Saab sold to Pang Da and Youngman for 100 million euros

Article by Christian A., on October 28, 2011

Although few days ago Swedish Automobile a.k.a. Saab owner said that it terminated the investment deal with China’s Pang Da and Youngman, today we saw a surprising u-turn: Saab was sold to Pang Da and Youngman! That’s right, the two Chinese companies bought the Swedish brand for 100 million euros or $142 million.

According to the official statement, the final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman.

The whole situation is quite confusing, as last week, Saab said that North Street Capital or the company that recently bought Spyker sports car manufacturer, announced that it will invest $70 million in the troubled company. "There are rumors out this morning that say the deal is signed and so forth, but that is nothing that we can comment on yet,'' said Saab spokeswoman, Gunilla Gustavs.

According to Saab, the MOU is valid until November 15 of this year, but we believe that the Chinese companies will close the deal and Saab will finally be rescued, just like Geely did with Volvo.

9-5 - The last car from Saab

Welcome Saab’s newest flagship laden with progressive yet confident styling as well as advanced technology – the new Saab 9-5 Sedan. This new Saab flagship features a design that pays tribute to its roots. For instance, its remarkable wraparound window graphic celebrates Saab's aviation heritage while clean, sculpted shape pays homage to Scandinavian design.

The new Saab 9-5 marks the debut of the brand’s new bold and expressive design language, with its muscular, low-slung stance and styling that takes particular inspiration from Saab Aero X Concept car. Simon Padian, Saab Brand Design Chief, remarked that the new Saab 9-5 Sedan features a forward-looking design that doesn't ignore its roots. He added that Saab is giving a fresh yet modern expression to some of the brand’s classic design cues.

He noted that Saab’s recent concept cars – like the Aero X – boast of visual themes inspired by Scandinavian design and the brand's aircraft heritage. Of course, the new Saab flagship is specified with an array of high-tech elements like an aircraft-inspired head-up information display (HUD), adaptive cruise control, adaptive headlights (Bi-Xenon Smart Beam) and Saab DriveSense adaptive chassis with real-time damping control.

In addition, the new Saab 9-5 features keyless entry and starting, dynamic parking assistance, and dual-zone climate control. It is also specified with Saab XWD with eLSD all-wheel-drive system. The new 9-5 Sedan adheres to the brand’s rightsizing engine strategy centered on responsible performance – which is why a broad lineup of all-turbo powertrains is offered.

To this effect, Saab is offering highly efficient four cylinder turbo engines for the 9-5, powered either by petrol, diesel or E85 bioethanol. A diesel-powered 9-5 could return as low as 139 g/km of carbon dioxide.

Jan-Ake Jonsson, Saab Automobile's Managing Director, called the 9-5 Sedan as the start of a new era for the brand. He described the new flagship as an advanced and distinctive product that was created by leveraging the power of Saab’s roots in key areas like progressive Scandinavian design as well as responsible performance and sporty driving. Once launched in 2010, the new Saab 9-5 Sedan will be a viable option to the premium saloon segment.

Topics: saab

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