Swedish Automobile NV ( SWAN ) and Saab Automobile AB ( Saab Automobile ) announce that they have signed a definitive agreement with Pang Da Automobile Trade Co . , Ltd . and Zhejiang Youngman Lotus Automobile Co . , Ltd . ( Youngman ) , so that the non-binding letter of intent published on 13 th June this year turned into a binding contract . In addition , Saab Automobile announced an additional agreement with Zhejiang Youngman Passenger Car Group Co. . , Ltd. . ( Youngman Passenger Car ) to establish a joint a joint venture company based in Sweden , called the YM – 9-1-6-7 Saab AB for the development of three new models in the next generation of Saab .
As has been communicated before , now binding agreement between SWAN , Saab Automobile, Pang Da and Youngman includes total investment of EUR 245 million as well as a strategic partnership on triparitnoj distribution , and the opening production of Saab ‘s in China . The agreement is subject to approval by the relevant government ministries , as all parties are expected within a few months .
The new joint manufacturing company will be 50 % owned by Saab Automobile and 50 % owned by Youngman Passenger Car , and will make the basis for further development of Saab product range with three all-new models that have not been offered Saab . YM – Saab 9-1-6-7 will focus on the development of completely new Saab models smaller city car ( Saab 9-1 ), a large cross -over model positioned above the current Saab 9- 4X ( Saab 9- 6X ) and large sedan sedan positioned above the current Saab 9-5 ( Saab 9-7 ) .
Saab Automobile will be responsible for the control and design development process and all the tests , in order to enable the start of production , also provide all necessary technical documentation and quality control. For this part of the business, Saab Automobile will ensure its capacity and expertise through its ” state- of- the- art” Technical Development Department (sector of technical development ) . Youngman Passenger Car will be responsible for ensuring the necessary funds in the joint venture .
Agreement on the Establishment of YM – Saab 9-1-6-7 subject to the approval of the authorities, which SWAN , Saab Automobile and Youngman Passenger Car expects to get a certain period of time.
Saab Saab, Pang Da and Youngman established a joint venture to develop new models of Saab 9 1 9 9 6 * and 7
Victor Muller , CEO of SWAN and Saab Automobile said : “I am delighted to be able to announce the signing of a binding agreement between the Pang Da and Youngman , as it confirms the full confidence of all stakeholders in the future of Saab . Established YM – Saab 9-1-6-7 is a critical step for both Saab Automobile and Youngman Passenger Car for it marks the beginning of an exciting partnership. This joint venture offers Saab Automobile the development of new models that were not envisaged original
business development : eg . Now we can make a smaller Saab , which has been on our wish list as a priority , and we have limited resources . ”
Mr. Pang Qingnian , CEO of Youngman , added : “The agreement on the joint venture brings the best of both worlds , joining industrial and financial Youngman Passenger Car with the most advanced technical ability of Saab Automobile . Saab 9- 6X and Saab 9-7 will be an additional instrument of prestige that has Saab brand and allow us to reach even larger group of customers in China and the USA , while the Saab 9-1 model available to be recognized worldwide. ”
Mr. Pang Qinghua , CEO of Pang Da , commented : “I am very happy that I was able to sign this agreement with our partners , which further confirms my belief about the bright future of Saab Automobile . We were already impressed with Saab’s current model range with three completely new Saab models , the brand will be better positioned to respond to market demands around the world . “
