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?