Dutch firm to rename itself once fresh investment is approved by Chinese authorities

Saab’s Dutch parent firm Spyker will rename itself Swedish Automobile NV once Chinese authorities approve Pang Da Automobile’s investment in the firm.

A multi-layered deal with the Chinese car distributor has secured 30 million euro (£26m) of cash instantly, which is being used to settle outstanding debts with Saab’s 800-outfit-strong supplier base so production at Trollhattan can resume.

The second tier of the deal could see Pang Da take a 24 per cent equity stake in Spyker worth 65 million (£56.4m).

Full story - Saab does Pang Da deal

Initial discussions between Chinese authorities and Pang Da took place in “good spirit”, according to Pang Da CEO Pang Qinghua, and he is “convinced we will be able to get all the necessary documentation and approvals” to finalise its investment.

Saab executives are describing this part of the deal as critical to securing the company’s medium term future, so that its engineering and development faculties can resume operations.

In the longer term, Spyker will enter a joint venture with Pang Da and a local Chinese vehicle manufacturer to begin making cars in China within two years.

Spyker sells sports car business

Should this part of the deal fall through, Spyker will have to repay the 30 million euro advance received last week.

Pang Da has stepped into a void left when a similar deal with Chinese car-maker Hawtai collapsed earlier this month. Hawtai failed to convince its stakeholders to consent to an investment in Spyker.

See all the latest Saab reviews, news and video

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • 2016 Audi A3 Sportback e-tron UK review
    First Drive
    29 September 2016
    First UK drive finds the facelifted A3 Sportback e-tron remains a first-rate plug-in hybrid that is packed with tech if a little short on driver appeal
  • Citroen C11.2 Puretech 82 Furio
    First Drive
    29 September 2016
    Citroën's city car gets a new sporty-looking trim level, adding visual adornments, but no premium for the 1.2-litre Puretech triple we're driving
  • Mercedes C350e Sport
    First Drive
    28 September 2016
    Petrol-electric C-Class is a surprisingly well-priced alternative to a diesel but not the greatest example of the new ‘PHEV’ breed
  • Car review
    23 September 2016
    Aston kicks off its ‘second century plan’ with an all-new turbo V12 grand tourer
  • Ford Ka+ 1.2 Ti-VCT 85
    First Drive
    22 September 2016
    A rounded, refined and well-sorted bargain supermini – once you’re used to the confusing role redefinition imposed on the once-cheeky Ka