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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.
Single-seat Colibri electric vehicle set for 2015 launch
Thu, 13 Mar 2014If the 2014 Geneva Motor Show heralded the dawn of a new age of small cars, then the tiny Innovative Mobility Automobile (IMA) Colibri is well placed to take advantage of this new era. The Colibri – which means hummingbird – is a small, single-seat, three-door electric vehicle that’s set to go on sale later this year. Prices for the entry-level Colibri are set to fall well below €10,000 (£8,340) plus battery rental charges, meaning it could go head-to-head with the likes of the new Citroen C1, Peugeot 108 and Toyota Aygo.
Interior Motives Conference 2012 Day 1
Sun, 22 Apr 2012The annual Interior Motives China conference - this year held in Beijing to coincide with the motor show - was opened by the official Yang Shi Min. He welcomed the many delegates by acknowledging that discussion and debate will be the key element in the future of automotive design. He stated his belief that "discussion gives the opportunity for wisdom to sparkle", and opened the proceedings by encouraging all to share their wisdom with each other.