Archive for the ‘Youngman’ Category
GM says difficult to support Saab ownership change
Published on November 6, 2011 by Tycho de Feyter
General Motors Co said on Friday that it would be difficult to support a sale of Saab if the transaction hurt its existing tie-ups in China or its competitive position in other markets.
China’s Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile have struck a deal to buy Saab from its current Dutch owner, Swedish Automobile, in what amounts to a rescue plan for the Swedish auto brand formerly owned by GM.
Saab-savior Pangda ‘burns’ 6 billion yuan in 6 months
Published on November 4, 2011 by Tycho de Feyter
Shareholders and securities analysts are scratching their heads over how a top automobile marketing group in China managed to “burn” a huge fund of 6 billion yuan (US$944 million) in just six months. Many have speculated that Pang Da Automobile Trade Co has shifted to financial leasing services to cope with stalling car sales caused by the government’s credit-tightening regulations.
Chinese buyers vow long-term financing for Saab
Published on November 2, 2011 by Joey Wang
Chinese groups Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co will pump more than half a billion euros ($709 million) into Swedish carmaker Saab, aiming to return the struggling carmaker to profit by 2014.
Spy Shots: Youngman-Lotus SUV testing in China
Published on November 1, 2011 by Tycho de Feyter
Youngman makes Malaysian Proton cars for the Chinese market under a license agreement. Proton is also the owner of the Lotus brand. The Youngman-Lotus SUV is said to be loosely based on the Proton Lotus APX Concept. That car came with a 300hp 3.0 V6, the real thing however won’t get so much punch.
Saab Auto Sets Sale to Panda and Youngman
Published on October 29, 2011 by Tycho de Feyter
STOCKHOLM—Swedish Automobile NV, the owner of Saab Automobile, said Friday it agreed to sell the stricken car maker to Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. for €100 million ($141.9 million), conceding defeat in a two-year struggle to turn the company around after decades of losses.
Saab Owner Rejects Chinese Buyout Proposal
Published on October 24, 2011 by Tycho de Feyter
Swedish Automobile NV said it has given notice to terminate an agreement to sell a majority stake in Saab Automobile to two Chinese companies and rejected their offers to buy all of the European carmaker.
Saab Auto receives finance lifeline from Youngman
Published on October 14, 2011 by Joey Wang
Swedish Automobile NV , owner of Saab Automobile AB, said Thursday it has received the first payment of EUR 11 million of a EUR70 million bridging loan from its Chinese partner Zhejiang Youngman Lotus Automobile Co., throwing a financial lifeline to the troubled car maker which is restructuring its operations under bankruptcy protection.
“We are now confident we have the money we need during the restructuring period,” said Gunilla Gustavs, spokeswoman at Saab Automobile.
Youngman-Lotus L5 listed and priced in China
Published on September 27, 2011 by Tycho de Feyter
Youngman makes Malaysian Proton cars for the Chinese market under a license agreement. Proton is also the owner of the Lotus brand. The L5 sportback is the newest Youngman-Lotus, an attractive and kinda sporty looking var with a big badge on the back claiming: ‘Engineered by Lotus’. Price starts at 99.800 yuan and ends at 121.800 yuan. Much cheaper than an Evora indeed.
Pangda, Zhejiang Youngman seek stake in Saab
Published on September 5, 2011 by Tycho de Feyter
Pangda Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co will seek approval from China’s top economic planning agency this month to invest in the cash-starved Swedish carmaker Saab Automobile AB.
Pangda, China’s biggest dealer by market value, and automaker Zhejiang Youngman agreed in June to buy a combined 53.9 percent stake in Saab for 245 million euros ($352 million).
Youngman Lotus L5 Sportback to be listed in China in September
Published on September 2, 2011 by Tycho de Feyter
The Youngman Lotus L5 Sportback debuted at the 2010 Beijing Auto Show. The production car will be listed on the Chinese car market on September 23. Engine: 1.6 with 93kw and 149nm. Price will start from around 70.000 yuan.
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