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.

Tuesday, November 22, 2011

Youngman and Pang Da make new offer to GM

Swedish newspaper Dagens Industri reports that Chinese companies Youngman and Pang Da, still determined to buy Saab, have made a new offer to General Motors. The goal is to reach a deal where GM will continue supplying Saab with technology to built the Saab 9-3 and the 9-5 and keep up the deliveries of the complete Saab 9-4X.

According to DI's source, even the Swedish government and the court appointed administrator of the Saab reconstructon are ready to go to Detroit to assist in the negotiations. But Saab's current CEO and major shareholder, Victor Muller, is believed to have a minor role in the process according to the source.

"GM needs to go through the info it has received from Saab. It is up to the Chinese who they wish to be leading the negotiations with GM," Victor Muller said to Dagens Industri.

Right now everybody is waiting for GM to make a move regarding the offer at hand. But this could take weeks. Luckily Chinese Youngman has decided to support Saab financially in the meantime, and yesterday transferred SEK 20 millions to Saab's account. It is expected that the Chinese will also cover the wage payments due on the coming Friday and Monday.