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Government driving down electric avenue

THE GOVERNMENT is to lead by example by buying more than 150 electric and plug-in hybrid cars for its fleets. All fleet managers will have funding allocated with a view to buying ultra-low-emission vehicles (ULEVs) to replace older vehicles as part of the their normal working life cycle. According to Westminster sources, a long-term plan is in place to make such cars and vans entirely commonplace.

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.

Bristol Cars put into bankruptcy protection

U.K. carmaker Bristol Cars was placed into administration on Thursday, the British equivalent of bankruptcy. Officials now running the company said several people were laid off but that it was keeping the sales and service operations open.