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Pang Da: Saab comment 'a misunderstanding'

TT/The Local/pvs · 12 Oct 2011, 13:42

Published: 12 Oct 2011 08:45 GMT+02:00
Updated: 12 Oct 2011 13:42 GMT+02:00

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Pang Da chairman, Pang Qinghua, was reported by Reuters to have said on Wednesday that the firm's contract with Saab Automobile to become a co-owner does not apply after the company went into business reconstruction.

Saab owner Swedish Automobile immediately responded by calling the statement a misunderstanding and the firms later issued a joint statement clarifying the issue.

"We don't know if he has been wrongly quoted or if not everything was included in its context. But it is a misunderstanding all the same," said Gunilla Gustavs at Saab told the TT news agency.

Pang Qinghua's comments were made to reporters at an industry fair in Chengdu in southern China.

According to Reuters he furthermore added that the Chinese consortium had not yet submitted a proposal to the Chinese government on the Saab deal.

Saab CEO and owner Victor Muller later said in an text to Reuters: "On track with both Pangda and Youngman".

Gunilla Gustavs earlier expressed surprised at the statement and said that the firm had not received any indications of any problems.

"We do not understand at all what this might involve. We met Pang Da as late as yesterday, and everything is on track. There must be some misunderstanding. There is something not right here," she said on Wednesday.

Victor Muller met yesterday with Chinese Youngman, which was due to have paid the Swedish automaker 640 million kronor ($95.8 million) two weeks ago but have not yet done so.

"Everyone is standing by their commitments, including Youngman" he said to the Dagens Industri daily, after the meeting.

According to Saab, Chinese authorities will give the go-ahead for the deal on October 14th.

Saab signed a deal in July with Pang Da and Youngman to let the two become partners, following the collapse of a deal with a further Chinese firm Hawtai.

Story continues below…

Representatives of the company visited Saab's production facility in Trollhättan in western Sweden, when production was temporarily re-launched on May 27th this year.

Pang Da placed an order of around 2,000 vehicles from the factory and paid 45 million kronor in advance against the promise of delivery from September this year, something that Saab could not live up to.

Together with Youngman, Pang Da agreed to invest a further sum, equivalent to 2.2 billion kronor, in Saab's parent firm Swedish Automobile.

Pang Da would thus have a stake of 24 percent.

TT/The Local/pvs (news@thelocal.se)

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Your comments about this article

10:04 October 12, 2011 by RobinHood
"There must be some misunderstanding. There is something not right here," Saab spokeswoman Gunilla Gustav

Poor Gunilla!

Let me explain. Pang Da gave Saab 45 million crowns as a down payment for 2000 cars. Saab can't deliver the cars, because Saab don't make cars any more. Pang Da, and its partner Youngman feel a bit peeved by all this. Pang Da wants its money back, or the 2000 cars, chop chop. Victor says all he needs is for the Chinese to give him another 2.2 billion crowns and everything will be just fine.

Meanwhile in a far away Shao Lin temple, Chinese assassins are carving Victor's name on their thowing stars.

Good luck putting a happy face on that lot out Gunilla.
10:56 October 12, 2011 by HenriX
Dear Swedish people, (I'm Dutch, so not a Sweed, not working with SAAB or other connections)

SAAB employees are skilled, enginners very skilled, SAAB cars were and are exellent(long history of car making).

Car market is BOOMING, see sales numbers VAG-BMW-MERCEDES-VOLVO!! especially in Asia. THE MARKET IS THERE, car sales in Netherlands are the best since 1995!!!

Let PANG DA etc step out and take control of this proces, like Lofalk suggested??

You, and the rest of the EU, are spending BILLIONS into Greece. Very nice but 50-75 % of that money is GONE.

Why not INVEST in your own country and people (SAAB employees, sub contractors, Dealers, how many families?? total 10.000 in Sweden)And we are not talking about BILLIONS but MILLIONS, and the money stay's in your country.

No unemployment payments, SAAB people can pay taxes, can buy goods etc. So a lot of your investment comes back as tax.

Buy all the shares, exit the stock exchange, own the company, you can contact other asian company's (GEELY, TAN CHONG and lots more).

I think they will trust you to co-work with. And perhaps later buy your share. Every body wins.

And please don't care what the EU say's, who cares!!!

Explain to the Swedish people why invest BILLIONS in a country that has made a mess of everthing (money 75% GONE) and not invest in your own country.

and well done yesterday, see you next year in Poland / Oekr.
12:45 October 12, 2011 by spy
Poor RobinHood

Pang Da has just released a statement saying that this was indeed a misunderstanding and that the agreement is still valid... So in order that you don't look a plonker again I suggest you check your facts before attacking people.
13:03 October 12, 2011 by RobinHood

And you actually believe it.

I have some magic beans I would like to sell you. Or pehaps you might like to buy London Bridge. Oh and you have won the Nigerian national lottery - print your bank details here and I'll send you 2.2 billion crowns and 2000 Saabs. I promise!
02:25 October 13, 2011 by Westcoastsaab
I totally agree with HenriX above. Of all the things that we create in business, the most difficult is the concept of a "brand", and of course, a history.

Just try to create a network of suppliers, a factory, the intellectual property,and finally a product that generally works- and you will find that this business is NOT coming back to Sweden if it leaves. Are you really ready to say goodbye to Saab joe public? Oh, you're more content with Kia and Toyota cars lining your streets?

I've heard the comment "there are too many car companies"., yet the world demand for cars keeps growing and the market in China will only continue to explode.

And for the USA, please just get these cars to us at a fair price and for god sakes, get them in the press and in the driving hands of people.

I've had my Saab since 1999, and YES will replace it with a 2010 9-5. Considering all of the craziness going pin with Saab, that's loyalty to a brand.

Get busy Sweden, and consider the consequence of short sighted thinking by letting Saab go away. Just my opinion.
02:48 October 13, 2011 by robfrey1
Great post Westcoastsaab!
09:19 October 13, 2011 by spy

Can you believe it...The Chinese invested hard cash just TODAY, must be a bit embarrassing for you to get your arse out in front of everyone....
09:51 October 13, 2011 by HenriX

thanks for your bright sighted thinking, and putting it ON SITE!!

I'have been in China, and YES, SAAB start builiding cars and within 2-3 years SAAB will be bigger & better than ever.

Now is the time to act.

Swedish gouvernement (or Swedish investors) start investing in your own country, it will be a financial, political and social (keeping lots of job's, you can make the company part of technical studies, make's a statement to Sweden itself)HIT!!!!

my advise stil is make it a BUY out, buy back all the shares. so no more share holders meetings, less bla bla for the public, Chinese wil be hapier to operate in this way, more time to put in the SAAB bussiness itself instead of explaining to the whole world what you are doiing because of STOCK EXCHANGE rules.
14:59 October 13, 2011 by Scotsaab
When will it end?
17:17 October 13, 2011 by robfrey1
It has been a good 24 hours! Time with the beautiful wife, good night sleep, fresh cup of coffee and reading Saab has received cash from investors on saabunited.com.

I am a Saab and I do not want to drive anything else. My 2000 9-3 has 205k miles and is still running strong. I have not replaced the tranny or water pump yet...coming soon. I have had no major problems with this car for the past 11 years, only basic maintenance (Tune up, brakes, oil changes) Direct Igniton went out at 50k. The engine pulls strong, AC is cold and heated seats are awesome especially living in Wisconsin (USA) .

I feel a kinship with Saab right now as I am trying to get my business off the ground living in a new area and having a cash shortage.(Washington DC) I am almost there, should be up and going by mid November. My business should strive in the DC area. I may looking into a newer 9-3 or I might wait for the new offerings under Victor Mueller Saab group.

Anyway, it is good to hear some good news!
15:39 October 15, 2011 by millionmileman
HenriX just nailed it. SAAB working keeps people busy and paying taxes. This is much better than being on the dole and spending money on Greece that has no real industrial production to generate revenue.
10:46 October 16, 2011 by HenriX
By the way look at OPEL in 2008!! GM (again)wanted to close down OPEL. The GERMAN gouvernement ( A MERKEL) stepped in, to many people to lose jobs. The mixed theselfes in during the discussion how to go on, but 1 thing was clear, NO SHUT DOWN OFF OPEL!!!

Lots of political bla bla but OPEL is still there and in my country are selling LOTS of cars. And not a complete shut down and loss of jobs and 50-60 years of car building industry.

SO WERE IS THE SWEDISH GOUVERNEMENT, and were are the SAAB employees?? I would expect massive reaction in front of the gouvernement buildings in Stockholm???? I know you Sweeds are very polite and gintile people but.....hey sometimes it needs to ket your self hear. SHOUT!!!!!!!!!!!!!!!!

every body protects his own jobs and factory's, why don't you????????????????????????????? STAND UP AND BE COUNTED.
17:44 October 16, 2011 by tomas R

SAAB produces the good cars. But very small people understand it. But I am sure that most of people driving SAAB cars are satisfied with this product. Of course sometimes it needs to repair this car. But nobody made the car without problems! I drive SAAB 9000'95 for more than five years and I like it. The other my car will be SAAB too!

I think that money will be of Chinese but the ideas will be of Swedish!

So I wish to SAAB the best succsess and could say to everybody: "Move Your Mind".

Tomas (Lithuania)
15:03 October 18, 2011 by HenriX
And added up to my last comment, 2 day's ago.

More ande more fine & great news comming from Greece (their debts are even higher than they have told us!!) and other countries in the EU.

Sure dear Swedish people GIVE them more money, aid to their banks in stead of your own industry.

I'm joking, DON'T spend any money outside of your own country, I'm not Swedish but hey STAY OUT OF THE EU / US TROUBLE for the next 4-5 years. make money by keeping jobs and deal with ASIA / INDIA / BRAZIL.

and yes in the news: CHINA'S econ growth was a bit down???? 9% or more growing!!!

what a joke, start selling SAAB's over there.

and some in the EU , I want a new SAAB!!
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