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Saab to become 53.9 percent Chinese

By Brett Davis |

Saab, currently owned by Spyker Cars, has announced a new deal with two Chinese companies which will see the majority of Swedish/Dutch duo taken over by Chinese investors, Pang Da Automobile and Zhejiang Youngman Lotus Automobile.

Pang Da Automobile stepped in to save Saab just a few weeks ago, announcing an investment of 45 million euro ($60 million). The investment will expand with the injection of a further 65 million euro. This deal is now underway and will see Pang Da take 24 percent in Spyker and Saab.

An additional investment from Zhejiang Youngman Lotus Automobile has been announced on top of the helping from Pang Da. The Chinese company plans to invest approximately 136 euro (approximately $185 million) into Spyker Cars and Saab, giving it a share of 29.9 percent.

The investment of both of these companies is also apart of a deal which will give China the rights to produce and sell Saab cars throughout the country. However, the deal is yet to be officially finalised and is still awaiting approval by Chinese government authorities.

Spyker Cars and Saab CEO, Victor Muller, recently announced,

“We are convinced that Youngman represents all the qualities required to make Saab and the joint ventures a success. This MOU [memorandum of understanding] not only shows the belief of Pang Da and Youngman in our products for the Chinese market, it also is a step that significantly strengthens Saab’s financial position and would secure the mid and long term financing of Saab Automobile.”


 
  • Elitist

    So now there are nomore scandinavian cars…

    • Henry F

      Koenigsegg? :-)

    • Pump

      Just like Jag and Land Rover..no more British

    • delux

      Saab has been internationally owned since the 80s.

  • shag

    136 euro = approximately $185 million AUD?:)

    • B

      Better than zero zilch ~

    • Leon

      I know Its amazing how 136 euro can turn into 185 million AUD! :D

  • U

    Just let them die already.

  • PhantomHamster

    I tend to agree U – as much as we all want them to stay around,cos Saab has always been kinda quirky, surely all this ‘goings on’ has killed any credibility this brand had left, its a shame, lets hope they can do some good things with it…..but sometimes you do just need to whack an injured bird with the back of a shovel and bury it down the back near the mower shed.

  • toxic_horse

    please would somebody shoot this dying horse and do my eyes a favour.

  • EJZOOM

    Obviously you’re blind mate. Saabs are quality cars, just because a chinese brand owns part of Saab doesnt mean that they are made in china. Saabs are proudly made in Sweden and they are one of the best looking cars on the road. simple and striking design, not overdone design like most of its competitors.

    • toxic_horse

      in my opinion they are and always have been one of the ugliest cars on the road.
      But each to there own…

      • EJZOOM

        I would love to know what car you drive around in?

  • http://none fuzzy

    SAAB is Swedish for Studebaker. This is my 3rd SAAB, Liked my First the best. It had a 3 cylinder DKW 2-stroke engine. Quick enough to be Fun.