IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Monday, October 31, 2011

Youngman certain to get yes from NDRC, plans to invest SEK 20 billion

CEO and founder of Youngman, Pang Qingnian, is certain that the acquisition of Saab will get the green light from China's National Development and Reform Commission.

"I am 100 percent certain that they will approve the deal," Pang Qingnian told Swedish news agency TT at the creditors meeting earlier today.

When asked why he can be so certain, Pang Qingnian said: "Because there's been much communication between the Swedish government and the NDRC, and also between the NDRC and us."

Pang Qingnian also revealed that Youngman has been wanting Saab for the last five years. But back then GM had already partnered up with other Chinese companies. Pang Qingian pay tribute to the technology, the products and the management at Saab.

Forward to 2017, the Chinese are willing to invest about RMB 20 billion in Saab (approx. EUR 2.2 billion), including EUR 50 million in bridge funding now during the reconstruction and EUR 610 million next year to restart production and development. In addition to bridge funding and restart of production, the money will be used to establish manufacturing in China and also develop future models.

CEO of Pang Da, Pang Qinghua, was also in Sweden today. He told TT that production in Trollhättan will continues even when production starts in China. He also said that he hoped that production would say in Sweden also in the indefinite future.

"I hope so. I will do my best to achieve that," he told TT.