Youngman makes new Saab offer: owner

Youngman makes new Saab offer: owner
Chinese company Youngman has made a new offer for Saab to the administrators for the bankrupt Swedish car-maker, confirmed the founder and owner of the Youngman concern Pang Qingnian to Swedish daily Svenska Dagbladet (SvD).

He also said that he is ready to put in 12 billion kronor ($1.79 billion) to develop new Saab models and that cars would still be manufactured in Trollhättan in five years time.

“That’s a condition,” he told SvD adding that rich Chinese consumers prefer to buy cars manufactured in the west.

However, he also said that Saab is technology and not just a brand.

“We don’t have the capacity to develop the cars. And I would really want to keep many from the old management group.”

According to Pang Qingnian, the mass flight of the redundant workers is a problem.

“Without the employees it will be impossible. It will have to move fast now,” Pang Qingnian told the paper.

He was not willing to elaborate on the bid, which was put on the table last week, but previous information has mentioned two billion kronor. However, according to Pang Qingnian, the bid could go up should the administrators be able to show the “right evidence” that it is worth it, he said.

According to news agency TT, Pang Qingnian has long wanted a piece of the Swedish automaker, trying to buy into the company as early as 2008, long before Victor Muller was involved.

However, at the time, General Motors turned him down on the basis that they already had two Chinese partners.

Member comments

Become a Member to leave a comment.Or login here.