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.”