Chinese Youngman makes new bid for bankrupt Saab image

Chinese carmaker Zhejiang Youngman Lotus Automobile Co. on Monday has placed a new bid for the bankrupt Swedish carmaker Saab Automobile.

According to Swedish daily Svenska Dagbladet ‘s sources the bid was worth 2 billion kronor ($300 million). Youngman was also willing to invest 12 billion kronor (EUR1.36 billion) in developing new models, the report said.
The receivers in charge of Swedish car maker Saab Automobile’s bankruptcy have earlier confirmed that they have received some bids for the company’s estate, one of which is from the Chinese car maker.

In addition Pang’s daughter who is Youngman’s President of Auto Production – also reveals Youngman are prepared to spend $2 billion on finishing the development of the Saab Phoenix Platform and developing new models on it.

Production as well as research and development was to remain in Trollhattan, Saab‘s main plant, in coming years, Pang said, but he admitted that it was problematic that many key employees had left the company.

SAAB filed for bankruptcy back in December last year. Since then the management and board members of SAAB are looking for a prospective buyer who will buy 100 percent of SAAB.