Swedish automaker Saab, part owned by Spyker, part owned by the Chinese, has signed an agreement with Zhejiang Youngman Passenger Car Group Co to form a joint venture in Sweden. This 50-50 JV will develop three “completely new” vehicles, namely the Saab 9-1, 9-6 and 9-7, according to Swedish Automobile, formerly known as Spyker Cars NV.
The arrangement will see Saab design, develop and test the new models while Youngman provides financial support. However, the agreement between both parties has yet to get the all important approval by regulators in Sweden and China.
Besides that, Swedish Automobile also said that the Memorandum of Understanding (MoU) signed last month with Youngman and Chinese auto distributor Pang Da Automobile is now a formal and legally binding agreement. Under the deal, Pang Da and Youngman will jointly invest 245 million euros in Swedish Automobile. The trio will set up joint ventures to manufacture and distribute Saabs in China.
As we know, Youngman’s current range in China includes rebadged Protons branded as “Lotus”. Now that they have Saab, will they still need the partnership with Proton?
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whatever it is, i feel that the EIB and the swedish authorities are the biggest villians here. they are trying to obstruct the salvage work on one of their own local companies by not wanting to do anything at all. funny thing is it is foreigners that are trying to save saab and it is the foreigners that see value in the brand. just hope that saab manages to stand up and be counted again. will take time though.
Totally nonsense!
The swedish gouvernment made absolutely clear, that there will be no swedish taxpayers money to save SAAB. Not for GM, not for Spyker and not for Zhejiang Youngman.
If Zhejiang Youngman doesn't have the money to run a company they bought, it's their problem.
all they need is to approve the sale to the chinese. that's all.
you can follow the saab story here as well : http://www.saabsunited.com/
'SAAB automobile' has nothing to do with the defense company 'SAAB Group' (Jetfighters, etc.)
As the swedish gouvernment don't have any shares in SAAB automobile, what shall they approve? If Zhejiang Youngman has enough money to pay?
it is still a company registered in sweden and part of their law says that the govt will hv to approve the sale of saab (even though the govt does not hold shares in it or do no need to pour a single kroner into the sale) to another company if it is from abroad. it is all in the saabsunited site. if you hv the time, do go thru the site. lots of news about saab, their sale and potential buyers in there plus, the many roadblocks they face in getting a proper buyer.
I think we're talking about two different things here:
1. Even as SAAB is a swedish registered company, the swedish gouvernment has no right to intervene into the sale to abroad.
2. Your source said, that the gouvernment had to aprove the *sale of the SAAB property and the lease-back to SAAB*. This is something very different:
Short: The swedish gouvernment simply had to aprove, that Youngman didn't run away with the money from the property sale, while the swedish SAAB workers are left unemployed without compensation… ;)
Look like the China r comming Fast & Strong, It wouldn't take long for them to posses threats to the Korean. This one look better than Sorento.
Saab in the picture is one good looking car. ;) PLEASE MAKE IT ALREADY!
that is a 9-4x and is about to be sold in the usa already. here's the story : http://www.saabsunited.com/2011/07/9-4x-reaching-…
YOUNGMAN will dump PROTON…but now…but soon…because they have a better partner…or they will use Proton/Lotus expertise to develop normal cars…and use Saab for develop the high end/luxury cars…they have a win win solution here…
Or maybe PROTON 'must' suck their cash in any-all ways b4 Saab finished their 3 model… :-p
YOUNGMAN will dump PROTON…but not now…soon…because they have a better partner…or they will use Proton/Lotus expertise to develop normal cars…and use Saab for develop the high end/luxury cars…they have a win win solution here…
I notice the Saab in the photo is two tone black and white like a Panda… So cute… Like me…
Having 2 sleeping partners is no problem. Proton can khawin 4 so space for 2 more! In actual fact, Proton already slepping with Mitsu, Lotus, Youngman, Renault!!!
This will be like Volvo. Nobody is going to buy it cause it will be Made in China. Wow, name goes down the drain. Now, people are staying away from Volvo cause of its china association. Saab was already dying. Now confirm dead. Volvo also on its way to demise.
in contrary, volvo is actually revitalising quite well… but we'll only be able to their performance with new line of vehicle such as new xc90 and s80 due soon…
Hi Billy,
I think you are still living in the stone age. I do not see people stop buying Lenovo Thinkpad PC or IBM Thinkpad.
Saab will bring back the hatchbacks again!
can please make visible the total number of thumbup n thumbdown respectively? I miss that so much LOL
You think hell?
Proton better sell some of its share in Lotus
to Youngman. With a little equity control you
will get their commitment and not get dumped
like a mistress / prostitute !!
brave new world for the Chinese cos. time will tell how the ventures fare. one thing, they will learn a lot in the international market place
most important things they need to learn are 1) quality and 2) design.
good news
dun worry about the chinese, they will be fine, also koreans will be ok. Malaysia’s proton i dunno