Pang Da investment is still on course, says Saab

Article by Christian Andrei, on October 12, 2011

Swedish Automobile NV, which owns Saab, said that the investment deal with potential Chinese investor Pang Da is still on course. Swedish Automobile made this announcement to respond to a report that said that Pang Da chairman Pang Qinghua said that the agreement between Saab and the Chinese car company is now invalid after Saab entered bankruptcy protection.

Swedish Automobile said that along with Saab and Pang Da, it wants to clarify that these reports are “based on a misunderstanding.” Saab CEO Victor Muller has told Reuters that the investment in Saab was ''on track” with both Pang Da and Youngman.

The Chinese government has yet to permit Pang Da and Zhejiang Youngman Lotus Automobile Co. to make a 245 million euro ($352 million) investment in Saab. Pang Da has paid 45 million euros to Saab for a separate deal to buy 2,000 cars but so far, no cars have been built since Saab’s plant was closed in April.

Pang Da's chairman has told reporters that Pang Qingnian of Youngman is expected to send the application to China's National Development and Reform Commission for approval, according to Autonews.

He said that Pang Qingnian is in the process of getting the opinion of industry experts about the deal. He added that the chances for getting approval are good since the government is supportive of companies that go overseas. He said that he expects that the Chinese government won’t let Saab collapse.

Topics: saab, investment

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