Youngman says it has obtained Saab's Phoenix architecture and plans to develop new models
Zhejiang Youngman Lotus Automobile Co. says it has purchased Saab Automobile's Phoenix architecture despite its failure to acquire the automaker itself.
Youngman already has set up a company in Sweden to develop new models based on the architecture, said Rachel Pang, Youngman's spokeswoman and daughter of Youngman President Pang Qingnian.
On March 1, Saab released photos of the Phoenix concept and described it as the basis for the next-generation Saab 9-3 compact car.
In September, Youngman signed a 70 million euro (580 million yuan) technology licensing agreement with Saab owner Swedish Automobile N.V. to use the Phoenix architecture, according to Swedish Automobile.
Youngman and auto distributor Pang Da Automobile Trade Co. also hoped to acquire Saab itself, but the Swedish automaker's former owner, General Motors, blocked the deal.
GM still holds preferential shares in Saab and supply parts for Saab vehicles.
On Monday, a Swedish court declared Saab bankrupt. As of Wednesday, it was not immediately clear whether the bankruptcy court had the authority to rule on the transfer of Phoenix assets to Youngman.
