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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.

Koenigsegg signs deal to buy all of Saab

By Tim Pollard Motor Industry 18 August 2009 10:17 Supercar maker and industrial group Koenigsegg today announced it had signed the deal to buy every one of GM's shares in Saab. The news clears the way for Saab's rebirth as an independent car maker freed from the shackles of General Motors and follows an earlier memorandum of understanding. Koenigsegg has signed the stock purchase agreement to buy 100% of Saab – but there are still numerous hurdles before the deal completes 'in the next few months.' Exactly.

Arnie gets a Mercedes Unimog (video)

Former Governor and ex-Mr Universe Arnold Schwarzenegger trades in his Hummer for a Mercedes Unimog. You’re one of the most famous faces in the world, you were Governor of California and, in a previous life, Mr Universe. You’re Arnold Schwarzenegger and you have an image to maintain.