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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.

Autoweek in review: What you might have missed

The Chevrolet Volt went low voltage as the factory prepares to suspend production for five weeks in March. The move is designed to reduce inventory of the hybrid sedan. Autoweek's Mark Vaughn got behind the wheel of the new Fiat 500 Abarth for a test drive.

Citroen DS4 Racing Concept: Official reveal and debut at Geneva

The Citroen DS4 Racing Concept will debut at Geneva 2012 The Citroen DS4 Racing Concept has been revealed ahead of its Geneva 2012 debut. It features a 1.6 litre turbo with 256bhp. Yesterday we mused that today’s reveal from Citroen would probably be of the Citroen DS4 Racing.