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.

Friday, March 2, 2012

Youngman in negotation with administrators

According to TTELA, Chinese Zhejiang Youngman Lotus Automobile, is as we speak in a meeting with the bankruptcy administrators to discuss Youngman's bid on Saab.

The delegation from Youngman consists of twelve people, including founder and owner of Youngman Pang Qingnian and his daughter and CEO of Youngman Automobile Rachel Pang. Representatives from a Chinese bank is also reported to be present. According to Swedish Radio P4 Väst, the Chinese bank is Bank of China, which is one of the four big state-owned commercial banks of China. This would indicate that Youngman has funding in place and support from the Chinese authorities.

According to sources of Swedish business newspaper Dagens Industri, Youngman has made a SEK 2 billion offer which does not include the Saab parts business Saab Automobile Parts AB. Saab Automobile Parts AB has by Swedish authorities earlier been valued to at least SEK 2 billion, which would mean that the value of Saab as an entire entity, including the parts company, could be at least SEK 4 billion.