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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.

Fuel protests halt Spanish car production

By Dimitri Pesin Motoring Issues 16 June 2008 10:25 Fuel protests in Europe triggered by the soaring cost of fuel have drastically reduced car production in Spain this month.  Last week's truck blockades and fuel depot pickets in Madrid caused car plants around the country to cut production. Seat, Citroen Peugeot, Ford, Nissan, Renault and Mercedes-Benz all have factories in Spain and most said they were affected.Seat production slashed by 40 percentSeat said its main Martorell plant was operating at 40 percent capacity, with production of the Leon and Altea models severely affected. However, the protests won’t delay sales of the new Ibiza, a spokesman promised, and assembly of cars in the factory is expected to return to normal this week.

New 2015 Mazda2 arrives

This is the new 2015 Mazda2 (Demio) The new Mazda2 was all but revealed at the Geneva Motor Show in March in the guise of the Mazda Hazumi Concept, but now the real new Mazda2 has arrived, or at least it has in Japan. But Mazda are captioning the photos – which are clearly of the Demio – as the Mazda2, so we can be pretty sure not much is going to change when the Demio gets the Mazda2 badge in the UK and Europe. That means the same Kodo design language Mazda has introduced across its range recently with a shield grill flowing in to the headlights, big wheel arches and horizontal lights at the back – all very much like the Hazumi.