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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.

Gilles Vidal: innovative materials key to Peugeot's future

Future Peugeots will be defined by their use of materials in a bid to shift the brand upmarket, according to design director Gilles Vidal. Raw, unprocessed materials, he says, will not only prove more ecologically sound, but also more engaging. And his plans don't stop there.

VW road-legal Race Touareg, Gold Edition (2011)

Volkswagen has unveiled two new Touareg SUVs at the inaugural Qatar motor show. One is a rather cool road-going version of the Race Touareg 3 that’s just notched up a victory at the 2011 Dakar rally, and the other is an awful monster called the Touareg Gold Edition. Underneath the skin it’s a genuine version of the latest Race Touareg 3, with a turbocharged 2.5-litre diesel engine, a trick four-wheel drive system and a super-stiff chassis.