in a circle many say. And at times over recent years it’s not always been easy to disagree. But 2010 looks like it could be shaping up to be the best season in F1 for a generation.

Your chance to star in the next issue of CAR

We're adding a new incentive to our new and expanded readers' section of CAR Magazine next month. We're giving away a classy watch worth £175 to the reader who submits the best photographic update of your month. The watch is a Nautica BFD 100 Sport Chronograph.