Manufacturing News

Pang Da buys a second batch of Saab cars

Saab Automobile AB has received another cash boost from its new Chinese partner, Pang Da Automobile Trade Co., with an additional order for 630 cars worth 15 million euros (139.9 million yuan).

The order comes after Pang Da ordered 1,300 Saab cars worth 281 million yuan in May.

Pang Da will pay in advance for the order, and vehicle delivery will start in the third quarter, Saab said.

The order follows a visit last week to Saab's factory in Trollhattan, Sweden, by senior Pang Da representatives, headed by company chairman Pang Qinghua. They watched the restart of Saab production after an almost two-month break when the automaker was pushed to the brink of collapse after it ran out of cash to pay suppliers.

'The right partner'

In a statement, Saab Chairman Victor Muller said: "I am delighted that Pang Da, as previously planned, has ordered an additional 630 Saab vehicles. This not only shows the potential for the Saab brand in the Chinese market, but also that in Pang Da, we have found the right partner."

Muller, also CEO of Saab's owner, Spyker Cars NV, added: "I look forward to the next step in our business relationship when we set up joint ventures for distribution and, at a later stage, production in China together with a still-to-be-named manufacturing partner."

Pang Da has provided Spyker with an advance payment in exchange for Saab cars to be sold in China.

Regulatory approval

Pang Da, which raised nearly 6.5 billion yuan in its initial public offering in April, wants to take a 24 percent equity stake in Spyker for 606 million yuan.

The Chinese car distributor is waiting for regulatory approval at home. Sweden has guaranteed a European Investment Bank loan to Saab and has to agree to any shareholder changes, as does the EIB and former owner General Motors.

"Our visit to Trollhattan last week has further strengthened our belief that we made the right decision in entering a partnership with Spyker and Saab Automobile." Pang Qinghua said in a statement. "This additional order is the result of my firm conviction that Saab has the right product program for the Chinese market and our large distribution network will be an important asset in unlocking the potential of the brand."

Most Viewed in 24 Hours


Start a Digital Twin Journey from Engineering Simulation

Accenture releases survey of digital transformation

CIMC Reduces Unplanned Downtime by 30% with Greater Operational Insight from ThingWorx

Ansys Simulation Speeding up Autonomous Vehicles

  • Tel : 0086-27-87592219
  • Email :
  • Add: 3B1 International Business Center, No. 18 Jinronggang Road (No.4), East Lake High-tech Development Zone, Wuhan, Hubei, PRC. 430223
  • ICP Business License: 鄂B2-20030029-9
  • Copyright © e-works All Rights Reserved