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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.

Cunningham Corvette pulled from Carlisle show

Less than 24 hours after the long-lost No. 1 Briggs Cunningham Chevrolet Corvette received a public viewing, the car has gone back into hiding. The car was set for a public showing Friday afternoon during the Corvettes at Carlisle show in Carlisle, Pa.

Lamborghini Aventador Roadster to get carbon fibre Targa roof

Lamborghini Aventador Roadster to get carbon fibre targa top The Italian Motoring press are reporting that the new Lamborghini Aventador Roadster will get a carbon fibre Targa roof. Lamborghini has always had a slightly cavalier attitude to the roadster roofs they put on their cars. Even the range-topping Murcielago Roadster had an origami canvas top on a frame made of old coat hangers that took longer to put up than the passing shower you were trying to shelter from.