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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.

Peugeot HX1 to go in to production as Peugeot 608?

Peugeot HX1 to go in to production as the 608? Big Peugeots have never really sold anywhere but France. So it seemed sensible when Peugeot revealed that the 407 and 607 would be replaced by the 508.

Le Mans champ: laser lights are the future

Three-time Le Mans 24 Hours race champion Allan McNish has told us that technology first trialled at the world famous endurance event often makes it on to road cars – and this year’s big thing will be laser lights. Speaking ahead of Le Mans 2014, McNish said that racing is more relevant to everyday cars than people think – with features from seat belts to windscreen wipers debuting at the race. Audi R8 V10 plus review (2013 onwards) Las Vegas debut for Audi Sport Quattro laserlight concept “The laser light’s on this year’s Audis will make it onto road cars straight away,” McNish told us.