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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.

Nissan EV (2010) teaser shot released

Nissan EV (2010) By Alex Michaelides First Official Pictures 28 July 2009 11:07 Nissan has let slip this teaser shot of its new, unnamed electric vehicle. The image reveals little about the EV, but we expect the five-seat battery-powered car to have Ford Focus-like dimensions, thanks to its compact motor. We can also decipher that the badge hides a charging socket at the front – a neat solution that’ll make the EV easy to charge in right- and left-hand drive markets.  The introduction of Nissan’s EV comes just a week after the Japanese company unveiled plans to produce battery packs at its Sunderland plant.

Day 59 and counting for General Motors: Fritz says it like it is

With less than two months remaining to determine its fate, newly christened General Motors CEO Fritz Henderson held a press conference Tuesday to show Wall Street and Washington that the buck stops with him. He did a creditable job. No, he did not remind viewers of Alexander Haig so much as he played the part of confident commander in charge.