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.

Thursday, February 2, 2012

Youngman has placed bid on Saab

According to Swedish Radio news, Ekot, Chinese vehicle manufacturer Zhejiang Youngman Lotus Automobile has placed a bid on the Saab bankruptcy estate. Ekot's sources say that it is a bid worth several billions of Swedish kronor and it does include continued production in Trollhättan.

The sources also say that the bid was placed several days ago, but the bankruptcy administrators have so far not responded on the bid. According to SinoCast Daily Business Beat, Chairman of Youngman Pang Qingnian has said that the bid was placed Friday January 27th. SinoCast also reports that Pang Qingnian on January 30th predicted that the result would be known next month. He also stressed that the new acquisition scheme does not need the approval of General Motors.

Earlier it has been suggested that Youngman would be willing to bid SEK 5 billion for the estate and continue producing the Saab 9-3. Saab is said to have the rights to most of the technology used in the Saab 9-3, which would be the reason that the car could be continued produced despite General Motors statement that now buyer of Saab will be supplied licenses or technology. Production of the Saab 9-3 will however probably imply the use of engines, transmissions and drive trains from other suppliers that GM.

Production of Lotus cars at the Saab factory has also been mentioned as a possibility.