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Saab signs deal with second China partner

Saab has agreed to China's Zhejiang Youngman Lotus Automobile Co. taking an equity stake in the company as part of a distribution and manufacturing joint venture. Saab and its owner Spyker Cars NV signed a deal with Chinese car distributor Pang Da in May worth up to 110 million euros that involved setting up a joint venture with Spyker and a partner in China to start making Saabs in China within two years.

Volvo XC40 spotted undisguised in Norway

The Volvo XC40 – the compact SUV / Crossover version of the new Volvo V40 – has been spotted undisguised in Norway ahead of a Paris Motor Show debut. We’ve been hearing for some time that the Volvo XC40 – the latest addition to Volvo’s SUV range and based on the new V40 – is getting close to a public debut, and back in April we reported that the XC40 would, in all probability, arrive at the Paris Motor Show in September. That prediction on the XC40′s fairly imminent arrival has been given additional credence with the first shots of the new Volvo XC40 taken on what appears to be a photo / video shoot on closed roads in Norway – perhaps the debut video for the XC40 in the making?

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.