Gasgoo.com (Shanghai July 26) - After nearly a half month of silence, news has finally come this weekend from Zhejiang Youngman Automobile's CEO Pang Qingnian regarding the deal with Saab, auto.sina.com.cn reported today. According to Mr. Pang, Youngman will be sending materials about the new joint venture to the National Development and Reform Commission next month.
Swedish Automobile, formerly Spyker Cars, has signed an agreement with Pangda Automobile Trade Corporation last month. The agreement stipulates that Pangda, Saab and Youngman would invest 125 million yuan ($19,432) to establish a new jointly owned sales company. The company's board of directors will include five members, two from Saab, two from Youngman and one from Pangda.
In other news, Reuters reported that Saab Automobile Tools' supplier SwePart Verktyg AB will be announcing bankruptcy.
