Pang Da/Saab

Pang Da is Saab's new saviour

Pang Da becomes the second Chinese car firm this month to try to bail out Saab, after announcing a manufacturing and distribution joint venture.
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Victor Muller, chairman of Saab, speaking during the New York International Auto Show in April (AFP)
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<div style="text-align: left;"> Victor Muller, chairman of Saab, speaking during the New York International Auto Show in April (AFP) </div>

In a second Chinese attempt to bail out Saab, Pang Da Automobile, China’s largest-listed auto distributor, has inked a distribution and manufacturing partnership with Spyker Cars, owner of the Swedish carmaker.

Pang Da will shell out up to 110 million $156 million for Spyker’s equity as well as an immediate inventory of Saab-branded vehicles, which it will sell through its network of distributors. The deal follows only days after an agreement for Hawtai Motor Group to buy a strategic stake in Saab collapsed.

“Our size, financial strength and competence in addition to our ability to move fast will be crucial to Saab’s success in China,” said Pang...

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