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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.
Citroen DS3 Cabrio Racing IS going in to production
Mon, 15 Jul 2013The Citroen DS3 Cabrio Racing (pictured) is going in to ;imited production Last week Citroen revealed a cabrio version of the DS3 Racing – innovatively named the Citroen DS3 Cabrio Racing – which was a DS3 Racing with the top chopped off and lots of special design cues. The Cabrio Racing had its first outing this weekend at Goodwood – and is heading for a more public reveal at Frankfurt in September – even though Citroen are calling the Cabrio Racing a Concept. But it seems the Cabrio Racing is more than just a concept and is heading for limited production after Citroen confirmed as much to Auto Express over the weekend.
P1 reborn: the return of the P1 supercar club
Fri, 23 Oct 2009There's been a whopping great global recession, in case you hadn't noticed. P1, which was Britain's original supercar club, was struggling to repay asset finance repayments of £100,000 a month to fund its fleet of droolworthy cars – and nobody would buy supercars when P1 tried to sell. The market for top-end cars had frozen at the exact time that P1 most desperately needed the dosh.Eventually the banks called the loans in, as they had identified the supercar market as wobbly business they didn't want during a banking crisis.