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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.

Citroen Numero 9 Concept & 3 new Citroen DS models on the way

Citroen Numero 9 Concept Citroen has revealed the Numero 9 Concept ahead of the Beijing Motor Show – which we thought was the DS9 – and revealed 3 new DS models planned. The Citroen DS range is due to launch in China during 2012, and the impressive Citroen Numero 9 Concept – which we’d assumed was going to be the Citroen DS9 (and may still be) – has been conceived to mark the launch of DS at Beijing later this month. A big Citroen flagship has been on the cards for some time and the Numero 9 is an evolution of the Citroen Metropolis Concept, which we thought could become the DS6, and is probably destined to go in to production at some point as the DS9.

World Car Design of the Year 2014 award shortlist revealed

The BMW i3 and Volkswagen XL1 are amongst the contenders for the World Car Design of the Year award as the top 10 finalists in each category of the tenth annual World Car Awards are announced. The full shortlist of nominees for the 2014 World Car Design of the Year Award are: BMW i3; Cadillac CTS; Citröen C4 Picasso; Lexus IS; Mazda3; Mercedes-Benz C-Class; Volkswagen XLR1; Cadillac ELR; Range Rover Sport and Volkswagen XL1. As in previous years for the World Car Design of the Year award, a panel of five design experts reviews all candidates before writing up recommendations for the jury of 69 international automotive journalists to consider.